The Buying Process
Buying a home can be an exciting and emotional experience. As a local expert, you can rely on me to guide you through the process so you can feel comfortable and confident each and every step of the way.
The first step to buying a home is to understand your buying power and establish a price range. A licensed lender can help evaluate your financial standing and provide a pre-approval document. They will review your income and credit history to determine how much the bank will lend you, which will help you determine the price range for your search. Having a pre-approval letter in-hand will also increase the attractiveness of your offer, particularly when a Seller has multiple offers to consider.
Concerned you might not be able to move quickly on an offer because you need to sell your current home first? Compass Bridge Loans is the simple solution to bridge the gap between the home you have and the home you want.
The Home Search
You can start your search for the perfect home right here with up-to-date MLS listings in your favorite neighborhoods. Create your free account to save your favorite properties, request showings and more! As your REALTOR®, I will also search for homes on your behalf. When you find a home that you like, we'll schedule a showing tour for you to preview the property in person.
Making An Offer
When you are ready to purchase a property, I will advise you on drafting the strongest offer possible. Then I will prepare the necessary documents on your behalf. There are many things to consider when submitting an offer. Together, we will discuss the purchase price, the closing date, sale contingencies and any other terms for your specific transaction. Once an offer is submitted, the Seller may accept, reject or respond to the offer. Upon receipt of a written response, the Buyer and Seller will continue negotiating until an agreement is reached, or the offer is rejected by either party.
Going Under Contract
When your offer is accepted, you will officially be under contract. The purchase will not be complete until closing and funding occurs, but the home cannot be sold to anyone else while the contract remains in effect. Now it will be time to deposit your earnest money with the title company and secure your mortgage loan (unless you are making a cash purchase). Lenders offer a wide variety of loan programs, so it is important to work with a lender you trust to help you determine the best loan option for your specific needs.
Inspecting the physical condition of your next home is a vital part of the home-buying process. A licensed home inspector(s) will conduct a comprehensive evaluation of the entire property and report any deficiencies with the condition of the home's structure or systems. Specialty inspectors may also investigate additional potential deficiencies such as pest infestations or environmental concerns. In an Option Contract, the Buyer and Seller may negotiate to resolve any deficiencies noted during the inspection process.
Your lender will arrange a professional appraisal of the property. An appraisal is an unbiased estimate of the true or fair market value of a home and is conducted by an independent third party. The licensed appraiser will confirm the appraisal value of the property for all parties involved. If the home appraised value is less than the expected value, the contract may allow the Buyer to terminate or renegotiate the purchase agreement.
The Final Walk Through
Prior to closing, a final walk through of the home will be conducted to ensure that all negotiated repairs have been completed, and that the home is in the same (or better) condition as when the contract was executed. This is the final opportunity for you to address any remaining deficiencies identified with the home prior to closing. You will sign a Buyer’s Walk Through and Acceptance Form (TXR-1925) confirming that the walk through is complete, and the condition of the home is acceptable to you.
Time to celebrate! Your lender will provide a final closing disclosure that summarizes the loan terms, monthly payments, taxes, and other costs associated with the loan. They will also confirm that you are clear to close, and you will sign all of the documents required to complete your purchase and loan agreement. Once the documents are signed by all parties and your loan is funded, you will receive keys and be ready to move into your new home!
Tools For Buyers
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