Purchasing real estate can be one of the biggest and most complex financial transactions a person will make in their life. Every transaction is unique and different however there are some simple necessary steps that are standard throughout the process of buying which I have outlined below.
In advance of starting the home buying process, it is important to find a mortgage specialist who has a full understanding of your financial situation and what you can afford. This will help you understand your financial parameters when you start your search. Once you find your home, your lender will prepare a pre-approval letter which will accompany your offer and confirm your financial standing to the seller.
After you have defined your property price range, you will then add additional criteria such as: location, square footage, acres, parking, outdoor space, and anything additional that meets your needs/wants. Every neighborhood is different so please ask me if you have questions. If I don’t know the answer I will be sure to find it out for you!
After you have found a home that matches your needs, I can help you make an offer. Before doing so, we will look at recent sales in the area and surrounding areas to make sure the offer is in line with your comfort level and appropriate for the property. The offer itself can be done both electronically or in person. I will review all the necessary forms and timeline involved with you so you are prepared for the next steps in the process.
After your offer has been accepted, (Woohoo!), I will help you book a home inspection. You will select a home inspector and he/she will inspect the property and deliver a meticulous report that outlines the condition of the property and informs you of any potential repairs that may be needed both in the short and long term. It is ideal if you are present for the inspection to really understand all the intricacies of your home.
If you are planning on securing financing for your home (i.e. mortgage) you will want to make sure that you have assembled relevant documentation that your lender requires. (This is typically done during the pre-approval process). Your lender will want a fully executed copy of the accepted offer and will begin the process of underwriting the loan and approval once they have received this documentation. The average amount of time from an accepted offer to close is approximately 45 days but this can take up to 3 months depending on both yours and the seller’s timeline.
When you have the accepted offer, it is also prudent to choose an attorney who will represent you during the real estate transaction. Your real estate attorney will assist you with drafting the purchase and sale agreement as well as be instrumental with working with your lender if you have one. They will also be heavily involved with the closing process to ensure it is as smooth as possible.
After the home inspection is complete, any items that were flagged as needing repairs should be shared with both Realtors®. The Realtors® will negotiate any items that both you and the seller agree to address either by fixing/repairing or simply by providing a credit. Once these items are agreed upon, they will be shared with the attorneys to be included in the Purchase and Sale Agreement. The signing of this agreement solidifies the terms and conditions of the home purchase. This takes place approximately 10 days after the offer is accepted. This agreement governs all aspects of the real estate transaction including important dates and financials that pertain to the purchase all the way to the closing
We are almost there! A few days before the closing, we will set up a time for a final walkthrough. I will be sure to be present for the final walkthrough. This is to ensure that nothing has been damaged and that everything in the property is in the same condition as when we made the initial offer.
We made it to the big day! The closing will be scheduled by you and your attorney. Typically this takes between an hour and an hour and a half. If you would like me to be present for the closing I am happy to.
Steph will provide you with leading targeted marketing strategies, an understanding of the current market conditions, research capability, and superior listening and negotiating skills.