Buying a Home
Home Buyer Steps To Follow
First Step - Decision to Purchase a Home
You have made the decision to purchase your first home and are wondering what to do next. We will review the typical steps below but keep in mind that our Real Estate Agents are ready at any time to help you with the entire home buying process
Second Step - Pre-Qualify/Pre-Approval
The next step would be to talk to a mortgage professional. The mortgage professional will review your financial information with you and tell you how much you would be able to spend on a home. This is called a pre-qualification. Some home buyers will take it one step further and have their bank give them a pre-approval. When you have a mortgage pre-approval you can actually shorten the time of a normal 8 week closing to 5 or 6 weeks. Mortgage pre-approvals are usually good for 60 days. That gives you two months to find a home, which is more than sufficient time. Stovroff & Taylor Realtors have access to mortgage professionals and would be happy to share those names and phone numbers with you.
Third Step - Decide on Specifics
Start a list of "needs", "wants", and "must haves" for your new home. This would include neighborhood, type of home (condo, town home, single family, etc.), style of home (ranch, colonial, traditional, contemporary, etc.). Decide if basements and garages are important to you and whether or not you can live with or without them. Once you start the thought process you will be able to come up with a good starting list. Your Real Estate Agent will help you select homes that fit your criteria. The Internet is a great place to search for a home, however, often your real estate agent may know of homes that have just gone on the market or are going to be hitting the market and are not yet available online. Cover all bases and include your real estate agent when searching for your home.
Fourth Step - Start Looking For a Home
Now the fun begins. Your real estate agent, after meeting with you, will select properties that fit both your budget and your needs. Your real estate agent will select days and times that are conducive to your schedule, and set up showing appointments accordingly. After visiting some homes in person you find one that you want to purchase.
Fifth Step - The Offer To Purchase a Home
Your real estate agent will prepare the necessary paperwork and discuss the offer with you. It is important to remember that your real estate agent represents you and will be negotiating with the seller to get you the best possible price on the home. Your real estate agent will discuss this in more detail with you when the time comes.
Sixth Step - Offer Accepted By Seller
The offer was accepted by the seller of the home and you are ready to move forward. Your real estate agent will guide you through the rest. There will be attorney approval, and there may be a home inspection. After the attorney approval and home inspection you will need to complete your mortgage application. While waiting for your mortgage commitment other things will be taking place such as bank appraisal of your new home. Your real estate agent will be with you through each step of the process. You are never left alone to wonder what there is to do next.
Seventh Step - Final Walk Through
The day before closing you will go back into your new home with your real estate agent. This is just to verify that the home is in the same condition as when you put in your offer to purchase. The excitement is really building up because tomorrow is the big day.
Eighth Step - The Closing
After 8 weeks the day is finally here and you will be closing on your new home. Most closings take place right in your attorney's office. Your attorney will advise you of the time and place and will request that you bring a cashiers check with you to pay your closing fees (don't bring cash because they cannot accept it). You will sign your final mortgage documents and collect the keys to your new home!