General info includes: insurance, closing costs, septic and building issues
THE BUYING PROCESS
We’ll assist you through all the steps to successfully buy your property. If you have questions about any of these steps, we are happy to explain them.
1: Figure out how much you can afford
Contact a lender and, if possible, get a pre-approval letter. At minimum, get a pre-qualification letter.
2: Make your “wish list” and choose a property type
Consider both your short and long-term needs. Prioritize your “wish list” items.
3: Find a home
For most buyers, the perfect property that checks everything on their “wish list” does not exist. In reality, buyers look at several properties and chose the one that best suits them and feels like home.
4: Consider engaging an attorney
Attorneys are experts at interpreting, writing and revising contacts, so their participation is recommended. However, you will incur their fees, so if your transaction is simple, you may wish to forego their involvement.
5: The offer and counter-offers
We will help you establish the true value of the property and advise you regarding the terms, price and details of the offer. If applicable, we will assist and guide you in the counter-offer negotiations.
6: The contract to purchase and earnest money
Once terms are agreed upon by both parties and the contract is complete, we will send copies to the title company and the lender in preparation for the loan and transfer of title. At this point your earnest money will be due.
7: The home inspection and inspection resolution
The purpose of the inspection is to find any problems with the home. Once the Inspection Report is completed, we will guide and assist you in reaching an acceptable resolution with the seller.
8: The loan
The contract will specify a deadline by which time the lender must furnish the buyer with a commitment or declination. Without due care given to this date, the earnest money is at risk if the contract falls through.
9: The survey
Depending on the type of property you purchase, you, the lender or the title company may require a survey. There are several different types and they vary in cost from a few hundred to thousands of dollars.
10: Homeowner’s insurance
Once the loan commitment is secured, you will need to purchase homeowner’s insurance before the loan can be finalized.
11: The closing and title transfer
Four days before closing (the property purchase), a settlement statement will be available for review. It will show all charges, fees and adjustments. At your closing, many documents will need to be signed, covering loan documents, title transfer and declarations required by law. As the buyer you will need to bring a valid form of identification and a certified or bank check for any additional funds, unless a prior wire transfer has been made.