5 Steps to BUYing a Home
#1 Decide on Financing
This is an important step. The agent needs to know what type of home to look for. They match up like this:
Uninsured Conventional = Value for home still needs to be there, but it can be uninsured
Convention=Value has to be there. Home Must be insurable. This can be used for either an investment or a residence.
FHA= Full Market Value, limited flaws, Insurable, Must be used as a residence for purchaser.
VA=Must be purchased by a Veteran or Military Service Member, Full Market Value, Limited Flaws, Insurable, Must be primary residence of service member.
#2 Work with a REALTOR(R)
This is the Home Search Process. The Professional agent will be able to determine which houses are right for your financing. Then you work together as a team to find the right houses to look at in person. Usually after 10-20 houses, you have a top three.
#3 Make an Offer
All the time is wasted if you never try for one. You will probably see some of your favorite houses go under contract before you have a chance to make an offer, so jump in and ask for the terms you need. Your agent should be able to advise you on some of the options.
#4 Close on the House
There is usually a 30 to 60 day process to close escrow. During this time you will
- Have a Home Inspection and Ask for Repairs
- Order Insurance
- Order Appraisal
- Apply for your loan
- Your lender will review title work after it is complete
- Get ready to move
#5 Attend Closing and Accept Keys
You will see three types of closing documents:
- Settlement statement shows the final costs for the purcahase
- Your lender will need you to reapply for your loan
- There will be a lot of disclosures where you are provided information on the home purchase.
That is it! You get the keys and move in.
For all the minutiae of each step, you will need an agent. We would love to represent you. A buyer's agent is a free service. We are only paid when we successfully help you purchase your home.