Buyers

Purchasing a Home From Start to Finish

Are you a first time homebuyer? Or maybe it has been a while since you purchased a home and need a refresher on the process. You have come to the right place! Below, I have created a detailed outline of the process from start to finish. I am able to help with each of these steps, from finder a lender to facilitating closing.

1. Get Pre-Qualified for a loan

2. Complete a loan application, and submit to lender

3. Have lender send a copy of the pre-approval letter to me.

4. I will schedule a time with you to sit down and discuss your home buying goals and expectations.

5. Begin looking through the listings that I send you and provide feedback (are they the kind of homes you are looking for?)

6. Send me any homes you find online that look interesting to you.

7.  Sign Definitions of Working Relationships & Exclusive Buyer Agreement.

8.  Now we will go out and look at homes that interest you.

9.  Once we find a home you like, It’s time to make an offer!!

10. I will then provide you with a detailed Market Analysis, including similar homes that have sold recently. I will make sure you have a complete understanding of the current market value of the home so you feel comfortable with the price you decide to offer.

11. Determine terms of your offer, including the price, amount of desired seller concessions for closing costs, desired closing date, how the title will be held, how you would like your name to be shown on the contract, and inclusions.

12. I will then submit your offer to the listing agent. We will typically allow them 24 hours to reply, but may reduce this window if the property has seen a lot of activity.

13. Discuss what you would be comfortable doing if a counter offer comes back.

14. Once your offer/counter offer is accepted, you are now under contract!!

15. I will send the executed contract with any counter offers to the lender

16. I will then order a home inspection prior to the inspection objection deadline. We will need to ask the inspector about radon testing. Inspections are a buyer’s expense and the fee is paid once the inspection is completed. The cost depends on the size of the home but usually ranges from $300-$500. Let me know if you would like a recommendation for an inspector that past clients have used and liked!

17. Obtain an estimate for homeowner’s insurance. Make sure the home is insurable and you have the best coverage possible. This must be done before the property insurance objection deadline.

18. Attend the home inspection at the property you are under contract on so the inspector can point out any issues. Ask any questions and have inspector point out the main water and gas shut off valves.

19. Submit an inspection notice to correct items that are of health and safety concern or any high expense items such as the furnace, water heater, roof, plumbing, electrical etc. Not intended for minor repairs. I will submit this to the listing agent prior to the inspection resolution deadline.

The inspection notice to correct must be resolved prior to the inspection resolution deadline. If there are several repairs requested, sellers may propose an alternative inspection resolution deadline to allow time for any fixes.

20.  After the inspection has been resolved, then I will let the lender know that the appraisal can be ordered. The appraisal is due by the appraisal deadline. The appraisal is a buyer’s expense and ranges from $350-$450 on average. Buyer will provide the lender with a check for this service.

21. You will receive title commitment and exceptions either in the mail or via email. Review these documents and let me know if you have any questions. You will have until the title objection deadline to terminate the contract if there are any clouds on the title that the sellers will not resolve.

22. The seller will provide you with any HOA documents and covenants if there is an association. Review these to ensure there are no rules or regulations that you are not OK with.

23. The lender will receive the appraisal report and will let us know if it comes back at value and if there are any conditions. If there are conditions, they must be addressed prior to closing in order for you to receive your loan. If the appraised value is less than the purchase price, then you have until the appraisal objection deadline to terminate the contract if you do not wish to go through with the purchase.

24. After they are completed, the appraisal and the title commitment will be reviewed by an underwriter to obtain final approval.

25. Schedule movers for the big day!

26. Lender will send the entire file to the underwriter for approval. Once the file is approved, you will need to provide any additional documents they require.

27. The lender will provide notice of the loan terms to you before the loan conditions deadline.

28. The loan commitment will be issued by the lender.

29. Have the utilities for your new home transferred into your name. Utilities are the responsibility of the BUYER on the day of closing.

30. Fill out a change of address card for the post office.

31. The lender will send the final figures to the title company so they can prepare the final documents for closing.

32. The title company will send out a final buyer settlement statement 1-3 days prior to closing for you to review.

33. Obtain a cashier’s check for the down payment.

34. I will schedule a final walk-through for you to see your new home and make sure the condition and inclusions are as stated in the contract.

35. Bring your driver’s license and the cashier’s check for the earnest money with you to the closing. It is also good to have a second form of ID just in case.

36. After all of the paperwork is signed, you will be given the house keys, garage door openers and code, mail box keys etc.

37. Time to move in!