There is a lot of confusion surrounding the home buying process. Today, I will walk you through each step.
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Today, I would like to walk you through what to expect when purchasing your first home. The home search process is an exciting, but nerve-wracking, time. Between getting your finances in order, looking at homes, and developing a plan for your move, a lot goes into a home purchase.
Once you’ve found the perfect home, you may still go through several rounds of counteroffers with the seller. When your offer finally gets accepted, though, what comes next?
The closing process is not an immediate one. Currently, the closing process generally takes about 30 days. First, your escrow or earnest money will be cashed. The amount you pay will vary depending on the market. Whatever the case may be, this deposit reassures the seller that you are serious about this transaction.
“The home search process is an exciting, but nerve-wracking, time.”
Next, you’ll start to dive into disclosure reports. These reports will show easements, zoning items, and other factors that may affect the property.
The next step is to make sure your finances are in order. If you aren’t paying cash, you need to get pre-approved for a loan. At this time, you will lock in the interest rate for your mortgage and the bank will order an appraisal.
After this comes the property inspection. You should be present for this very important milestone with your agent or someone from their team. The inspector’s job is to check the property from top to bottom and make sure everything in the home is properly functioning. After the inspection is finished, you will receive a report that you should review very carefully. This report will show all of the inspector’s findings.
If there are any items in the home that need to be repaired or replaced, your agent will negotiate with the seller for these things to be taken care of. The seller may offer to fix the items, offer a credit, or reduce the purchase price of the home.
Once due diligence is done on the home, you are ready to close. However, it is important to get all of the information you need about the home prior to closing.
Buying a home can be very stressful but as real estate professionals, we are here to help. Our team is here to guide you through the process and answer any of your questions. We would love to help.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.