10 Quick Steps to Buying a Home

STAGE 1 - STEP 1 - PREP WORK - ARE YOU READY TO BUY A HOME?

 
INCOME & EMPLOYMENT STATUS

 

DEBT-TO-INCOME RATIO

 
CREDIT HEALTH

 

TIMING

STAGE 1 - STEP 2

SAVE FOR A DOWN PAYMENT & CLOSING COST
DECIDE WHAT TYPE OF MORTGAGE IS RIGHT FOR YOU?
GET PREAPPROVED
FOR A MORTGAGE

THING YOU SHOULD NOT DO AFTER APPLYING FOR A MORTGAGE

DON'T CO-SIGN LOANS FOR ANYONE
DON'T MAKE ANY LARGE PURCHASES.
DON'T MAKE ANY LARGE DEPOSITS OR TRANSFER INTO YOUR ACCOUNT WITHOUT CONSULTING WITH YOUR LENDER.
 
 
DON'T APPLY FOR NEW CREDIT

STAGE 2 - STEP 1 - WISHLIST

The basics:
1) Price range
2) Age of home
3) House type

THE INTERIOR

1) How many bedrooms do you want?
2) How many bathrooms do you want?
3) How big would you like your house?
4) Features you want in your house.

THE LOT/YARD

1) Garage capacity
2) Patio/deck
3) Pool
4) Fence
5) Outdoor kitchen
6) Shed/storage

THE OFFER PROCESS

BUYER'S AGENT
1) WRITE INITIAL OFFER AND SUBMIT TO SELLER'S AGENT
SELLER'S AGENT
 
2) REVIEW INITIAL OFFER. SELLER CAN EITHER:
i) ACCEPT THE OFFER/COUNTER OFFER
 
ii) DECLINE & COUNTER WITH NEW TERMS
OFFER/COUNTER OFFER ACCEPTED
 
 
 
CONGRATS! YOU'RE UNDER CONTRACT

UNDER CONTRACT

SUBMIT EARNEST MONEY DEPOSIT

ORDER AND ATTEND:

1) HOME INSPECTION

2) TERMITE INSPECTION

Negotiate

1) Deliver Notice of Treatment, Repair and Replace to seller/listing agent.

2) You can save a bit of cash at closing by asking for seller concession in lieu of repairs.

ORDER AN APPRAISAL

When your home is under contract, the sale cannot proceed to closing until an appraisal is completed.


The appraisal outcome can influence whether you successfully reach the closing stage and determine whether the final sale price matches the negotiated offer.


To avoid the appraised value falling short of the agreed-upon price, we are dedicated to providing full support to the appraiser and ensuring all necessary information and assistance are readily available.

HOME INSPECTION vs APPRAISAL

IS IT NECESSARY?

Home Inspection: Recommended
 
Appraisal: Required if financed

HOME INSPECTION

Ordered by a buyer.
 
Educates the buyer about the condition of the home.
 
 
Fixes can be negotiated.

APPRAISAL

Ordered by a lender.
 
Primarily focused on the value of the home by evaluating the market and the home's features and condition.
 
Fixes may be mandatory.

CLOSING DAY

FINAL WALK-THROUGH
We will do a final walk of the home within 3 days of closing to check the property's condition. We will make sure any repair work that the seller agreed to make has been done.
BRING TO CLOSING:
1) Government-issued photo ID
 
2) Cashier's check for closing cost and down payment
 
3) Your patience, there is a lot to be signed.
RECEIVE YOUR KEYS
 
 
 
Congratulations! You are now officially homeowners!!