Many of my clients ask me about the home buying processes as they get ready to become a new home owner, or they ask me for a list of steps that they can share with a friend or family member. It’s always helpful to understand (or remember) these major steps in the process:
1 Get Pre-Approved for a Mortgage. Find out what you can afford and let sellers know that you’re serious and ready to buy. All sellers want a pre-approval letter or proof of funds with any offer.
2 Start Your Search and Tour Homes. We will work together to select homes that match your criteria. I’ll set up private showings to tour each home providing guidance along the way.
3 Make an Offer. Once you find the home you want, we will discuss a negotiation strategy to get you your home at the best value. In each offer I write, I put layers of protection around my client should anything unexpected occur. As a former licensed investment advisor, my diligence in this regard is stellar.
4 Schedule an Inspection. Once the offer is accepted, I’ll guide you in hiring a home inspector to make sure the home is up to your standards. If anything major arises during the inspection, you have the option to walk away free and clear of any binding contract or we can go back to the negotiating table. This happens during the inspection/”due diligence” period as dictated in the purchase agreement/offer. Typically a 7 day period after your offer was accepted.
5 Engage a title company to make sure that a seller has the rights to sell the property to you.
6 Secure Financing unless you are purchasing with cash. If the home passes inspection and you choose to move forward, you have 5 days to fully apply for the mortgage and 30 days to get fully approved with your lender.
7 Schedule an Appraisal. Your lender will have an appraiser value your home. If the home appraises for less than the sales price, we go back to the negotiating table.
8 Your Loan Goes to Underwriting. It takes one to two weeks for your loan to be reviewed and approved after the appraisal.
9 Clear to Close – Your loan is approved! Review all of your closing docs for accuracy, and confirm how much cash you need to bring to closing.
10 Do a Final Walk-Through. This is a MUST. It is your last chance to see the property and make sure everything is in order before the sale is final.
11 Closing on Your Home. Signed, sealed, delivered – you are officially closing the deal and becoming a new homeowner!
I hold your hand through the entire process. Email, call or text anytime 312-545-8428!
Proverbs 16:9 A man’s heart plans his way, But the Lord directs his steps.
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