The Home Buying Process

• Today's housing market
• Home loan pre-approval
• Home search process
• Buyer agency benefits
• Your real estate needs

Pre-Approval
As you begin home shopping, a pre-approval letter brings you, your lender, and potential home sellers confidence in knowing what you can afford, making your offer more likely to be accepted than someone who is not pre-approved. It also lets you know what type of loan program is best for you. Some programs are area specific & some homes don't qualify for certain loan types so knowing this up front is key!


Home Shopping
During the home shopping process, your buyer specialist will suggest homes that fit your needs, and meet you to tour your selected homes. The average buyer finds the right home within the first 5 homes they view. The most important key to finding the right home quickly is establishing your needs up front during the buyer consultation and then providing your honest feedback throughout your home search.

Make an Offer!
You've found the home of your dreams! Next, we'll guide you through making the right. offer and negotiate the terms of the contract based on your needs in order to win you an accepted offer!

Deposit Earnest Money
Earnest Money is a deposit made to a seller that represents a buyer's good faith to buy their home. With the accepted offer, you will need to provide an earnest money check which now gives the sellers a reason to take their home off of the market. It is usually about 1% of the offer price!

Contingencies Period
Due Diligence - If your contract is negotiated to have a due diligence period, this is the time used to get your inspections done and negotiate any repairs. A typical due diligence period ranges from 7-14 days. Inspections can include basic home, septic, pool, HVAC, termite, lead-based paint inspections and more.

Financing Contingency - This is a clause that expresses that the offer is contingent on the buyer securing financing for the home. This is the set period of time to apply for a mortgage and/or close on the loan.


Appraisal
If you're obtaining a loan, your lender will order an appraisal on your behalf (typically $450-550) to verify that the home you are purchasing is worth the loan amount that you are asking for. If the appraisal comes back lower than the sales price, we will renegotiate. This ensures that you won't won't overpay unless you choose to.


Loan Approval Clear To Close
If you are obtaining a loan, your lender is working around the clock on getting you fully approved for the loan from day one. They will ask you to submit and verify many things along the way and it is important that you do so quickly. Time is of the essence! "Clear to close" means you now have full loan commitment and it's almost time to CELEBRATE!

Closing!
All of your time and efforts have paid off! Prior to closing, you'll wire funds for the down payment and closing costs to the closing attorney. Make sure to bring TWO forms of identification and be prepared to sign several documents! At the end of closing (it should take 30 minutes to an hour), you'll walk out with the keys to your new home!

CONGRATULATIONS!

You're the official owner of a new home!