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Buyers

No two real estate transactions are the same however; all transactions will have similar characteristics. On the opposite side you will see a flow chart to help you understand where you are in the buying process and what you can expect going forward. 

 

This list if not meant to be comprehensive but instead to be used as a guide. If you have questions about your specific transaction, please don’t hesitate to ask me. 

 

Step 1. Initial Consultation: This is when we will discuss what type of property you are looking (needs and wants) and talk a briefly about financing. 

 

Step 2. Bank Pre-Approval: This will be vitally important to your transaction as it signifies to sellers that you are a serious, qualified buyer. You are free to use any bank you choose, however if you would like a recommendation I am happy to provide one based upon your financial needs and situation. You should plan n obtaining the pre-approval before we begin looking at homes. 

 

Step 3: House Hunting: This is the fun part, let’s find the perfect property! 

 

Step 4: Contract: Once you have selected a property, we will work together to write a formal written offer for the property. 

 

Step 5: Negotiation

 

Step 6: Acceptance: Congratulations, all parties are in agreement and you are officially under contract! 

 

Step 7: Mortgage Application: Once under contract you have 10 days to select a bank and make formal written mortgage application. At this time the bank may collect fees for your appraisal, credit report and mortgage application. 

 

Step 8: Inspections: Each property is different but generally I recommend home, pest and radon inspections. My office will coordinate all of the inspectors, I recommend that you be present for the inspections but it is not required. 

 

  • Upon receiving your inspection report I will make the arrangements to have a contractor give estimates on the items that are in need of attention.

  • When we have this information we will reply to the seller. At this point you can 

                  1. Accept the property in its current condition.

                  2. Terminate the sale.

                  3. Make a correction on proposal (i.e. ask for credits or repairs). This is often another negotiation process. 

 

 

Step 9: Bank Appraisal and Underwriting: At this point the bank will value your property and underwrite your file. It is important to stay in close contact with your lender and provide them with any documents that they may need. 

 

Step 10: Final Walkthrough: This is our opportunity to view the home one last time before closing. We will be checking to make sure that the home is in the same condition as it was when the property was inspected and that any agreed upon repairs have been completed. 

 

Step 11: Closing: Congratulations, we made it! Today you will be handed your keys and the deed will be sent to the courthouse to be recorded. Remember to bring a certified check and your identification to closing. 

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