Buying with Eileen
Once you decide to buy, it is an exciting time! I look forward to taking on this adventure with you. Although each journey is unique, below are the seven basic steps that most future homeowners take to buy.
Determine How Much House You Can Afford
The first step in successful buying is to complete the financing pre-approval process if you are getting a mortgage. What does this mean? It means that the borrower(s) have completed a loan application and based upon their financial status and credit score(s) the lender has committed to lending up to a certain amount for the purchase of a home. Once this process is complete, assuming there are no significant changes to your financial status, you should have no problems obtaining financing once you find the right home.
I spent many years as a mortgage loan officer and assisting buyers with this process is something I help with all the time. I can help you locate a helpful, trusted mortgage lender and also help you navigate through the process.
Find The Home That Fits Your Needs
Once you know your home-buying budget, it's time to begin your home search. I will learn about your wants and needs in terms of area, home size, features, and more. Then we will take a look in the Multiple Listing Service database (MLS) to see what properties are best matches. We can then narrow or broaden the search as needed. As homes come on the market you will be sent the listings to review online. If there are ones you'd like to see in-person we'll make arrangements for a private showing.
Making an Offer
When we have found the right home, it is time to write an offer and it is not just about price. There are other items to decide on - how much earnest money to put down, when to close, and even how you want to handle an inspection are all decisions that need to be weighed by both the buyer and the seller. The seller will receive your offer along with any others they may receive and they will accept it as is, reject it, or provide a counter-offer to consider. Once an offer has been accepted, it becomes a binding purchase and sale agreement.
If a home inspection was included in the agreement, you would schedule it once the purchase and sale agreement was accepted. In some cases, however, it may be done before the offer is submitted. It is always a good idea that a house be inspected. Depending on the terms of the agreement, once the inspection is complete, the buyer can request that repairs be made or that considerations be granted based upon its findings. Some negotiations may ensue and hopefully an agreement can be made and the sale proceed.
Appraisal and Mortgage Checkboxes
The Loan Officer will go to work to set up an appraisal of the property and gather everything required to close on your loan. You've already done most of the heavy lifting during the pre-approval process but it's not uncommon that they need additional information from you at this time. It's critical that you respond in a timely manner to avoid delays.
An Escrow Officer will be assigned once we have mutual acceptance on the purchase and sale agreement, but their job really ramps up as we get close to closing. The escrow officer is a neutral party whose job is to handle deposits, prepare the final settlement statement, arrange legal transfer of the property and release proceeds to the seller. A few days before the closing date you will need to meet with escrow to sign all the paperwork to transfer the property into your name and secure your mortgage against it. Then closing occurs - the day that the transfer becomes official, the deed is recorded with the county and proceeds are available to the seller.
After the sale has been recorded with the county you will receive the keys to your new home.
I look forward to helping you on your homebuying journey!