To help you get a sense of what to expect here are the ten steps involved in buying a house...
1. Your first step is to notify your REALTOR® with all your needs! Think about the area, price, size, time frame, & any special requirements that you are looking for.
2. Now that you know what you want in a home, you need to find out what you can afford. Contact your Financial Institution and obtain your pre-approved letter.
3. Now that you have your list of needs and know how much you can afford to spend, it's time to look at some houses! Choose a home where you can relax, entertain, raise a family, and conveniently get to and from work.
4. Now that you've found your dream home, it's time to make an offer! Have your REALTOR® draw up a purchase offer with detailed contingencies in place and submit this with your pre approval letter attached. The Seller will then see that you are a serious buyer and will either accept your offer or counteroffer with contingencies and price changes of their own. This is where your REALTOR® can begin to negotiate on your behalf.
5. After acceptance, now you submit your deposit, also known as "earnest money". Earnest money is typically held jointly by the seller and buyer in a trust or escrow account.
6. Get the house appraised to make sure the worth, or value of the property meets the expectations of the lender
7. Have the home inspected by a licensed home inspector for any structural, mechanical, or electrical issues.
8. Perform a title search, buy title insurance, and homeowners insurance, as required by your lender
9. Review all the documents carefully with your REALTOR® to ensure accuracy.
10. Bring the down payment and closing costs (which are generally 4% of the loan amount) to the closing and sign the documents.
You now own the house…! A home is where you spend much of your life, and so choosing a house is an enormous decision and as your REALTOR® I will show you as many as it takes to find “that one”! Each of these steps involves a number of details and I will guide you through this entire process. My job is exciting to me and I thoroughly enjoy meeting with you and assisting you, so please don’t hesitate to call me if you have any questions, Kris! http://www.kris-julian.com/
