HOME BUYING PROCESS

STEP ONE:

Initial interview with your agent to determine your needs and wants.  The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

STEP TWO:

Contact a loan officer and get your mortgage pre-approved.

STEP THREE:

Contact a your agent to look for a house in your price bracket (and/or to list your current home if you also want to sell). Then begin looking for a home with your Realtor®. Take along our handy checklist so you can evaluate and remember the differences between each home you see.

STEP FOUR:

When you have selected the house you want to buy, your next step is to submit a signed real estate offer to purchase. Your Realtor will take you through a step-by-step process in order to prepare your real estate offer:

• You know the seller's asking price, but you need to decide how much you will offer.
• Decide how much earnest money to offer. Your earnest money is usually held by the Selling company. When the sale is closed, it is applied to the down payment or closing costs. But, if you fail to buy the house after the seller has accepted your offer, the seller has the right to keep this earnest money.
• Specify your desired closing date and possession date. Allow yourself enough time to obtain financing.
• Determine which items you may want to negotiate in the price you are offering. Items the seller may not necessarily be leaving behind may include any of the following: appliances, light fixtures, chandeliers, gas logs, fireplace tools, window coverings and swing sets.

Your Realtor will present the offer to the seller's agent. The seller will either accept, reject, or counter your offer with changes in the terms. If the seller submits a counteroffer, you may either sign it as acceptance of the agreement, make another counteroffer, or withdraw your offer.

When both the seller and buyer agree to the terms and sign the document, it becomes a valid contract.

STEP FIVE:

Notify your loan officer that you've found a property so they can begin the appraisal and title process and, lock in your interest rate. Your loan officer will send you a new good faith estimate which shows your monthly mortgage payment as well as your estimated cash needed for closing. The title company will notify you of the time and date you close on your home and the items you'll need to bring to closing.

STEP SIX:

Notify your phone company, utilities (don't forget water and sewer), moving company, post office, newspaper and magazines, friends and family.

STEP SEVEN:

Pack and move!