5 Steps to Purchasing
Your Dream HouseStep 1: Overview to Home Purchasing
After speaking on the telephone or corresponding through email, we will schedule an initial meeting at my office. This is an important visit for several reasons.
I will discuss the ways in which I can best represent you. In particular, I will be discussing the role of an Exclusive Buyer's Agent and how that level of representation will be of most benefit to you.
At that time, I will provide you with an opportunity to describe your "wish list" as well as your purchase price. You will tell me what you are looking for in a home; specifically what features you must have as well as what features you would like in your "dream" home. We will then discuss the ways you will be informed of new houses as they come on the market-- the Multiple Listing System, the Internet, Realtor.com, Harmon Homes and other Realtor Magazines, Newspaper Classified Ads, Yard Signs, Open House, Exclusive Listings and For-Sale-By-Owner Ads. I can assist you with all
properties that are available for sale. Remember that no matter who lists the property for sale, I can
If the research isn't done beforehand of homes we'll be viewing, then this is the time to do it together at my computer. You can see for yourself whether or not the criteria you have expressed actually is available. If not, we can further examine your needs and desires and tweak it to come close!
After we had refined the home search, I will schedule appointments to show you all the homes that meet your criteria! I will accompany you at all these visits. I prefer us to drive together to visit homes, so that we can discuss the options of each home we visit while it is fresh in your mind.
When we come back to my office after viewing homes, I will discuss what it takes to present an offer, such as having a mortgage pre-approval letter, what our contract consists of, and the other "steps to your Dream House"
Usually, you will know (and so will I) what you like and don't like after seeing three houses. I will reflect those changes in my data records and future property searches in your behalf.Step 2: Mortgage Qualification
As previously noted, when we're ready to make an offer on a property, a pre-approval letter from the lender is necessary to accompany it. Therefore, it's important to start this process first, sometimes even before looking at properties. A second benefit is that the buyer will know beforehand exactly what they're qualified to buy, what issues might need to be addressed, items might be needed to be ready when applying for the loan, etc.
On my website, I have a mortgage calculator page that would be helpful to peruse before coming. I can also refer you to mortgage brokers who can assist you in mortgage pre-approval. The terms set forth in our contract provide for a loan commitment from the lender based on a loan application within 30 days of Seller's Acceptance (unless specified differently in the contract). This means loan application would need to be made immediately after the offer is accepted.
The loan officer will give you a Good Faith Estimate of the closing costs involved with the financing. There are recurring costs that you pay that are included in the monthly payment, such as homeowner's insurance and property taxes (the monthly payments consist of principal, interest, taxes, and insurance and is referred to as PITI).
The usual loan approval documents needed upon application are as follow: Two most recent pay stubs, w-2s for last 2 years (or if self-employed, 1040s for 2 years), federal tax returns for the last 2 years, last 2 months' bank statements, long-term debt information (credit card, child support, auto loans, installment debt, etc.), proof of funds for your down payment.
Well, we've found just the right house and are ready to make the offer. The first thing we do is to check the comparable home sales in that neighborhood to see if this home is priced fairly, and how it compares with those. This buyer's comparable market analysis tells us the price range of sold properties in the area so that you can make an informed decision in some cases there will not be enough that have sold. In addition, I will investigate how long the property has been on the market or if there have been any price reductions, if there have been any other offers and try and determine the seller's motivation.Step 4: Pre Closing Details
Within ten days acceptance of the contract, you will schedule a home inspection for the property you are purchasing. I will also be in attendance with you at during the home inspection. This is your opportunity to hire a professional person who will make a thorough examination of the structural, mechanical, and environmental aspects of the home you are buying. It is always a good idea to get referrals from friends and family members. In addition, I will provide you with several names of qualified home inspectors.
This is also the time to be in touch with the lender to provide whatever has been requested to complete the final loan documents; for the seller to take care of any requested agreed upon repairs, and for the lender to go through the underwriting process.
Approximately, 2 weeks before closing, you will want to arrange for the utilities to be turned on at the day of closing. You will also call the telephone and cable companies to request your new service as well. Make sure all magazines, bills, and family and friends have your new address! Moving preparations should be made as soon as you know the offer is approved. Check out my Moving Day Tips
link for additional help. The utility changes can be done online and are on this page as well.Buyer's Checklist For Closing
Step 5: Closing Day
The closing is almost always done at the buyer's attorney's office. You will meet with your attorney or the Title company to complete the pre-closing documents. Then the seller and their attorney will join you to complete the paper work and exchange of keys. Buyers, sellers, and their agents will be given a RESPA (settlement) sheet of all costs associated with the purchase. Everything will be done to make this a smooth transition for you.
Step 6: Moving Day
Congratulations! You're a proud new home owner. Please check out my Moving Day Tips for helpful hints.
Thank you so much for choosing me as your Realtor.