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Starting
Maybe the most soul searching step because you must define your needs, wishes & pocketbook strength..
- Review your finances and establish your buying power
- Choose an area
- Define your real estate needs - categorize critical items, would like to have and the bonus elements
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Realtor
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Pre-approval
- Don't go another step without completely understanding the financial aspect of buying a home. In today's market, this is a very critical step. Please review the 5-steps to obtain a mortgage.
- Contact a financial professional to obtain a pre-approval
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Searching and choosing
- From the steps above, you'll have a list of your wants & needs and a budget. No two properties are exactly the same so work through the inventory until you find a match.
- You're an educated consumer now having seen as many properties as possible. The buyer traditionally starts the dialog by making an offer expecting to negotiate the price as well as terms like the closing date & financing
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Purchase and Sale Contract
- The "offer to purchase" agreement is the blueprint of the transaction naming the participants, describing the property, spelling out each party's obligations with timeframes
- You may want or need to have the property inspected (home inspection, radon, termites, oil tanks, well,etc.)
- Confirm the financing by obtaining a mortgage commitment
- Have your attorney or the Title Insurance Company conduct a Title Search
- Have the property surveyed
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Closing
- Don't forget the walkthrough - your last change to make sure everything is how you expect it
- The big day when the seller transfers title (don't forget the keys) to the buyer.
- At the same time, in a separate transaction, the buyer finalizes the paperwork with the lender.
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Good luck in your new home! |
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Note: this information is very general in nature and there will be variations from transactions to transactions |
