Determine How Much You Can Afford
If you are planning on getting financing for the purchase of a home, getting pre-approved for a mortgage is the first step in the Buying Process. Once you know what you can afford you can start looking for the perfect property. If you need help finding a lender, your agent would be happy to recommend a few local lenders to you so you can shop around for the best mortgage rate.
Determine Your Housing Needs
The next step in the Buyer Process is determining what you are looking for in a home. How many bedrooms / bathrooms do you need? Do you need a garage or a large yard? Will you be commuting to work or working from home? Once you narrow down your search criteria, and combine that with your budget, your agent can set you up to receive automatic email alerts so that you will be notified the instant a new property that matches your criteria comes on the market.
View Properties and Make an Offer
As you review the listing that are emailed to you, let your agent know which ones you want to see in person and so they can schedule the showings for you. Once you've found a home you want to make an an offer on, your agent will present your offer in writing to the seller. The seller may accept, counter or reject your offer altogether. Once a seller has accepted your offer, you and your agent can move on to the next step in the buying process.
Home Inspection
Including a home inspection contingency in your offer is the best ways to ensure you are buying a property without any major defects. If you need help selecting a home inspector, your agent can provide you with some recommendations. Once you've selected your inspector, your agent will work with the listing agent to arrange access to the property so that the inspection can take place. Once it is completed, you will be provide a report from your inspector. As long as there are no major issues discovered you can move forward with the sale. If there are items that need to be addressed, your agent can help you re-open negotiations and request the seller make the necessary repairs or provide you with a credit so that you can make the repairs after closing.
Financing and Appraisal
When purchasing with financing, even if you’ve been preapproved for a loan, you will still need to officially apply for your mortgage. Most lenders will require that the home is appraised before they will issue the loan. The lender will hire the appraiser and your agent will work with the listing agent to arrange for the appraiser to view the property. As long as the property appraises at or above your appraisal price, you should be clear to close. If the property does not appraise, your agent can advise you on the best course of action based on current market conditions.
Walk Through and Closing
Prior to closing, you and your agent will do a final walk through of the property. This allows you to make sure the home looks the same as when you first made your offer. It also allows you to make sure any repairs that were requested have actually been completed.
Once at the closing table, the title company or attorney will walk you through signing all of the closing paperwork, and then they will record the title with the registry of deeds. Congratulations! You have closed on your home!