Buyers Path to a Successful Home Search
- First and Foremost is to talk to a Mortgage Professional and obtain an initial credit approval. This allows you access to shop for homes knowing you are credit approved to buy, based on your income and credit information. We have a list of Mortgage Professionals to share with you to obtain this initial credit approval.
- Once we find out how much you can afford, let’s talk about the areas of town and what you are looking for in a home. We have a criteria sheet we will present to you that offers several criteria breakdowns you can utilize to narrow/focus your home search.
- Once the criteria is chosen, we will input your information into our MLS PROSPECT system, which will pull homes available for sale that meet this criteria and keep you updated as new “listings” and “price changes” hit our MLS system.
- Once we narrow down from the initial search, let’s get started looking at homes. It is suggested that you give a name to home visited. This will help recall the specific home and always keep your list down to 3 properties.
- Once a home is located that meets your criteria, as your agent, a competitive market analysis will be performed and given to you to help you determine what price you want to offer to start the negotiation process. A copy of the tax records and history of the property as it pertains to the MLS, will also be given to you, assuming they are available. It is important to realize that during this process, the Seller may consider any and all offers from any Buyer, until a contract is accepted and signed.
- Once a signed executed contract is received, it is important to contact your mortgage lender to lock in an interest rate (many lenders will only lock in an interest rate for 30 days, without an extra fee, so you will want to verify this meets the closing time frame in the contract)
- Another contingency in the contract is the home inspection. This allows a buyer to have a whole house inspection, radon, lead base paint, mold, termite, etc…You will want to review the inspection time frame, which is in the contract. We do have a list of inspectors we recommend and will provide that list to you at your request. If a list of repair items is requested, be aware that this will be another negotiation process.
- During the process, the lender will require an appraisal, written confirmation of an updated credit report, income, savings, retirement accounts, etc….from their specific sources.
- Another inspection will be a staked survey. This is normally ordered after the inspections are worked out. This will verify the property lines, easements, etc…
- As the closing time approaches, most lenders will have their finance packages to the attorney’s office the day of and sometimes the day before the closing date, so we will not know the exact amount you will need to bring to closing, until the day of or possibly the day before. I always suggest obtaining a certified check for your down payment amount, if timing is pushed. Also bringing a personal check for any monies needed, not covered under the certified check. The certified check should be made payable to you, the Buyers. You will endorse that check over to the attorney’s office at the closing.
- A final walk through will be performed normally 24 hours prior to closing or on the way to closing, depending when the house is vacated. This is to verify the condition of the property.
- Once closing is finalized, you now become the official owner of that property.
CONGRATULATIONS THE SEARCH IS OVER!!