The home buyers road map!
1) What are your Real Estate Goals?
Before you start going out and looking at homes, first things first is you want to decide what exactly your goals are in this new adventure. That is where you Realtor will come in! It's hard to hit a goal if you don't know what that goal is. So take time on your own, and then with your Realtor really tune in on what your timeframe is, budget, type of home/ areas, and create a plan to overcome any obstacles or challenges we may meet a long the way.
2)Decide which financing is best for you.
After you have a Realtor ready to work with you at the highest possible level, your next step would be to chat with a Mortgage Lender and see how much of a home you can qualify for. On top of this, you will be able to find out if you qualify for FHA, Conventional, or VA (if you are a veteran or in the military). Be up front and honest with your financial situation, and how much cash you have saved for this new adventure.
3)Start searching for homes!
This is the FUN part! This is where it all starts getting a little real. After we have your pre-qualification form from your Mortgage lender (or if you are paying cash), letting us know what your price point is, this is when we can start looking at homes and putting offers in. At this point, you should already have what you want in a home narrowed down. Hence, Step 1. Your Realtor will create a personalized search for you and your family going off of your needs and wants in a home. From the the location, to school districts, to how many beds, baths, if it has a pool, etc!
4) Make an offer!
As soon as you find a home that you believe to be the perfect fit for your and your family, this is when we make an offer. I always tell me clients, if it's not a heck yes, then it's a heck no and we keep looking. If you're at the "Let's make an offer!" part, then it's a heck yes! Your Realtor and mortgage lender will walk you step by step through this process. They will write up the offer, and communicate with you on what type of offer you want to make, how much earnest money you would like to put down, do you have cash you want to put in? As well as advice you on how the market is currently, and if we should put be putting in any escalation clauses, or paying for the sellers closing costs, etc.
5) Under contract!
Now we are under contract, and things are getting serious! This has to be one of the most stressful times in the home buying process. This is when the appraisal and inspections are done. Legally, as the buyer you have a 10 day inspection period. You could always shorten this on your offer to help make your offer stand out if you wanted. For the appraisal, if you have a mortgage loan, and the appraisal comes in lower than the purchase price we put in our offer, the seller does have the right to cancel. As the buyer, you can come in with cash above the appraised value up to the purchase price as well.
6)Preparing for closing on time!
At this time, inspections and appraisal are completed. This is when we start getting repaired for you as the buyer to sign with the Title company and get everything transferred over. After you have signed with the Title company, they will work on getting everything recorded behind the scenes. We should know within the next 24- 48 hours if we are officially recorded. Meaning, that all of the paperwork was finalized and you now get the keys to your new home!! At this point, once we have recorded, that is when your Realtor will hand deliver you new house keys to you.