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What To Expect When Buying Your New Home.
1. Completed & Accepted Sales Contract.
The fist step is to Make an Offer to Purchase the desired property.
Your Realtor will assist you with this process. In todays market,
it's required that you have a Lender Pre-Approve
you prior to writing a Contract. For a sample Contract to Purchase,
contact me and one can be emailed to you. This is a legal and
binding contract, if you have any questions it's best to have
them addressed prior to acceptance. An Earnest Money (or Good
Faith Money) Deposit is required for most contracts, this amount
will vary so consult your Realtor for what's customary to the
area (as a general rule, plan on 1% of purchase price).
2. Inspections. This step
is OPTIONAL and would occur within the first week or so of your
transaction. Your Realtor is not an inspector so it is
highly recommended that you obtain at least a Whole
House Inspection from a qualified Inspector. For FHA Buyers
it's required you sign a "For Your Protection" form
opting in or out of this inspection. You also have the right to
obtain individual inspections. The inspection process usually
takes 2 to 3 hours and the Buyer is urged to attend. Once the
inspection has been performed you have a specified period of time(stated
in your contract) to respond and / or request repairs to the home.
This time period is usually 15 days from the original contract
date but can differ from transaction to transaction.
3. Utilities. With the closing
date approaching it is important to have your utilities set to
be transferred. Note: Transfer date is
not always the closing date! Review your contract to
see what "Day of Possession" is... this is your transfer
date! For a complete list of Utilities visit my Assessors
and Utilities page.
4. Homeowners Insurance.
Your Lender will often remind you of this step but it is important
enough to state again. In order to "Close" your transaction
the Title Company will require a copy of your Homeowners Insurance
Policy and One Years paid receipt.
5. The Walk Through. The
final walk through is done prior to closing and usually occurs
within 24 hours of the closing time. It is done for Peace Of Mind
and to ensure the property is in the same or better condition
as when the offer was made.
6. The Closing. The closing
is the final step in the Buying Process. Closing Date is pre-determined
in the Contract to Purchase but is subject to change (with the
proper addendum) to accomodate everyones schedule. Two things
are required at closing: 1. As stated earlier, you'll need a copy
of your Homeowners Insurance. 2. You'll need to provide a Valid
Picture I.D. such as a Drivers License. Keys and garage door openers
are exchanged at the end of closing if possession is immediate.
If not, phone numbers are exchanged and property trasfer is set
up by Buyer and Seller.
Free
Reports!
Reports available:
To save, use right click and "save as". To open
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14
Questions to ask a Realtor
5
Powerful Buying Strategies
9
Deadly Mistakes Homesellers Make
How
To Get Top Dollar In Any Market
Making
the Move Easy on the Kids
Six
Ways To Beat The Stress Of Buying A Home
Some
Different Reasons to Own Your Own Home
Things
You Should Know about Moving
When
Selling a Home
Getting
Your Finances in Order
Closing Costs
How
Much Can You Afford?
Leveraging
Your Money
Saving
for the Down Payment
Different
Types of Loans
Your
Credit History
For help understanding Different
Types of Loans Click here.
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