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Buyers Information

Steps to Purchasing a Home


Often the idea of buying a home raises a lot of questions, and buyers are often unsure of what it takes to do so. These comments are intended to answer common questions and help potential buyers understand the steps taken to owning their own home.


  • Step 1—Financing

    First things first. Prior to any home shopping, all buyers should be in contact with a mortgage lender to get pre-qualified and/or pre-approved, which basically means……what can I afford? Upon an initial approval from the lender…….you are now ready to start looking for a home.

  • Step 2—Search for Properties

    The fun begins. With the help of a realtor, you will look for homes in the locations you desire, and include any special requirements such as bedrooms, baths, lot size, etc. You will probably look at many prospective homes in your price range, not only to get educated, but to find that “right” one that suits you or your family.

  • Step 3—Write an Offer

    There’s a house that fits most your needs and are ready to buy it. It’s now time to write a formal offer on a Purchase Agreement with your realtor, which spells out all the terms you are willing to agree to; such as…...price, how you will finance it, closing date, inspections, taxes, survey and possession date. An earnest deposit check is also usually required at this time. Once these terms are agreed upon by both you and the seller, we can move to step 4.

  • Step 4—Inspections

    Often buyers will want specific inspections to be performed on the property to insure it’s in good working order. Over the next 10 days, all these tests & reports will be completed, and any repairs needed to correct defects will be negotiated between buyer & seller with the help of your realtor. Final agreement on all these items is required. Note: Most inspectors like to be paid COD.

  • Step 5—Mortgage Lender

    After all negotiations are completed between you and the seller, your lender then will order up the appraisal, any survey if needed, title work on the property, and their own inspections if you are financing with a FHA program. If any further repairs are needed by the lender to comply with the FHA program, they are negotiated once again. After all these items are in their office, they will send your completed file to their underwriting department. The underwriting department will take approximately 48 hours to finalize all financing requirements needed to complete your loan. Usually, after the 48 hours, we will receive a final clear to close. It is also at this time that you must arrange & pay for a new insurance home policy for the first year.

  • Step 6—Closing

    The closing will usually take place at a title office, which is arranged by your realtor. The title office is responsible for handling all the loan documents, property transfer affidavits, homestead exemption forms and for figuring all final costs. It is vital that your realtor verifies and looks over all final costs on your closing statement, as often times they are not always accurate. You will meet at the title office at the scheduled time, and bring with you the following: Your driver’s license, your first year’s home insurance policy binder, and a certified cashier’s check in the amount you are required to bring as your down payment & closing costs made out to the title office. Once you’ve signed all documents….final arrangements are made for keys.

 

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