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THE HOME BUYING PROCESS MADE SIMPLE!

I’m sure many folks have heard home-buying horror stories. Let’s make your home-buying experience pleasant, smooth, and quick! With today’s technology and your pre-planning, it is not uncommon to complete the home buying process within 30 days.

The home buying process is as simple as your agent makes it, and your cooperation is imperative. Here is a summary of the steps involved:

1. Prequalify
2. Select Buyer’s Agent
3. Establish home criteria with your agent
4. Preview homes within your price range.
5. Write an offer to purchase
6. Negotiate terms.
7. Inspections
8. Have utilities turned on in your name.
9. Final walk thru inspection.
10. Closing

STEPS IN DETAIL

1. Select a lender and get prequalified. Most lenders will help you via phone or you can check the Mortgage section of this site. Click here to view a complete list of what a lender will need from YOU. You will be required to pay for your credit report at this time.
 

2. Choose a REALTOR who has experience and a reputation for quality service. When interviewing an agent, make sure that your personalities work well together. A good working relationship will make the whole process more pleasurable.
 

3. After you have prequalified and selected a REALTOR, it’s time to establish the criteria for your next home. The lender will have helped you establish a price range. Now you need to discuss the amenities you want in your home with your agent
 

4. Your agent will review properties that are available in your price range that have many, if not all of your most important amenities. This may be done by reviewing properties you have seen in any of the local Real Estate publications, or the MLS system. If you have access toe-mail, a REALTOR can send you valuable information as quickly as it becomes available!
 

5. Narrow down the homes you are most interested in and view them with your agent.
 

6. Once you have chosen a home you like, your agent will assist you in writing an offer. This offer will include inspection clauses and repair limitations, as well as the proposed purchase price and terms.
 

7. For any number of reasons, your offer may not be accepted on the first attempt. Don’t become discouraged! Your agent will assist you with negotiating a contract that will meet with your satisfaction.
 

8. Arrange for a home inspection. This is a purchaser’s responsibility and highly recommended. Be sure to get a well-qualified home inspector who is ASHI certified (see Home Inspections). The cost of the home inspection will range between $300-400, depending upon the options you choose and the size of the home. The inspector will ask that you be present for the inspection and you will be required to pay for the inspection on site. Termite, water and septic inspections (when required) are the responsibility of the Seller. .
 

9. Take (or fax) a clear copy of your contract to your lender. The lender will either suggest an appraiser or provide you with a list of appraisers to choose from. You will need to pay for your appraisal at this time.
10. After inspection, your agent will assist you in getting the Sellers to complete any repairs that may be necessary. Upon completion of any major repair, you may wish to have the home inspector return and affirm that the repairs have been completed properly. There is a charge for this service.
 

11. Contact your lender and set up a date for closing. The lender will generally recommend a good attorney for your title work or you may choose your own, either from personal recommendation, experience, or you may wish to choose from a list of attorneys your lender uses frequently.
 

12. Contact your insurance agent about your home purchase. You will be required to purchase a homeowner’s insurance policy and pay one year in advance. Both a copy of the policy and your paid receipt will be required at the closing.
 

13. Switch utilities into your name prior to closing for a smooth transition. Most of the phone numbers you will need are provided on this site. See Utility Information.
 

14. Complete a final walk-thru inspection to make sure everything is as it should be according to the terms of the contract.
 

15.CLOSING! The moment you have been waiting for has arrived! After signing all the necessary documents (and there are quite a few) the house is now your home. CONGRATULATIONS!

 

©2005 Jim Rankin