1. Preliminary Consultation
The first time we talk, we will review your overall objectives in searching for a new home. We will spend time explaining how the buying process unfolds and reviewing each step of the process. This will be a great time for you to go over any questions that you have for us.
2. Obtain a Loan Pre-approval
A "Pre-approval" means that you have met with a loan officer, your credit files have been reviewed, and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a pre-approval letter which shows your borrowing power. You can visit as many lenders as you like and get several pre-approvals, but keep in mind that each one carries with it a new credit check which will show up on future credit reports.3. Establish Your Search Criteria
A home is more than just a collection of bedrooms and bathrooms. Several properties, each with four bedrooms, three baths, and the same price, may well represent radically different designs, commuting distances, lot sizes, tax costs, interior dimensions, and exterior finishes. Together, we will consider your priorities and establish the criteria that work for you. How do you stay updated? Once we establish the criteria for your search, an online account will be set up to keep you informed on your current properties. Each day, you will be emailed with updates on properties fitting your criteria. You will have the ability to look at pictures, property details, and other important information.
4. Look at Homes
Once we have established your search criteria, we will begin visiting the listings that fit those criteria. We can visit any property that fits. Online listings and other properties that your Dwell360 agent finds will be considered for tours. Once we identify the properties of interest, your agent will make all the arrangements necessary to tour the homes. When can we look? Anytime. We can set up days and times in advance and work around your commitments. When you are ready, we can set up a tour of one home or many. In most cases, 24 hours or more are needed to establish a visit. But if circumstances arise requiring an immediate visit, we will make every attempt possible to arrange it.
5. Choose a Home
As a buyer, here's what actually happens. A home has been placed on the market for which the seller has established an asking price as well as other terms. In effect, this is an offer. At this point, you have three choices: accept the seller's offer and create a contract; reject it and not make an offer; or suggest different terms and make a counter-offer. If you choose this last option, the seller may accept, reject, or make a counter-offer. No aspect of the home buying process is more complex or personal than bargaining between buyers and sellers. This is the point where the value of an experienced REALTOR® is clearly evident because he or she knows the community, has seen numerous homes for sale, knows local values, and has spent time negotiating real estate transactions.6. Make an Offer
To create an offer, we prepare and present the following information in writing to the seller:
b. Date of purchase and sale
c. Dates of closing
e. Inspection contingencies
f. Mortgage contingencies
g. Earnest money of approximately $1,000 (personal check)
h. Signature of all buyers
i. Negotiate any terms and conditions if necessary
j. Sign revised offer if applicable
k. Receive final offer signed by seller
7. Accepted Offer
The following process begins once we have a signed, accepted offer from the seller:
a. Inspection is conducted within 5-10 days
b. Radon test
c. Buyer pays the inspection company directly
d. Respond to the inspection within 24 hours of the inspection report
e. Provide notice of any issues that need to be addressed
f. Insure your comfort level with property
g. Obtain any additional documents/information
h. Obtain condominium documents & budgets
i. Review special contingencies
j. Complete mortgage application
k. Choose a real estate attorney to handle your transaction
8. Purchase and Sales Agreement - "P&S"
This document is normally signed within 2 weeks of an accepted offer and spells out the terms of the agreement. The deposit is due at this time, traditionally 5% of the purchase price. All parties must sign by the deadline.
9. Finalize All Mortgage and Legal Paperwork
Within a few days of an accepted offer, you should contact your mortgage broker and begin the full application process.
10. Obtain Homeowners Insurance
11. Review Deed and Closing Paperwork
Your attorney and mortgage broker will review all of the documents with you and ensure that everything is in order prior to closing.
12. Close and Move
Closing typically occurs within 2-3 months of an offer. The final down payment is due and the deed is delivered in your name to the registry of deeds. Then it's time to move in!
During the entire process as your buyer's agent, Dwell360 will be your guide. At each step, we will communicate with you about what needs to be addressed and resolved. Throughout this process, we will remain proactive to keep your transaction on track.