The Home Buying Process

At the highest level, the home buying process can be broken down into a few high level stages. Read through the details for each stage by clicking through on each item below. As always, if you have any questions, please do not hesitate to contact me.

Note: I am in the process of migrating the content below to the pages above, so feel free to look here, but you want to pay attention to the links above.
Write the Offer
     – A Competitive Market Analysis will be done
     – Price range will be established
     – Price to offer will be determined
     – Decide on all other terms, conditions, and contingencies
     – Earnest money deposit (EMD) will be collected
          – Approx 1% of sale price
          – This money will be deposited so you must have the money in your account
     ** Protected with finance and inspection contingencies
Presentation & Negotiation of the Offer
     – The offer will be presented to the listing agent along with a copy of your pre-approval
     – The listing agent will present the offer to the seller & the
       seller will do 1 of 3 things:
          1) Accept the offer as written
          2) Reject the offer outright
          3) Prepare a counter offer
     – The listing agent will contact me with one of the written responses
       from the seller within the time frame allowed in the offer
     – If they:
          1) Accept: we move forward to the next step
          2) Reject: we start over (new offer)
          3) Counter: We decide to:
               A) Accept the counter offer as written (move forward to the next step)
               B) Reject the counter offer and start over (new offer)
Schedule and Complete Required Inspections
     – Home Inspection
          – Within 7 days of acceptance of our offer or their counter offer
          – Take approx 2 hours
          – Cost is usually between $250 and $350
          – Cost is to be paid at the time of the inspection
          – Buyer should be present
     – Pest Inspection (If required or wanted)
          – Completed at the time of the home inspection
          – Cost is usually around $60
          – Cost is usually charged at closing, but can be paid at time of inspection
     – Well & Septic Inspection (If applicable)
          – Within 14 days of acceptance of our offer or their counter offer
          – Take approx 40 minutes
          – Cost is usually around $475
          – Cost is charged to buyer or seller at closing unless paid at time of inspection
          – Buyer should be present
     – Radon Inspection
          – Cost is usually around $100
Release Inspection Contingencies in Writing
     – With conditions, if needed
Order appraisal on House
     – Realtor will order the appraisal through the lender
     – Cost is usually between $350 – $475
     – Cost is to be paid to the lender prior to appraisal
Handle any Required Repairs
     – Realtor’s will work together with both the seller and buyer to arrange
       and accomplish the required repairs in a timely fashion.
Purchase One Year Homeowner’s Insurance Policy
     – Should be done a couple weeks prior to closing
     – Buyer will be responsible for ordering their own policy through the
       agent/company of their choice
     – Costs will vary from home to home and company to company.
       Plan around $500 – $900
     – You will be required to provide a copy of your policy and a paid
       receipt to the lender at their request.
Wait for Final Approval from Lender
Coordinate & Schedule Closing
     – Realtor’s will work together with both buyer & seller to schedule closing date & time
Schedule Final Walk Through Prior to Closing
     – Realtor will schedule this through the listing agent
Make Arrangement to have Utilities Transferred into Buyer’s Name
     – Do this prior to closing if you are taking occupancy at closing
     – If the seller is going to occupy after closing, the utilities will be
       discussed at the closing table & arrangements will be made accordingly
Schedule a Pre-Closing with Realtor & Lender
     – Realtor will schedule a time (within 1 to 2 days prior to closing) to go over your
       final closing documents so that you are familiar with them at closing (usually done
       at the final walk through)
     – Buyer will be responsible for contacting and scheduling a pre-closing with their lender
       so they will be familiar with all the financial documents at closing
Do the Final Walk Through of your New Home
The Closing
     – Plan on approx 2 hours
     – All parties are typically present at the closing (buyer, seller, listing Realtor,
       selling Realtor, listing broker, title company closing officer, & sometime the
       loan officer)
     – Bring these items with you:
          – Cashiers check or certified check in the amount of the cash required to close
            made out to the title company at which the closing is taking place. Do NOT bring cash!
          – Driver’s license or state identification card
     – Buyer will receive the following items at the closing:
          – A package with copies of all the closing documents presented during the closing
          – Keys to your new home and garage door opener(s) (if applicable) if occupancy
            is at closing.
          – A personal check in the proper amount for rent from the seller(s) if occupancy
            is not at closing

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