Real Estate Buyer's Process

What you can expect when you buy a home. 

    1.  Decide if buying a home is right is right for you

  • ​​Get Ready for Home Ownership​​
  • Financing? Build a good credit history [CREDIT TIPS FROM CLS]
  • Save up for a down payment (typically 3.5-20% of property value is required depending on loan type and credit history)

    2.  Get pre-approved for a mortgage

  • Talk to a mortgage professional
  • Find out what type of mortgages you quality for
  • Get mortgage pre-approval
  • keep in mind: closing costs which can include taxes, transfer fees, HOA (if applicable) utilities, insurance
  • Make sure you will not be late/behind on any payments to creditors during the purchase process as this will have a very adverse effect on your purchase ability. (for example,
    higher rate, delayed closing, higher down payment requirements, or worste case: no longer qualifying for a mortgage.)

  • During the purchase process, keep your credit stable by waiting on any large purchases such as, cars, boats, furniture, etc.
  • It is also important NOT to apply for any new credit lines such as, credit cards, store cards, personal loans, payday advances, etc.
    This is the most important part of your purchase process

Get Pre-Approved!

    3.  Find a Realtor

  • Share what is important to you in finding your future home and explain your needs and expectations:
    school disctrict, number of beds/baths, size of home/property

Find an Agent

    4.  Find the Right Property for You

Search Homes
​Remember, the most important rule in real estate: ​​
​​"LOCATION, LOCATION, LOCATION!"

    5.  Make an Offer

  • Place a competitive bid and be prepared to recieve a counter offer
  • Only one offer will result in a sale, so be prepared to move on if your offer is not accepted
  • On acceptance of an offer, your Ernest Money Deposit (EMD) is due in escrow within 3 days
  • Remember read all contracts before signing & make sure you fully understand all of the terms of the purchase agreement (and remember, all terms are negotiable)
  • ​DO NOT go on vacation during the process unless your destination has reliable internet so that you don't run into problems with closing the sale. 

    6.  Finance the Property

  • Once in contract, contact your mortgage broker so that they can start the mortgage process
  • Be sure to provide all required documentation to your lender as soon as possible to avoid any delays in the process
  • (remember lending institutions are not open on Saturday or Sunday so your Real Estate Agent's 30 days is only 21 for your mortgage broker)
  • Make sure you understand the financing terms and ask the lender for clarification of any items prior to signing any documents 
  • Obtaining the proper insurance as directed by your mortgage broker.

MORTGAGE TERMS GLOSSARY

    7.  Perform Inspections

  • Order an appraisal (ask your mortgage broker how to complete this part of the process)
  • Ensure the property is inspected by a licensed home inspector
  • Get a pest inspection
  • If the home is older, roof inspection, plumbing inspection, HVAC inspection, structural engineering report my be advisable

    8.  Negotiate Repairs

  • once all reports are in and you have fully reviewed them along with the seller's disclosures, you have the oportunity to request that the seller make proper repairs to the property OR adjustments
    to the sale price within reason

  • consider the cost of repairs & type of repairs. (Note: some repairs will be required by the mortgage company to be done prior to closing in order to get financing)

    9.  Closing & Life After the Sale

  • Set up utilities accounts in your name 
  • Maintain files for all warranties, HOA docs (if applicable), insurance documents, contracts, loan documents, closing package, etc. in a safe and secure place