Twelve Helpful Steps To The Buying Process
1. Pre-Approval:
The first step is to get a pre-approval letter from a bank or a mortgage originator to determine what price range you can afford. A mortgage originator will meet with you to discuss all of your financing options that are available to you, he/she will let you know all the necessary documents that you will need as the buying process proceeds. Once you have been pre-approved they will provide you with a pre-approval letter that will be used when putting in an offer on a property.
2. Meet with your agent to discuss what is most important to you when looking for a new home:
When looking for a new home it is important to discuss what price range you are comfortable looking in, the area, style of home, number of bedrooms and bath rooms, the age, condition, area amenities such as beaches, shopping areas, highways and anything else that is of importance to you. Once that has been determined your agent can than start looking for properties that best fit your wants and needs and provide you information via E-mail,in person or over the phone to make sure you aware of everything available to you.
3. Touring Properties:
Your agent will then begin scheduling showings of properties that are of interest to you according to your schedule.To ensure your time is being effectively utilized, your agent will try to schedule as many properties as possible on each tour without making it to over- whelming.
4. Making an Offer:
Once you have found a property your agent will provide you with any information on properties that have sold in the area recently so you can establish a fair market price for the property. Your agent will prepare your offer with your input and then present the offer to the appropriate parties.
5. Negotiating Your Offer:
Your agent will work on your behalf and help you acquire the property for a fair and reasonable price. Sometimes the price the seller has in mind isn't always fair and reasonable so it is your agents job to be sure you are not over paying for the property.
6. An Accepted Offer:
Once your offer has been accepted it is then your agents job to make sure that all documents have been signed by all parties and that all dates on the offer are kept on track so things run smoothly. Your agent should also let the mortgage originator know that the offer has been accepted so he/she can begin the mortgage process.
7. Home Inspection:
A standard home inspection is a visual examination of the physical structure and major interior systems of a property. A buyer also has the option of conducting a number of diffrent tests such as Radon, Pest, Well Water,Lead Paint, etc. Once the buyer has set up a time with a licensed Inspector the buyer should then inform their agent so he/she can inform all parties and make sure that all necessarry areas have been turned on for the inspetion.
8. Purchase and Sales Agreement:
The listing agent will draw up the P&S. If the buyer is going to hire an attorney to review the document he/she should inform the agent to make sure enough time is allowed for this review before all parties have signed.
9. Scheduling the Closing;
The agent must stay on top of all contingencies as well as the mortgage to ensure that there are no loose ends, so that commitment from the bank is kept on track. Once a closing attorney has been assigned the agent will then discuss the actual date.time and location of the closing and inform all parties.
10. Scheduling the Final Walk Through:
Your agent should schedule a final walk through of the property before closing to make sure the condition has not changed and to make sure any and all inclusions have been left for the buyer
11. Reviewing the Housing and Urban Development Statement:
Before closing the attorney will prepare the HUD statement which will include all the final closing costs for both the buyer and seller. The agent or your attorney can review this with you before the closing and answer any questions you may have.
12. Closing Day:
Once all parties have signed all the documents you will be given the keys and can begin to move right in. Make sure you have called all the utilitie companies, cable company, phone co, etc and let them know you are know the proud owner of the property. Also make sure you give the post office your new address so you will receive all your mail with out interuption.
Thank you for reading my twelve helpful tips on the buying process and to let you know I help negotiate the best possible deal for my clients with each and every real estate transaction.
Christine LaCava Realtor LMC, CSS
774-454-0480 Cell
