Here are the 15 steps that need to be taken to purchase a home:
1. The Initial Interview
Determine what you need and want in your new home
Discuss the parameters of your search
Discuss financing
2. Get Pre-Qualified By a Lender
Obtain a pre-qualification letter
3. Property Tours
View available properties that match your needs and emotions
Listen to you carefully to find out what features you need in your ideal home
Provide you with information about the current market and what it means to you
4. Find the Home That Matches Your Needs and Write The Offer
Writing the offer will take between 1-3 hours
Complete the purchase agreement contract
Deliver the earnest money deposit(this will be held until and accepted contact is created)
5. Present the Offer
Prepare a presentation by highlighting the strengths of your offer and your strengths as a buyer
Present the offer to the seller and the sellers' real estate professional
The sellers will either accept, counter or reject the offer
6. Counter-Offer
Discuss the counter offer and how it relates to your goals, and prepare a response
7. Escrow
When the offer is accepted and has been signed by all parties, the escrow will be opened
Your earnest money deposit will be deposited
The Escrow Officer will order a Preliminary Title Report and send copies to the lender and I
8. Loan Application
Submit a complete loan application and all the necessary loan documents to your chosen lender
9. The Contingency Period
Your approval of the sellers Disclosures
Your approval of the Preliminary Title Report
Physical inspections and pest inspections
Property appraisal and loan approval
10. Homeowners Insurance Coverage
Select an insurance company and discuss coverage
Give the insurance agent the escrow information(they will need to order a copy of the policy for the new lender prior to escrow closing)
11. Signing Documents at the Title Company
The lender will send the loan documents directly to the title company
You will receive copies of the title and lender documents
You will need a current photo ID
12. Down Payment and Closing Fund
Bring a cashiers check to the title company(depending on circumstances) several days prior to closing
The Escrow Officer will prepare a Buyers' estimated closing statement, which will itemize costs and credits, and estimate the total money due
13. Funding
The lender will wire the funds to the title company
14. Close Of Escrow
The deed will be recorded at the county recorder's office by the title company(you will receive the original back from the county in approximately six weeks)
I will coordinate the transfer of the house keys
15. It's Time to Move In!
