The first step is to talk to a mortgage lender to see what type of loan & amount you qualify for. You cannot begin to house hunt without all of your ducks in a row! Lucky for you, we have an amazing lender who can help! Click on the link to apply for a home loan today!
Once you get pre-approved, it's time to choose an agent (if you haven't already done so). Some people contact an agent first, and that's completely fine! Once you pick an agent, stay loyal to them! They will show you any property on the market, negotiate on your behalf and walk you through to closing! Contact us today and choose your agent!
While you are out looking at properties, it's very important to know what you're looking for. It will be a lot easier to target the perfect home for you if you know your MUSTS!
Be active in your search, and let your agent know when you're available to view properties. Be courteous to your agent. They take a lot of time to work for you!
After you have found a house that fits your needs, it's time to negotiate with the seller. One of the many reasons you want to have an agent representing you is negotiations. They will analyze your financial situation to make sure they negotiate in all of the terms. It's one thing to agree on a sales price… but often people don't know how many other items in the contact need to be negotiated. For example…. who's paying for the Title Policy? Who's paying for the Survey? Do you need the seller to help cover closing costs? What day are you closing? Who's paying for a Home Warranty… and so much more! Let an agent walk you through the process!
What's wrong with the house?
A big deal-killer is inspections. Did you know that most people are not educated on what an inspection is actually supposed to accomplish? Let's make one thing clear: when a house is for sale, it's As-Is. Always. Now you can negotiate repairs, and you should in some cases. However, if you get an inspection done, do not assume that the seller is supposed to fix everything in the report. The goal of an inspection is to get peace of mind about what you are getting yourself into. Don't be scared of them. Use them for information to make good decisions.
Watch this short video on what really matters in a home inspection.
Under Contract – Now what?
The option period is the time to do your due-diligence. It's your unrestricted right to terminate for any reason. During the option period, the inspection should be done and any repairs negotiated.
The inspection needs to be done in the option period. It is your choice whether to have an inspection completed or not, but it's always highly recommended.
Make sure to pay close attention to what the lender asks you for. It may seem like they are asking you for EVERYTHING and more, but it's very important that they get all of their documentation needed to fund your loan. Please make this a priority!
The appraisal will be ordered and scheduled through the lender, and you will be notified when the appraisal is complete. If the appraisal comes back under the value of the contract price, we will need to negotiate further with the seller. We hope this doesn't happen, but it's a possibility and we will be ready if it does.
Home Owner's Insurance
Start shopping around for home owner's insurance as soon as possible. Once you get a good quote that you like, send the company's name and the contact info of the representative to your lender.
You will receive a lot of forms from the title company as they open title and start working on closing. These are just for your reference, and you will receive copies at closing. If the title company asks you for any documentation, please make this a priority to get this information to them.
There might be a current survey on the property and if there have been no changes, that will be the survey used for your purchase. If a new one is needed, the title company will let us know, and we've already negotiated who will pay for this. You will receive a copy of the survey at closing.
Once your loan has been approved, the lender will send you a Closing Disclosure. Make sure to review this document and ask your lender any questions before closing! You will then set up your closing time with your agent and soon receive the keys to your new home!