1. Select your Realtor – Discuss with your Realtor the style and features of a home that you are looking for when you will be ready to make the purchase and any concerns you may have.
2. Select your Mortgage Broker / Lender – In order to begin your search, your RealtorŪ must know what you can comfortably afford to purchase (Pre-Qualification). This can be done over the phone and it should not take too long. Your Mortgage Broker / Lender will give your Realtor a copy to present to the Seller as a show of “good faith” when you select a home.
3. Begin the Home Search with your Realtor and find the home you want.
4. Make an offer for the home – Your Realtor will give you information to ensure a proper asking price such as a Market Analysis, Seller’s Disclosure, and advise you of other pertinent information then select a closing date. She will have you sign a Residential Sale and Purchase Contract and ask for a Money Order of $1,000 to be deposited into an Escrow Account (another show of “good faith”). If there is a Counter Offer, your Realtor will advise you and you can choose a) to accept, b) to counter their offer or c) to withdraw your offer.
5. After the offer has been accepted – Your Realtor will give your Mortgage Broker a copy of the signed contract. If there are credit issues they must be cleared up before you can proceed (this should improve your credit score and interest rate). Then he will begin the search for the best interest rate for you. He may ask you for money to cover an 1) Application Fee, 2) an Appraisal and 3) Homeowner’s Insurance.
It is suggested that you select a Home Inspector. This will inform you of the condition of the home. Unless it is an “As Is”, the seller will make necessary repairs as agreed upon in negotiations.
The Seller usually selects the Closing Company who will order a 1) Survey, 2) Termite Inspection and 3) Property Title Search, etc. After you receive the results of the reports, if they are unsatisfactory, you can withdraw your offer without penalty.
6. Closing day – There will be a lot of signing! Make sure to bring: a) 2 forms of identification such as your Driver’s License & Social Security Card, b) Cashier’s Check (your Mortgage Broker / Lender will inform you of the amount) for Closing Costs.
7. Congratulations, now you may move into your new home!!!