Considering Buying a Home? So What’s the Process?
For those considering purchasing a home, we wanted to share some important first steps as well as other helpful information about the home buying process. If you don’t plan to purchase with cash, your first call should be to a local lender to get pre-approved for a loan. Your lender will listen to your goals and review your financial situation to determine both the loan amount you would qualify for and your monthly payment. This allows you to start looking for a home with confidence regarding the purchase price you can afford and how it will fit into your monthly budget. Also, having loan preapproval enhances your credibility as a buyer, letting sellers know you are ready, willing, and able to buy. If you need a recommendation on a great local lender, HERE are a few we love!
Once finances are in order, it’s time to choose a real estate agent. Any one of the 6 agents in our office would be happy to help. Review their profiles HERE. Your chosen agent will meet with you to discuss your wants, needs, and goals and to learn more about what you are looking for in a home. They can also share more about the buying process and spend time answering important questions that arise along the way. Your TripleCord agent will create an account for you on our website and setup a home search so you can begin receiving automatic daily listing notifications for new homes on the market that match your criteria. If you aren’t ready to commit to an agent or just want to look for fun, you can also register on the site and setup your own search to begin watching the housing market. If you see properties you are interested in, your agent will arrange a tour.
When you find the right home, your agent will help you decide on the purchase terms you are comfortable with and then prepare your offer. Don’t be offended if the seller counters your first offer, negotiation is a common part of the process. Once both sides are in agreement, you are considered to be “in contract.” The home is listed as “pending” and escrow is opened. The escrow period, lasting from the time your offer is accepted to the day you get your keys, is typically 30-45 days. Many things occur during this time and having an agent to guide you through that process is of great importance. Your agent will be involved in walking you through the following steps:
- Arranging for the home to be inspected by a professional home inspector and negotiating what repairs the seller needs to perform prior to closing.
- Scheduling an appraisal so the lender can confirm the value of the home is at least as great as what you offered to pay for the property.
- Coordinating with your lender to make sure your loan is processed, underwritten, and ready to close on or before your closing date.
- Working with the Title company to make sure the title to your new home is clear and able to be transferred.
- Arranging for you to see the property again prior to closing to confirm agreed upon repairs are satisfactorily completed and the house is in the same condition as when you made the offer.
- Scheduling a time that is convenient for you to sign closing documents.
- Making sure you get your keys and have access to your new property once it has closed.
- Being available after the sale to rejoice with you over the purchase and to answer any questions or concerns that arise after you move into your new home.
At TripleCord, we are trained to pay particular attention to each detail of the transaction and are committed to keeping you informed throughout the process. Our desire is to make your buying experience both successful and smooth. For more in depth information on buying a home, check out the articles we’ve written regarding each step, located HERE in our Buyer’s Guide.