So, you're ready to buy. Where do you start?
How much can I afford?
Speaking with an approved lender such as a mortgage broker or bank is the first step you should take in the home buying process. They use your credit and other financial information to determine how much home you can buy. Be sure to request a Pre-Approval Letter because it will accompany a purchase contract. This document lets a seller know that you have the ability to obtain financing. Take a look at our resources page for recommendations, or contact a lender of your choice.
Start Looking
Decide on an area where you would like to live, the number of bedrooms and bathrooms you need and the home's amenities. Is it a large kitchen, 3-car garage or a full basement that you want? With this information we can setup a customized search via the MLS (Multiple Listing Service). The search results are sent to you via email with details and pictures of the houses. You can then contact us to setup a private showing of the ones you are most interested in.
This is the One!
After you've seen multiple homes and narrowed the list to the one for you, it's time to draft a contract. We will help you determine an offer based on recent home sales in the area known as comparables. The contract also includes terms and conditions for earnest money, closing date and other details of the transaction.
Inspection and Attorney Review
When you buy a car you take it for a test drive to make sure it is working properly. With a house, you conduct a home inspection. You don't get to sleep there for a night, but you have a licensed home inspector go from the basement to the roof making sure everything is working properly. In addition, attorneys play a crucial role in real estate transactions. They not only review the contract, title and all necessary paperwork, but they negotiate repairs or credits for items in the inspection report. Check out our resources page for both inspectors and attorneys or contact one of your choice.
Closing
On the day of closing, all the parties involved meet to finalize the transaction. As the buyer, you sign all loan documents and the seller signs the home over to you. All of this is under the direction of both parties' attorneys and a closing agent.
Congratulations, you're a homeowner! Now you have to get started unpacking all those boxes!
Entire books have been written on the buying process. This information is meant as a general overview to get you started. Each transaction is unique and there will be exceptions to every rule. Employ us as your Realtor ® and we'll help you navigate thru every part of the process.