The Buying Process:

Select Your Agent:
Real estate agents make it their business to provide every service connected with your home search, from expert advice in the early stages through careful monitoring of your settlement, closing or escrow (term varies by area).  The more closely you work with one agent, the better your needs are known and the more effectively you can be served—saving you time and possible grief.

A Realtor can:

• Pre-select homes that are within your price range and meet your requirements for size, location, etc.
• Schedule appointments for you to see homes, even when the owners are not there.
• Give you current selling prices for homes similar to the ones you are considering.
• Get up-to-date information about taxes, schools and conditions in the areas that interest you.
• Handle negotiations over price and terms of your offer.
• Arrange for a home inspection, a necessary step when buying a home.

When searching for an agent, look for someone who is:

• Knowledgeable about the area
• Experienced
• Patient
• Has full access to the area’s multiple listing service (MLS). The MLS gives you the listings of all sellers, not just those represented by the Realtor’s company.
• Able to understand your wants, needs and personal taste.
• Honest and trustworthy
• Willing to keep you informed of changes in the market, without being pushy.

Define your wants and needs:
Before you begin house hunting, it helps to have in mind the type of home you want and the features that are most important to you.  Make a list of “must haves” and “wants” and rate them on a numbered scale.  This list will come in handy while narrowing down possible home choices.

There are both positive and negative sides to each type of home ownership.  Condos and co-ops are often less expensive but the cost of association fees can be expensive.  They may also offer additional services and features that single-family homeowners often can’t afford.  In turn, you have to obey the by-laws and rules of the associations and generally these homes don’t appreciate in value as quickly as single-family homes do.

Your agent can help you immensely throughout this process. If you know exactly what you think you want, it helps you to stay focused and your search will be more efficient.

Choose your lender:
Your lender is another key member of your team.  You should go to a lender to get “pre-qualified” right away!  The lender will discuss with you financing options; approximately what amount you can borrow, the amount of down payment you’ll need and what monthly payment you should expect.  You will need to complete the loan application when you are ready to purchase your home.

Choose your home:
After you have looked at the homes that match your list, your agent will help you compare your choices.  A computerized market analysis will be done on the home that best meets your needs. This will help you and your agent determine what price to offer.  You will make an offer to the seller through a written form called a “Purchase and Sale Agreement”.
It spells out all the details of buying and selling a house. Your agent will guide you through
each aspect of the offer and then present it to the listing agent and/or seller.

Home Inspection:
Once the purchase and sale agreement if accepted by both parties, it’s time to hire the third member of your team; a professional home inspector.  The inspector will look over the house very thoroughly.  You will meet the inspector at the house and walk through it with them.  This will take about 2-3 hours. The inspector will check all the mechanical systems, appliances, plumbing, electrical and structural integrity of the home. You should receive a written report spelling out any problems found.  After you receive this, your agent will write an addendum requesting the seller take care of the items of concern. 
This does not include cosmetic changes such as paint or carpet.  These issues need to be dealt with in the original offer you make to the seller.  When the seller receives the addendum asking for repairs, they will respond as to which repairs they are willing to make.  If the seller is unwilling to make all of the  requested repairs, you will have the option to either accept the house as is or void the contract within a specific time frame.

Final Walk-Through:
The final walk-through is necessary to ensure all requested repairs were completed and that the house is in the same condition it was in when you signed the contract.  Your agent will meet you at the house a couple days before the closing and will walk you through the home.

The Closing Process:
In some areas, you and your agent will meet with the sellers, a settlement or closing officer and most often attorneys representing either party, to settle the transfer of the property and close the transaction.  In other areas, an escrow officer does all the
preparations for closing and contacts the buyer and seller to come in individually and sign their respective documents.

As your loan goes through the processing and underwriting stages, there are some important things to keep in mind:

Trust your loan officer, loan processor and agent.  Your full cooperation will help keep things running smoothly!  If they request any information from you, supply it as quickly as you can.  That will speed up the final approval on your loan and help you move into your new home more quickly. You should delay any major purchases until after you buy your new home. Any purchases made during the mortgage process may reduce your cash reserves or increase your monthly obligations.If you have any late payments or blemishes on your credit report, a letter of explanation will be required.  Your loan officer will personally guide you through this process. When the underwriting “approval” process is over, the underwriter may have a few questions or conditions.  The requested paperwork should be sent to them immediately for final approval.

At your closing, you will receive the keys to your new home, your settlement statement and a copy of all the forms that you will sign.  Your warranty deed, which states that you now own the property, will be sent to the county courthouse, recorded ad then mailed back to you by the attorney for safe keeping.