Here are some steps in the home buying process for you to get familiar with. A successful transaction is best attained when you are well prepared.
Initial Phase – Preparation
- Prepare financially: Audit your financial situation including everything from how much you plan on putting down as well as what you are comfortable spending on a monthly basis for your mortgage payment. Once you have decided to purchase a home, it is a good idea to refrain from any larger expenditures as this can affect the amount of a loan that you apply for.
- Contact a Mortgage Broker: Contact a mortgage broker to learn exactly how much you will qualify for in regards to an amount of a loan. Your mortgage broker will also give you a pre-approval letter that will accompany your offer when that time comes.
Second Phase – Property Search
- Touring Homes: This is the fun part of the home buying process. After you have determined what you can afford, then we will search for properties in your price range. Consider things like bed/bath count, square footage size and location of where you want to be looking. Every town offers a variety of different amenities and accessibility. I can be a great resource in helping you decipher which towns may fit your criteria best based on my knowledge and experience.
Third Phase – Offer to Closing
- Submitting an Offer to Purchase: After we find the property that you wish to make an offer on, it is best to move quickly. Having a good understanding of the market will help you navigate through the offer process faster and give you the best chance at getting the home you want.
- Up to 7 Days after your accepted offer, you will want to have a home inspection: The best way to learn about the home is to hire a professional inspector. They will give the home a thorough inspection and inform you of the current condition along with any future repairs that are necessary.
- 10 to 14 Days after offer, enter contract: After a satisfactory home inspection then it is time to solidify all terms and enter contract. Commonly referred to as the “P&S” the Purchase and Sale agreement will identify all of the terms and conditions of the deal.
- 45-60 days from the offer you will typically close: This is a standard time frame for most deals. However, where no two deals are alike, additional contingencies or desired dates may play a role in process.