Guide to Buying

Step 1. Identify your Search Parameters:
Speak with your Real Estate Agent about what you are looking for in a property. I can help you narrow your search identifying your specific needs, such as style of home and amenities, type of neighborhood and schools, local economy, and more. Using the multiple Listing Service Network (MLS), we can select and schedule appointment for viewing. 

Step 2. Pre-qualify for Financing:
It is important to pre-qualify for financing, so that you can identify a price range for your search. Home buyers become pre-qualified when they met with a lender and provide lender with proved of income and qualification to get financing. It strengthens your offer to accompany it with a letter of pre-approval. This shows the seller that you are 

Step 3. Offer to Purchase:
The first step to buying a property is an Offer to Purchase. The initial offer is submitted in writing addressed to the seller accompanied by an earnest deposit. This document states the amount you will pay, the amount of financing that you will pursue, and the closing date that you are requesting. Offers have many protections built into them for the buyer, including inspections contingencies and financing contingencies. The terms are generally negotiated with the seller on a verbal basis. Once the parties have come to an agreement on all terms, the offer is resubmitted in writing and signed by both parties. At this time, it becomes a legally binding contract.

Step 4. Home Inspection:
It is strongly recommended that buyer has the property inspected by a licensed 
inspector. It is also a good idea for buyer to attend the inspection personally if possible as this is a great way to receive a crash course on the property you are about to purchase. Licensed home inspector will evaluate the structural and mechanical condition of a property, examine the foundation, roof, siding, sills, heating and air condition systems, plumbing and electrical systems, insulation, ventilation, hazardous materials concerns. Should any questions arise as a result of the inspection, buyers have the right, during inspection period, to consult further with any specialists. By the end of the inspection period, buyers can decide to proceed or withdraw the purchase. Should buyers withdraw, the earnest deposit is fully refundable.

Step 5. Purchase and Sale Agreement:
Purchase and Sale agreement ( P & S ) is drawn up by the attorneys representing the buyer and the seller. The contingencies outlined in the offer carry through to the P & S, unless they have already been satisfied prior to signing. The P & S is the final contract for your transaction and once signed, it supercedes the Offer to Purchase. It builds items set forth in the offer and goes into greater details on all aspects of the transaction. This document is typically signed by all parties after the aspects of home inspection has been negotiated and finalized. At the time of signing, an additional deposit is required, typically 5% of the purchase price, and held in a special escrow on buyer's behalf by the Real Estate Company representing the seller.

Step 6. Mortgage Commitment
The last step in the process is the mortgage commitment. The lender that you choose will send a licensed appraiser to the property to determine the fair market value of the property. If the property appraised out for the agreed upon price, and you have met all other conditions required of you, the lender will issue a loan commitment.

Step 7. Closing.
Your attorney will inform you of the date, time and location of the closing. The attorney will also advise you the funds in the form of bank check that you must bring to the closing. Be sure to bring proper identification with you and it is a good idea to have a personal check with you to cover any additional adjustments that may come up. 

Enjoy your new property!