Many times Buyer’s question – What do I need to do to purchase my first home?
This roadmap helps lay out the largest steps in the real estate transaction. When you work with a Realtor, then these steps will be broken down to you through the process.
Step 1. Consultation with Realtor. This will help lay the expectations of the real estate world, and narrow into the details of the type of home you desire.
Step 2. Get Pre-Approved for a Mortgage Loan, or provide Proof of Cash Funds to your Realtor. Getting pre-approved takes some time as you need to provide all tax documents to the Lender.
Step 3. We will put together a custom home search once we know how much is approved for your mortgage loan, or cash you are looking to spend on your new home.
Step 4. Let the House Hunting begin! Your Realtor will work with you on scheduling showings for homes in your set criteria.
Step 5. Make an offer!
Step 6. Negotiations on the Contract Terms with the Seller.
Step 7. Make the Contract Binding by having all signatures in place!
Step 8. Congrats! Officially under contract. Now it is time for you to place an Escrow Deposit. Also known as the “good faith” deposit, or Funds showing the seller you are serious about purchasing the property.
Step 9. Inspection time. Hiring an inspector may save you thousands later on!
Step 10. Appraisal ordered by the mortgage lender. Not required if you are purchasing property with cash.
Step 11. Mortgage Lender and Title company finalize their list of items needed for closing.
Step 12. Signing of documents, final walk through of the property, and CLOSING time!
Step 13. ENJOY BEING A HOMEOWNER!!