STEPS TO THE BUYING PROCESS
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STEPS TO THE BUYING PROCESS
By Paula Tosca REALTOR
508-230-4567
1) OBTAINING YOUR PRE-APPROVAL ALSO KNOW AS FINANCING.
This allows you an opportunity to determine what price range you can afford and
what you feel comfortable spending along with programs that are available to
you. A mortgage originator can meet with you to discuss all of your options and
provide you with information that you need to establish a price range. Also, you
need to let both the agent and the mortgage originator know how long, if you
know, you plan to own this property and if anyone else will be participating
in the purchase. For example, will there be anyone else on the deed, or helping
you with any of the financing including gifts for deposit. The originator will
provide you with a pre-qualification or pre-approval letter. Not all properties meet
the requirements of certain loans, so it is critical that you have a discussion with
me before house hunting begins.
2) TALK TO YOUR AGENT ABOUT YOUR NEEDS AND WHAT IS
IMPORTANT TO YOU WHEN SEARCHING FOR YOUR NEW HOME.
This could include price range, areas, type or style home, number of bedrooms and baths, age, the condition, proximity to highways, beaches, area amenities or anything else that is IMPORTANT TO YOU! Once this has been done, the agent can begin providing information to you via E-mail, or in person or by phone to ensure you are aware of everything available to you. The best and
way to find a home that fits your needs, is to have an agent that is committed to helping you find that house that you can call home.
NOTE: It is very important that you know what a SHORT SALE and
BANK OWNED HOME is, and what the risks are!!!
3) SEARCHING AND TOURING PROPERTIES
Your agent will schedule showings and tours for properties that interest you
in conjunction with your schedule. Time is important to all of us today, and
ensuring that your time is being effectively utilized to see as many houses
as possible on each tour helps maximize your available time.
4) MAKING AN OFFER.
At this point, you should be heavily relying on your agent to provide you with information relative to area properties so you can see what properties have sold recently and what the selling price was. This will establish a fair price for the property you are interested in or the SUBJECT property. Your agent will prepare the offer with your input and then present the offer to the appropriate parties. An offer includes establishing a time line that carries through to closing with several important dates in between. The agent needs to know exactly what is required such as A Title V inspection for a septic system or if there are any existing sewer betterments. An offer is a binding contract, so it is important that
all things are considered when the offer is submitted.
5) NEGOTIATING YOUR OFFER
Your agent’s job is to advocate for you and help you to acquire this property for a fair and reasonable price. Remember, some sellers set there own price that isn’t always fair and reasonable. It’s the agents’ job to be sure you are not overpaying. I provide a market analysis to my Buyers and my Sellers.
6) AN ACCEPTED OFFER
Once an offer is accepted, the Seller and Buyer usually initial any changes that have occurred from the initial offer and sign all documents. The Buyers initial
deposit that accompanied the offer is now deposited by the listing office.
7) THE AGENT WILL THEN NOTIFY THE MORTGAGE ORIGINATOR
that there is an accepted offer to allow the mortgage process to begin. Usually
will meet with the originator and submit your application along with all the
other banking requirements such as W-2’s, tax returns etc.
8) THE BUYER NEEDS TO CONTACT A HOME INSPECTOR TO SCHEDULE A HOME INSPECTION.
The buyer has the option of conducting a number of tests as part of the home inspection that could include pests, radon gas, well water test, etc. The buyer should call the agent right away so that all parties are aware of when the inspection will take place. We want to ensure that the home inspector can
access all necessary areas and that water, electric and heat are turned on.
I will accompany you to the inspection.
9) HOME INSPECTION DAY
The agent will attend to ensure that all issues have been addressed on behalf of
The buyer.
10) PURCHASE AND SALE AGREEMENT (P and S)
Usually drawn up by the listing agent. If the buyer plans to use an attorney,
it is important to let the agent know so that the P and S can be sent to the
attorney for review before anyone signs. The buyer signs first and provides the
additional deposit. The seller signs last and the final deposit is accepted.
11) SCHEDULING THE CLOSING
The agent must stay on top of any and all contingencies as well as the
mortgage to ensure that there are no loose ends to ensure that the commitment
from the bank is expected in a timely manner and also to discuss the actual date location and time of closing with the closing attorney
12) SCHEDULING THE WALK THROUGH
Your agent should schedule a walk through for the buyer to examine the property before closing to ensure the condition has not changed and to ensure
that any and all inclusions in the sale have been left for the buyer
13) PREPARING TO MOVE
Your agent will provide you with all the pertinent information and contact numbers so that your mail, utilities, insurance, cable TV, phone are all changed
over on or before closing. You will need an insurance binder for closing.
14) REVIEWING THE HOUSING AND URBAN DEVELOPMENT SHEET
This is also known as the HUD sheet containing all the final closing costs for both the buyer and seller. The agent can review this with you before the closing.
FOURTEEN STEPS THAT SEEM SIMPLE THAT IN FACT CAN BE WITH THE RIGHT AGENT WHO MAINTAINS AN OPEN LINE OF COMMUNICATION. WITH THE WRONG AGENT, YOUR EXPERIENCE CAN BE A NIGHTMARE.
Thank you for the opportunity to provide a buyer counseling session.
Paula Tosca, REALTOR GRI, ABR, LMC, CDE Notary 508-230-4567 cell
paula@
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