BUYING A HOME
The Home Buying Process
Choosing a Realtor
Be sure to interview the realtor you are considering. Ask about their qualifications, their experience, the service they provide, and the amount of time they have in their schedule. Your agent is your general on the battlefield and it is important that you pick a leader that fits your criteria. Click the link below to get in touch with one of our agents today!
Getting Prequalified/Preapproved
Being Prequalified/Preapproved for a mortgage is essential to the home buying process. This will help you and your agent identify what your price range is and which homes you should be viewing. The lender will take into account your income, credit, and the down payment you will be making. Each lender will have different requirements to be approved and it is smart to meet with multiple lenders to choose one that gives you the best deal. If you are unsure where to get your loan, your agent can give you some suggestions to get you in touch with a trusted lender.
Locating Your Home
Every agent at Action Realty is a member of the local MLS system. The MLS system is a data base of all of the homes on the market listed with other realtors in the area. The Agent you work with also has the technology to send you notifications via email or text as soon as a home that meets your criteria is placed on the market. For instance, if you are looking for a 3 bedroom, 2 bathroom house, under $220,000, the MLS will send you an email or text any time a house with those charecteristics is listed for sale. The agent can then set up a time to show these homes to you in person.
Making an Offer
Once you find a home that you would like to purchase the next step is to make an offer on the property. The realtor you work with will give you insight on how much the home is worth and help direct you on how much to offer. It is important that you make an offer you are comfortable with. It is possible your first offer will not be accepted, this is why it is crucial to be flexible and have an agent with great negotiation skills. An agent who knows how to make an offer look appealing is a great asset in the home buying process.
Going Under Contract
Once your offer is accepted you are officially under contract. The Contract includes the general terms of the agreement, the sales price and amount of earnest money required, closing dates, type of financing, appraisal contigencies, property disclosures, representations, inspection contingencies, general sales conditions and real estate disclosure. These terms are all set in the initial offer you made in the previous step, however more negotiation may be required if the inspections, appraisals, or other terms do not meet expectations.
Closing Day
Now that all of the terms of the contract have been met it is time for the exciting part, closing day! On closing day you will make a final walkthrough of the property to ensure nothing has been damaged and that everything is up to par with the contract. Prior to closing, the agent will give you a copy of the titlework. The titlework will show the amount of closing costs each party will pay and how much money you will need to bring at closing to finalize the deal. Make sure to get the utilities and home owners insurance transferred to your name on the date agreed upon prior to closing. Then you will either meet at the title company or bank to sign the final documents which transfer the deed. Once all of this is complete, the title company will distribute the funds to either party and record the deed with the state. Congratulations, you are now a new home owner!!!