Home Buying Process

The right real estate agent can guide you through the home buying process with ease.  Below is a quick overview of the steps we will take together when finding and purchasing your new home.

 

1) Obtain mortgage pre-approval before you begin house hunting.  This will allow you to really know what you qualify for and how the mortgage will fit into your monthly budget.  The market inventory can move quickly in certain times of the year.  When you find a home you like, you want to be able to offer on it and not just then begin talking to a lender.  This will strengthen your bargaining position when it comes time to present your offer.

We provide you with a list of lenders who have consistently and successfully assisted buyers through the lending process.  It’s a good idea to talk to a few different lenders to compare their loan products.  They have a variety of loans available to best serve you, depending on your financial situation. 

2) Choose a Realtor who will listen to your needs and represent you throughout the entire buying process.

Our team is committed to working with you until we find the home that is right for you and your family.

3) Find the right home.

We will help you create a wish list of features that are important to you and send you active listings to preview.  It’s also helpful to look online yourself.  Our website has a direct mls search that allows you to become familiar with what’s available in our market.  You decide which properties you want to see and we’ll help make note of what you like/dislike while looking. 

4) Make an offer.  Earnest money is due at this time and deposited after the effective date.  Your Realtor presents your offer to the Seller, who will accept, counter or reject it.  NOTE:  “Effective Date or Contract Date is the date of final acceptance as indicated by the Date adjacent to the signature  of the last party to sign the Contract or the Counter Offer.  The earnest money goes toward your down payment on the day of closing.

When you are ready to make an offer, we provide market comparables to help you determine your offer price and strategy.  You will see what homes in the area have sold for and compare the square footage, features, and condition to the home you are interested in.  We will discuss the comparables with you to allow you to confidently make an offer on the home you want.  We will review the eight page offer with you and any additional documents so you are informed on exactly what you are offering. 

Once you have the property under contract, there are many contingency dates to follow. 

We keep on top of all the deadlines, but send you a detailed letter of all the contingency dates so you can be aware of them. 

5) Have the home inspected.  Hire a professional home inspector to provide an in depth look at the basic systems of the house, to reveal any safety hazards and for you to be informed of certain conditions of the home.  Types of inspections (but not limited to): whole house inspection, radon, termite, HVAC, chimney/fireplace, EIFS, lead paint, etc.

We provide you with a list of names of inspectors and accompany you at the inspections.  Once the inspector(s) have sent you and I the report(s), we work together to put together the Inspection Notice.  This document states what you would like the Seller to repair, replace, etc.  It is a separate negotiation and we have strategies to best negotiate for you.  

6) Review the Title Commitment and Subdivision Covenants.  This guarantees the property you are purchasing is free of liens or confusion in rights of ownership.  The Title policy insures against any losses to the property that result from defects in the title or deed.

We make sure this information is provided to you, allow you time to review it and if necessary, go back to the seller with any concerns you may have, all within the deadline of the Title contingency.  

7) The appraisal and final loan approval are the remaining contingencies.  The lender orders the appraisal of the property you are purchasing. 

We think it is important to have the appraisal AFTER the inspection period if completed.  If Buyer and Seller are not able to reach an agreement over inspection negotiations, we don’t want you to have already paid for an appraisal.  We communicate with the lender as to scheduling the appraisal.  The appraisal is a formal, written estimate of the home’s current market value.

8) Final Walk Through.

We schedule (at your convenience) and accompany you during the walk through of the home.  This is done to assure the property is in the same condition as when you made your offer and to verify that any required repairs have been completed.

9) Close on the property.  Ownership is transferred:  keys/garage remotes and utilities change.  Closings are usually held at your lenders office or the title company office.  A closing agent coordinates and distributes all the paperwork and funds. Maintain a permanent file.  As your Buyers Agent, House of Brokers maintains a permanent closing file of your transaction for 5 years.

We communicate with the property’s listing agent, your lender, the inspectors, the House of Brokers closing department, and the title company, to provide you with the best representation throughout the buying process!

 

 

All information presented on these web pages deemed reliable but not guaranteed and should be independently verified by the users of this site. The House of Brokers Realty does not make any warranty or representation concerning the timeliness or accuracy of the information displayed herein. In addition, portions of the information displayed on this page may be confidential, proprietary, and copyrighted information of the Columbia Board of REALTORS®, Inc. Multiple Listing Service. Information is provided for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.