Often, when beginning the home buying process, the first thing folks like to do is fire up the computer and spend hours searching the internet for their ideal home. They commonly pick up one of the many printed home buying magazine, or search Zillow, Trulia, and many other free web based platforms, which are easy to use from home, at your own pace. This is not wrong, in fact its a great way to get a good idea of a given markets inventory. Truth be told though, looking is only one of the many steps involved in the complicated, time consuming process of buying a home.
At Steve Snow Real Estate, we understand our clients time and energy are some of their most valued resources. Due to this, we have broken down the approach we suggest both experienced and first time home buyers take to the home buying process.
#1. Get Pre-Approved.
If you are serious about buying a property, the first thing you need to do is meet with a lending professional to determine your buying power. The lender will examine your financial background and approve you for a specific mortgage amount. The lending institution will provide you with a list of items they’ll need to complete this process. Some of these items will include bank statements, W-2’s, and a copy of your credit report. Remember, you are seeking a letter of pre-approval, which is different then a letter of pre-qualification.
#2. Call Steve Snow Real Estate.
Whether you are a first time home buyer, or an experienced investor, Steve or Davis will be more then happy to help you out. The first thing we’ll want to do, is arrange a sit down to get to know more about you, and what you’re looking for. We’ll pair you up with one, or both of us, and explain to you the approach we’re going to take to the home buying process.
#3. Determine search criteria.
Steve or Davis will spend some time figuring out what market you’re looking for. We’ll consider and discuss important factors such as schools, community centers, athletics, counsel on aging, or whatever else is important to you.
We’ll talk about what price range you will be searching. We’ll consider things like tax rates and association fees if applicable.
#5. Look at some homes.
At Steve Snow Real Estate, we pride ourselves on communication. Because we dedicate huge effort into asking questions and listening to the answers, we often have a great idea of what our clients are looking for. Due to this, we create a list of homes we think you’ll love, and we’ll spend some time traveling around looking at them. If you are unsatisfied, we’ll create another list, and continue this process until you find the perfect one. We understand that buying a home is a huge commitment, we never want to create any pressure or urgency, and we’ll remain as patient as possible.
#6. Make an offer.
Once you find the perfect home, and there’s no questions about it, Steve or Davis will help you create an offer. We’ll go over the strategies in creating an offer, and explain to you each important part of the complicated contract. If the offer isn’t accepted, and a counteroffer is submitted, we’ll review that and discuss a plan. This is where you’ll be especially happy to have Steve’s 30+ years of negotiating experience on your side.
An attorney is needed to ensure all legal requirements of the transaction are fulfilled, they will draft/review the purchase and sales agreement, and prepare the title and deed. The Attorney will ensure the seller has equitable and legal title, and is able to convey their interests without interruption.
#8. Fulfill contingencies.
Once an offer has been submitted and accepted, its time to start hustling. Contained inside the offer, is a list of all the things that must take place before the deal gets to the next stage. These are called contingencies, each offer may have a variety of contingencies, each of which are time sensitive.
#9. Final approval.
Once all contingencies have been fulfilled, a waiting period is required by the bank. Once this time has elapsed, and a final walkthrough is conducted, a closing is arranged at the attorneys office. Once the closing is complete, the transaction is final and you’re a new home owner!!