The Home Buying Process-
Know your time line of when you need to be in a home, so you know how long you will have to search and if you need to make additional accommodations if you don't find the right place:
1.Select a Qualified Real Estate Agent
2.Meet with a Lender to obtain Pre-Approval (Steps 1 and 2 are interchangeable)
To obtain Pre- Approval a bank/lender will need- verification of employment, check your credit, taxes filed from previous years, bank statements, etc.
Getting Pre-Approved will let you know how much home you can afford.
3. Define needs and wants with your agent to start the home search process
4.View properties that match your criteria
5.Write an offer
6.Negotiate offer terms, Once the offer is accepted this makes a contract
7. Conduct Inspections (Re-Negotiate contract terms based off inspection findings if significant items came back)/Conduct Title Search/Obtain Title Insurance/Remove Any Encumbrances/Obtain Mortgage Financing (credit check, underwriting, appraisal, survey, insurance)
8.Complete final walk through to make sure repair items were completed/make sure the home is in the same condition as you saw the home
9.Close on the Property
10. Take Possession and move in!
11. Celebrate- Throw a house warming party and invite all your friends/family/co-workers/neighbors
From the acceptance date of contract to closing typically takes 30-45 days when a buyer is using bank financing depending on the loan type. (this could take a little more or less time depending on the circumstances; talk to your loan officer to get a better time line) If you are purchasing using cash you can close as soon as the title company verifies title and/or any inspections/appraisals are completed.
Start TODAY!
Happy House Hunting
No comments:
Post a Comment