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So, you are ready to go out and buy a home...Wonderful! Before you find the house, it is best to understand the process, so you are not overwhelmed when it happens.  FIRST and most importantly: GET PRE-APPROVED by a reputable bank or mortgage broker. Sellers demand Buyers who are already approved, as it poses less risk to them to accept your offer and take their home off the market. Learn your FICO Credit Score this will have a big impact on the mortgage rate you qualify for. SECOND and of equal importance: FIND A Realtor®, who will represent you as a BUYER AGENT. Once you find the right agent, stick with her/him. This saves you a lot of time and confusion by having one person track and coordinate what you like, what you have already seen, etc. THIRD:DO YOUR HOMEWORK. There are dozens of towns to consider buying in, but you must figure out what your priorities are in order to narrow things down. Are you looking for a good commuting location? Are you more concerned with the quality of the schools than location? Would you rather drive a bit longer to get more home? FOURTH: UNDERSTAND THE COSTS INVOLVED in the home buying process. Home Inspection and additional inspection specialists (Mold, Termites, Radon etc.) Personal Attorney fees (to negotiate Purchase & Sale Agreement, as well as represent you through closing). Homeowners Insurance. Pre-Paid Interest.Tax Escrows. There may be more.... don't be afraid to ask.
FIFTH: HIT THE ROAD AND FIND A HOME YOU WISH TO BUY. Once you have narrowed down your priorities. SIXTH: SIGN A CONTRACT AND MAKE AN OFFER . Along with signing (lots of!) paperwork, the contract is usually accompanied by a check, in the amount of $1,000.00, as an earnest money deposit. Congratulations!...If your contract is accepted...now the frensy begins! SEVENTH: You have a three day Attorney Review Period at which time you meet with your Attorney and go over the contract. Again a perfect time to ask lot's of questions. EIGHTH: YOU HAVE 7-10 days to have a HOME INSPECTION. You are entitled to have as many inspectors as you wish, as long as it is done within the time period (preferably all on the same day). Most Buyers use one licensed Home Inspector to do a general inspection of everything in the house. NINETH: OBTAIN ‘FINAL MORTGAGE COMMITMENT’. Your lender will send an appraiser to the property to ensure it is worth what you agreed to pay for it. The appraisal, along with the rest of your application, will then go through the underwriting process. When all information has been verified, you will be issued a Commitment Letter, which confirms that your financing is fully approved. GET READY TO PACK!  TENTH: FINAL WALK THROUGH. Within 24 hours of closing, you and your agent will go back to the home you are to purchase, and ensure that it is in the same condition as it was in when your contract was accepted. If any major problems are found, it could delay closing, or monies could be set aside at closing to cover the cost of repairs. Eleventh: CLOSING DAY!! Here’s what you will need: Your Checkbook! Your Attorney will give you all the details a few days before.
Call For A Buyer's Consultation 
Contact me: Nicoletta Hayden, CRS, GRI Direct Line: 201-314-3553 |
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