Buying a home is a process, one that entails many steps. However, when followed correctly, it will be a very smooth and very rewarding experience. This is where I come in. With my experience in both real estate and mortgages, I will guide you through the process in order to ensure a smooth transaction. Here is an outline of the home buying process.
The first step is to get a pre-approval for a mortgage. I can recommend a lender to contact based upon your situation. Usually, this process only takes a few minutes on the phone with a mortgage professional. If your situation is more detailed, you should meet in person. This meeting will give you an idea of what your costs and monthly payment will be. Depending upon the financing that is best for your, this could impact the area and type of home we search for.
The next step is for us to meet. Our initial consultation can be performed in the comfort of your home, or at one of our 8 RE/MAX offices. When we meet, we will discuss the areas of interest to you, price range, and your needs and wants for your perfect home. I will also go over the Consumer Notice which describes the different ways that a real estate agent can represent you in Pennsylvania.
The fun part…. This is when we search for your new home. I will be sending you daily updates on new listings that match your criteria. On that same note, you may find something that interests you in the paper, online, from a sign, a For Sale By Owner, and even new construction. Please let me do my job and contact me with any questions on any property you see. I will set up the appointment and take you through the homes.
Once you find something what you are looking for, we will start the purchasing process. This can take from 30 -120 days depending upon the situation.
1. Make the offer. We will meet to complete an agreement of sale which outlines the contingencies you desire and time-frames of the contract. At this time, you will write a check for the initial escrow deposit (good faith) to accompany the offer.
2. The executed contract. The seller will review the offer and either accept, reject, or counter-offer. Once all changes are agreed upon, initialed/signed, and delivered, we have a valid contract. At this time, the deposit check is cashed and put into an escrow account. Also, the clock on the contract’s time-frames starts ticking.
3. The home inspection. Typically, the first item on the contract that is performed is the home inspection. This also includes any radon, water, septic and termite tests as per the contract. All inspections are paid for an selected by you, the buyer. After review of the reports, we reply to the seller as to whether we accept them, or request any repairs or credits that may need to be addressed.
4. Second deposit and mortgage contingency. Once the home inspection has been negotiated, the second deposit to the escrow account will be delivered. You will have already made full application to the mortgage lender and they will be collecting further documents and performing the appraisal. Once all conditions of the mortgage process have been met, the lender will issue a mortgage commitment.
5. Lastly. We will perform a final walk-thru of the property once the seller is moved out of the property, wither the day of or the day before closing. At closing, the title company, mortgage company, buyers and sellers meet to complete the transaction. You will bring guaranteed funds for the balance of your down payment and closing costs, the seller will bring the monies in escrow, and the mortgage company will provide the mortgage monies.
6. Congratulations, you own a home! Once the monies are disbursed at closing, you will get the keys to the property! It’s yours!
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