Buying a home can be one of the most important and biggest financial transactions in your life. Residential real estate transaction involves several stages. It’s can be complicated and confusing.
Each individual home buyer situation may vary and it is best to contact a real estate agent or broker. A Buyer’s Agent will work with you buying home process and best of all the Seller pays your agent.
Your real estate agent can help you determine how much home you can afford based on your financial situation, help you get prequalified for a loan, and even inform you about available financing options. Your agent also is an expert on the neighborhood, and can provide detailed information about schools, transportation, shopping centers, local taxes and community characteristics.
Using your agent, you will gain access to homes listed in Multiple Listing Service (MLS), which gives you information about a wide range of available homes from which to choose. Your agent can provide you with market analysis comparing asking and selling prices of homes in the neighborhood.
Finally, your agent serves as the liaison between you and the seller, helping you negotiate, and access to other services, such as home inspection, title insurance, home insurance, appraisals, home loan lenders, mortgage brokers, escrow, and contractors.
Common Steps to Buying a Home
Initial Meeting. Select real estate agent, Determine needs and wants, Determine financial eligibility
Loan Qualification. Discuss finances, Obtain prequalification
House Shopping. Select an affordable property that fits your needs, Discuss offer with agent, Buyer reviews contract with agent, Agent presents offer to selling side
Present and Negotiate Offer. Buyer prepares offer deposit (typically, 1 to 3% of purchase price). Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer)
Open Escrow. Deposit “earnest money” into escrow, Escrow will order Preliminary Report
Submit Loan Application. Conduct Physical Inspection of property by a qualified inspector, Approve seller’s Transfer Disclosure Statement, Approve Preliminary Report, Conduct property appraisal, Obtain loan approval from lender
Obtain Homeowner’s Insurance. Select insurance company and coverage, Insurance will be in effect at close of escrow
Home Warranty Insurance. Title company receives signed documents
Down Payment. Need cashier’s check or money transfer prior to closing date
Closing the Escrow. Deposit down payment and closing costs to escrow, Lender sends balance of purchase price to title company, Deed is recorded with County Recorder’s office
Get your keys and move in to your new home.
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