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Buyers • February 26, 2023

Home Buying Process – What you can expect

by Carrie Gamble

Below is the Home Buying Process in a Nutshell!

  • Find a Realtor that will sit down with you face to face and have a buyers consultation.
    • This will be especially important for a first time home buyer. Your Realtor should have the knowledge to discuss the contract paragraph by paragraph so you know what you are signing!
  • Get Pre-approved – find out what you can afford
  • You can ask your Realtor for Mortgage Lender options
    Mortgage Lenders have a wider variety of banking products to choose from and typically have a shorter turn around time on pre-approval letters.
  • Meet your Realtor to discuss, not only your needs and wants in a home, but go over the contract so you know what you are signing when the time comes and what to expect on the journey to buying a home.
  • Your Realtor will get to work finding properties for you to view.
  • Fall in love with a home.
  • Write an offer.
  • Your Realtor should have information/knowledge on the area you are looking in so you can make an informed decision on how much to offer.
  • Your Realtor will negotiate to get the best price possible for you.
  • Offer Accepted!
  • Copies of the executed contract are delivered to all parties
  • A few things need to happen in a certain number of days of the signed contract. I, as your Realtor, will keep track of all the important dates and email you weekly with updates on how things are progressing and what you may need to accomplish that week. These are a few of the things that have a very important deadline we must meet to stay within the contract timelines:
    • Earnest Money collected
    • Home Inspection and negotiation on any issues Home Owners Insurance to be obtained
    • Formal Loan Application started
    • Appraisal
    • Post Inspection walk thru if necessary
  • Loan Underwriting
  • Loan Approval or Rejection
    Utility Transfer Scheduled for the day of closing.
  • Transferring of the utilities saves on additional fees
    Final walk through 48 hours prior to closing
    Settlement Statement received with amount of funds due on day of closing.
  • a certified check or a wire transfer will need to be obtained
  • Beware of Wire Fraud! I always suggest speaking to a person before wiring funds from email instructions!
  • Closing Day!
  • Bring funds/have funds already wired
  • Be ready to sign and initial everywhere!
  • Keys are delivered!
  • WELCOME HOME!
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