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Buying Process

Determine Your Buying Power

Determine how much you can comfortably afford, taking into account your income, expenses, and existing debts.
Obtain and review your credit score to ensure it's in good shape. A higher credit score helps you secure a better mortgage rate. Remember there are programs that offer down payment assistance.

Research and choose a reputable mortgage lender. Getting pre-approved is a competitive advantage because it shows sellers you are serious and have financing in place. We have a list of trusted lenders to assist you in this process.
Once you decide on a lender, they will require you to submit your bank statements, proof of income and employment, as well as other financial documents in order to prepare your file. They will also run your credit report to determine your creditworthiness. Don't worry, this is all a normal part of the process.

Your agent's role is vital. They will help you find suitable properties, negotiate offers, and navigate the paperwork.
Choose your agent wisely! You will be spending time together for the entire duration of your transaction, so you want to ensure your agent is knowledgeable in the market, has stellar communication skills, makes sure you're comfortable when showing you homes.
Luckily, we will not have to look too hard! Our team has a high standard that sets a really successful selling process. All of our agents work well with each buyer to offer the most successful chance of success. Get in touch with an agent here.

Your agent can assist you in narrowing down some key factors to make your search:

Location: Determine the areas or neighborhoods you're interested in. Think about your lifestyle, proximity to work, access to amenities, schools and activities.
Property Type: Decide what type of property you want to purchase (single-family home, condo, townhouse, etc.). Each has different pros and cons, so work through your list with the help of your agent.
Features and Amenities: Make a list of your needs vs. your wants, honestly weighing your desires first.
Property Search: Attend open houses, view online listings, and explore neighborhoods to find potential homes.

Negotiation: Work with your real estate agent to make an offer to the seller. Your agent will help determine the true market value of the home by running a competitive market analysis. The offered price you give is a result of careful consideration of your offer, to include a few conditions or contingencies, price correspondence, and other terms.
Offer Acceptance: Once both parties have agreed upon terms, the offer becomes a legally binding contract and the clock starts ticking.

During your due diligence period you have the right to terminate an agreement without major issues. However, after the due diligence period, for example, your earnest money or in most cases you may not be able to get your money back per contract.
Inspections occur during this due diligence contract period. Your agent can assist you in finding a licensed home inspector. An inspection is a visual assessment of a property's condition. An inspection report notes both major issues and minor repairs as well as items needing regular maintenance. Ask questions of your inspector and ask for their opinion on any red flags detected.

Your due diligence period is the perfect time to meet the neighbors, spend time in the community, and study up on various areas of the city. By doing this, you have an opportunity to experience the home differently and ensure you still love it.
Repairs and Remediation: Depending on findings, you may negotiate with the seller for repairs, or you may choose to proceed as-is or walk away.

Getting preapproved was only half the financing process. Now you need to secure your final loan.
Finalizing your mortgage/loan terms will often require you to provide additional documentation as requested by your lender.
Once you have formally applied for your mortgage, the lender will order an appraisal to confirm the fair value of the property. This typically takes the longest, so be patient. Avoid making major purchases, transferring any money.
The underwriting process is the final step, in which a professional reviews your financial information, the property appraisal, and verifies the debt-to-income value, goal by post closing.

The Closing gathering is often chosen by the buyer to ensure all transactions where the seller discloses the property and updates the title paper to the buyer and you take official ownership as the new owner of the home - there are some main actions left to close out your purchase agreement.
Understand all charges for closing costs. These may include origination fees, closing, inspection fees, title search, attorney costs, and more.
Prior to settlement day you'll likely need a walk through of the property. Do a quick survey for missing and faulty issues or potential closing issues in a document. The final company and any needed repairs must be completed before closing.

Closing typically will always go to the closing table, being your ID and your checkbook to sign. There will be various attorney signature papers or the notary, who will witness documents and distribute properly to all correct to beneficiaries (i.e. copies) your Repair request completed by the seller.
Congratulations! Once all documents are signed and funds transferred, you receive the keys to your new home. Welcome home!