The Home Buying Process

Step - 1 Made the Decision to Buy

Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house does buying still make good financial sense? Can you afford a house that will meet your list of requirements?

Step 2 - Seek Professional Guidance

We'd like to schedule a time to meet with you to hear about your wants and needs. We will discuss financing, the buying procedure, agency, commission (seller pays when you purchase) and also complete and estimate of your closing costs and monthly payments.

At this time, we will also help you get pre-approved for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. Pre-approval is when all documentation has been received and verified by the lender. The fact that you will be pre-approved is imperative when we are negotiating the deal!

Step 3 - Begin the Hunt

After our initial meeting, We'll search all our resources for houses on the market that fit your criteria. We'll preview these houses to eliminate the duds. Then, We'll schedule appointments to tour the houses at times convenient to you.

As we tour houses, We'll point out positive features and negative features. We'll ask you to tell us what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, We'll refine our search criteria to narrow in on the house of your dreams.

Step 4 - Know the Market

Our knowledge of the local market is an essential factor in the house search. We'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

As we tour houses, We'll let you know when the asking price has negotiating room and when the house is "priced to sell". Our unique market knowledge will keep you a step ahead of the "house hunting competition".

In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.

Step 5 - Find Your Dream House

We're confident we'll find your dream house. When we do, we'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).

The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing and circumstances particular to the seller and you, the buyer).

Step 6 - Negotiate the Deal

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7 - Get a Loan

During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-approved for the loan before starting your home search, you will be that much closer to the end. We will supply the lender with the necessary property information to close the loan.

Step 8 - Close the Deal

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. We will be glad to review the "Good Faith Estimate," and review it in comparison to ours to make sure we are all on the same page!

Step 9 - Move In

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. We will give you a checklist to help you remember all the details and be with you every step of the way!