As professionals in the industry, allow us to help you to the best of our ability. Here are some tip for the home buying process for you to get familiar with.
I. – Preparation
- Prepare your finances: Audit your financial situation including everything from how much you have available for a down payment as well as what you are comfortable spending on a monthly basis for your mortgage payment. It is a wise idea to refrain from any larger expenditures during the home buying process as this can affect the amount of a loan that you apply for.
- Contact a Mortgage Broker: Contact a mortgage broker to find out exactly how much you will qualify for in regards to an amount of a loan. Your mortgage broker will also provide you with a pre-approval letter that will accompany your offer when that time comes.
II – Property Search
- Touring Properties for Sale: This is the most fun part of the home buying process. Once you have established what you can comfortably spend, then we will set up searches for properties.Each neighborhood offers different amenities and accessibility. We can be a great resource in helping you decide which areas may fit your criteria best based on our knowledge and experience.
III – Offer to Closing
- Writing an Offer to Purchase: When you have selected the property that you wish to make an offer on, we will need to move quickly. We will provide market comps that will help affirm the best offer for us to negotiate. Understanding of the market will help you move quickly through the offer process and give you the best chance at getting the home you want.
- Up to 7 Days after your offer is accepted, you will want to have a home inspection: The best way to learn all details of the home is to have a professional inspection. Inspectors will give the home a thorough examination and alert you of any future repairs that are necessary.
- 10 to 14 Days after offer, enter contract: After the home inspection process you will then enter contract. Commonly referred to as the “P&S” the Purchase and Sale contract will identify all of the terms and conditions of the deal. The deposit funds will be paid and will accompany the signing of this document. The deposit monies will be held in escrow until released the day of your closing
- 45-60 days from the offer is typically the closing. This is a common time frame for most transactions. However, no two sales are alike so additional contingencies or terms may play a role in process.
Have any other questions? Let us be your resource and feel free to ask any questions about any part of the process and let our expertise work for you.