Buying a home can be quite a process even if it isn’t your first time. Here is a general outline on how that journey might go in todays market.
Initial meeting with me to discuss your wants, needs and a bit of counseling about the process.
Mortgage pre-approval. This establishes your price range and negotiating ability.
Viewing homes. You will have a better idea of what works for you after viewing several properties.
Identify the “one”. Choosing a home that fits your priority list as much as possible.
Making an offer. As the buyer, you make the initial offer to purchase at the price and terms you may want. It is likely that the seller will respond with a counter offer.
Negotiations. As your Realtor I will negotiate on your behalf the best possible price and terms. Counter offers are common. My experience allows for some creativity in this area.
Accepted offer. Once there is an agreement in writing, this part of the process is complete.
Inspections. The purpose of the home inspection is to determine the condition of the home at the time of the sale. Other than being sold “as is” a home is expected to be in reasonable working order for it’s age.
Repair requests. As a result of the inspection it is customary to request reasonable repairs. This becomes a negotiating period again. Once both parties are in signed agreement, contract is on it’s way to closing.
Appraisal. Whether you are obtaining a loan or not, an appraisal is the next step. It is an independent review and opinion of property value based on similar properties that have sold in the last 12 months. This is performed by professional appraisers.
Title work. In Kentucky closings happen at Title Companies who research the title and make sure all is ready to deliver a clear deed. Once the mortgage company approves the loan, the title company takes over and schedules closing.
Walk through. Prior to closing buyer will do a final walk through of the property to make sure it is in the same condition as when purchased as well as check any repairs. This is typically 24 -48 hours before closing.
Closing. The big day of becoming a homeowner! It is common to take possession at closing once ownership is transferred.
Your big adventure as a homeowner begins!
Best practice for buying a house
While in the process of buying a home, it’s very important to remember the following:
Do not change jobs, become self employed or quit your job.
Do not buy a car, truck, boat or any other large item including furniture.
Do not use credit cards excessively or let your accounts fall behind.
Do not file for divorce.
Do not open or apply for any new lines of credit.
Do not originate any inquiries on your credit.
Do not make cash deposits into a bank account without checking with your lender.
Do not co-sign a loan for anyone.
Do not spend the money you have set aside for closing.