Buying a Home

Purchasing a home is a process that involves hundreds of details and actions that all need to be pulled together to bring your search to a successful conclusion. Working with the right Realtor® can mean the difference between a frustrating, disappointing experience and finding your dream home. The following is an overview of what you can expect.

Start A Search

Most people begin their search by browsing the internet to see what's available.  The next step is to formalize the search by listing the "would be nice to have" and "must have" features for your new home.  This will help define your search criteria.  Click here to search the MLS.

Select A Real Estate Agent

Choose to work with a buyer's agent.  A buyer's agent is an agent who represents only the buyer and works in the best interest of the buyer, not the seller, in a sales transaction.  As you begin, a good agent will ask probing questions to get a clear picture of your dream house and then set up an MLS search to find current listings that meet your requirements.

Get Pre-Approved

If you are not already working with a bank or mortagage broker, your real estate agent can suggest several to you.  A pre-approval requires a more in depth review of your financial situation and carries more weight than a pre-qualification.  When you submit a purchase offer for consideration, a pre-approval letter demonstrates to the seller that your mortgage application is likely to be approved and the sale will close.

Look At Houses

Once you've selected houses to visit your agent will provide you with a packet of feature sheets so you can take notes and record comments about each house you see.  A good buyer's agent will listen to what you have to say and use this feedback to refine an narrow down your search.

Make An Offer

When you've found a home you want to make an offer on, your buyer's agent will prepare a purchase offer for you to review and sign.  Be prepared to give the seller earnest money to show your good faith.  There may be some negotiation and compromise necessary and a good agent will be able to assist and advise you in this process.

Home Inspection and Loan Application

Once your purchase offer is accepted, you generally have 5 to 7 days to arrange for a home inspection and initiate the mortgage application process.  A home inspection is usually recommended to insure there is nothing seriously wrong with the property.  Your buyer's agent can suggest several home inspectors to you and a good agent will be present during the inspection.  As the process moves towards closing, you will also want to arrange for homeowners insurance as well.

Between Purchase Contract and Closing

Most buyers are on pins and needles during this phase because the process is now in the hands of others for loan application approval, appraisal, and title search.  Your buyer's agent will continue to monitor the process and keep you informed of the progress.

Closing

Your attorney will inform you of the closing date and the funds you need to bring to the closing.  Just before the closing your agent will arrange for a pre-closing walk through of the property to insure that the house is still in an acceptable condition.