Steps to Purchase
Select a Lender-Contact several lenders and find one with the most favorable terms who will give you excellent service, a competitive rate and loan option that meets your needs.
Get Pre-qulaified- Get pre-qualified from a lender to find out what you can comfortably afford. Pre- Approval comes after pre-qualification.
Start Home Shopping- Find a home that fits your wish list and your budget.
Make an Offer
Negotiate the Offer
Ratify the Contract
Inspections- I work with you to schedule home inspection, as well as termite and moisture, chimney and lead based paint if requested. These provide a stance for us to request repairs, give you knowledge of things you might not have noticed and provide you with peace of mind.
Create and Negotiate a PICRA- (Property Inspection Contingency Removal Addendum) this is where you can request repairs based on inspection findings
Ratify PICRA
Appraisal- Lender will order an appraisal to determine the value of the home. The appraisal and inspections will help provide a clear picture of whether a property is safe and sanitary for your family.
Purchase Home Owner’s Insurance
Schedule Utilities
Closing- At closing you will sign home ownership documents and agree to make the monthly payments.
WELCOME, YOU ARE HOME!!!!!
How Much Will Buying a New Home Cost?
It costs much less to purchase a home than you might realize! Obviously every person is in different circumstances, however every future home buyer should save at least $1500.
$500 is the standard amount for an earnest money deposit which is submitted with an offer but can go up to $1000 based on home price.
$300-$350 for a home inspection
$500-$600 for appraisal
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What if I change My Mind?
During a home buying process regardless of what any other agent says you are allowed to change your mind about your house. There are 3 main ways that you can get out of a contract, but that could mean losing some money.
After Inspection- If after an inspection you discover more damage than you are willing to live with or that the seller is not willing to fix, you will lose the cost of your inspection BUT get your EMD back.
Appraisal- At this point your home is almost ready to close. However, if the value of the home is not determined to be greater than your list price you can either back out of the contract, ask the seller to lower the price(which they usually do) or bring cash to the table. You will get your EMD back.
HOA or POA docs- If the home you are purchasing is in an association and you receive the documents and do not like anything in them you will be able to back out of the contract and get your EMD back.