HOME BUYING PROCESS


1. Decide if you're ready: Be realistic, what is your reason for moving, renting and ready to own is     it more space, downsizing, relocation; conduct a thorough assessment of your finances,     how much do you want to spend per month on your mortgage to live comfortable; what are your     needs first, then your wants; consider if you have to sell before  you buy, etc.  

2. Decide where you want to live and research: Location, location, location; is it close     to your job, schools, shopping, interstate, places of worship, hospitals, etc.

3. Obtain a loan preapproval: Contact a bank, credit union, or mortgage company that you     are used to dealing with or know of to start the loan process. We at YOUR REALTY can help guide     you if assistance is needed.

4. Contact us here at YOUR REALTY COMPANY: We (realtors) help you to save money and     time by using our knowledge of the local market to negotiate the best price and terms for our     clients. Once you have the preapproval, we can then start looking for homes in your price range     that you want to see. Remember you (buyer) do not pay our commission, the Seller does.

5. Examine the homes: YOUR REALTY will provide you with a list of properties in your price     range which meet your needs and wants list. It is then up to you to choose the homes you want     to see up close and personal. During this time it is good for you (the buyer) to have pen, paper,     and camera in hand, this way you can remember the details that are important to you and     you family.

6. Choose a home: After reviewing the details of the properties that were important for you, it     is then time to choose a property. In this part of the process you may want to revisit the property     to assure that it is the one that is best suited for you. YOUR REALTY will help you to obtain     any additional information you may need.

7. Securing funding:  At this point, you should secure your funding. Now that you know the price     of the property that you want to purchase and all of the documentation needed by the lender     is satisfied, you can then contact your loan officer to secure your loan and lock in rates. Once     you have done this, you should receive an approval letter.

8. Write an offer: Now that you have the loan approval letter, we can make an offer on     the property. We will at this point discuss with you the recent comparable sales in the area,     advice on the issues related to the offer, fill out the purchase contract, submit it to the seller, and     negotiate on your behalf.

9. Order inspections and choose vendors: Now that the sellers have accepted the     purchase contract, you can order the inspections of the property and vendors you choose to work     with. This may include, but is not limited to, home inspector, pool inspector, building contractor,     closing attorney, etc. Your lender will order an appraisal of the property. YOUR REALTY will     help coordinate vendor services.

10. Get insurance: Shop around to get the best coverage you can afford for your                                family. There may be certain types of discounts or bundles that may be available.

11. Conduct final walk through: When the contract was accepted by both parties                                (buyer and seller), the property was in a certain condition and there may have been other                 things that should have been done to correct or enhance the condition of the property. This is       the time to make sure that everything is to your satisfaction.

12. Recheck documentation: Do a last check with your loan officer to make sure that they                 have all documentation from you to satisfy your loan. This is important because, if all                      documentation is not in the loan packet it could hold up your closing or cause you not to get            financing.

13. Transfer/turn on utilities: Coordinate with the sellers when they plan to have utilities                 turned off so you can have the services transferred and cut on in your name. Most sellers will            work with you on this.

14. Pre-closing preparation: During this step, make sure you have your                                          closing date from the closing attorney and all paperwork has been submitted to them. You            should have received a good faith estimate (HUD-1) that tells you about how much money to            bring to the closing to cover your down payment, closing costs, and prepaids. YOUR REALTY            will be instrumental in helping during this process.

15. Closing: This is it! Everyone will be at the table; you’ll sign all mortgage documents,                      ask questions if you have them, and receive your keys from the seller-Time to move in!

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