STEP BY STEP TO FIND YOUR DREAM HOME
Here you will find the step-by-step guide to understand how to achieve your dream property!
01
FIND YOUR REAL ESTATE AGENT
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Choosing a Real Estate Agent: A professional agent does more than show properties. A real estate agent will be your guide from start to finish. Choosing the right agent will determine what type of home buying experience you have. Do you prefer to have a smooth transaction handled by a professional, or someone who considers the position as “part time”?
02
FIF FINANCING
Applying For Financing: Are you financing your purchase? Before searching for a home it is vitally important to apply for a mortgage and obtain a “pre-approval letter”. Most sellers will not consider your offer to buy without proof of cash, or a pre-approval.
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Search for properties
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Searching For Properties: Selecting properties to see is a combination of what you want in a property and what is available within your budget. Your agent will guide you through this. Your agent will be responsible for verifying information about each property such as, monthly HOA dues. Your agent will be responsible for setting up showings for you to see the property.
04
MAKE AN OFFER
Making An Offer: Once you have found a property to purchase the next step is submitting an offer. Your agent is responsible for presenting this to the seller. A well prepared offer will contain your proposed purchase price and terms of the sale, sale date, financing type, etc. It will also contain all supporting documentation.
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CONDUCT INSPECTIONS
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Conducting Inspections: After your offer is accepted you are officially “under contract”. The next step is conducting a property inspection. A thorough property inspection gives you a more complete depiction of the properties condition. This is where potential issues such as an aging roof or improper wiring can be identified.
06
NEGOTIATE THE CONTRACT
Negotiating The Contract: After review of the inspection you will decide if you wish to continue with the contract as is or propose a change. Your agent will guide you through this. Some common things to negotiate at this point, price or repairs.
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SECURE FINANCING
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Securing Financing: This is the completion of your initial mortgage application. Your mortgage provider will arrange for an appraiser to visit the property. The appraiser will determine the value of the property then make a final decision about your mortgage being fully approved. A full mortgage approval or “loan commitment” from the lender means they prepared to fund this purchase, for this property, under the terms outlined in the contract.
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COMPLETE THE CLOSING PROCESS
Completing The Closing Process: At this point a title company prepares documents for recording the sale with the county government and prepares documents for the day of signing. On the day of signing the seller and the buyer will sign their own set of documents. This initials the actual sale.
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TRANSFER OWNERSHIP
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Transferring Ownership: After the buyer and seller finish signing several things happen simultaneously. Money is transferred from the buyer, or their lender to the seller and any persons the seller owns money as a result of the sale, such as their lender, utility company, taxes. After all money has been transferred the buyer can now receive the keys to their new home!
UNDERSTANDING ABOUT CLOSING COSTS
Closing costs are the fees for the services and expenses required to finalize a mortgage. You will pay closing costs whether you buy a home or refinance. Closing costs do vary based on your area, type of loan, down payment amount, and several other factors that are property specific. The total cost can vary between 2% and 6% of the final purchase price. Buyers can either pay this on the day of closing or include it as part of their mortgage amount.