So, you are thinking about buying a house, now what?
Whether you are a first time home buyer or a seasoned home buying pro, there are always a lot of questions and unknowns that come with the process. (Especially with these ever-changing market conditions!)
At the initial consultation, we will discuss your unique situation, your timeline, as well as wants, and needs for the home you are searching for.
Get pre-qualified as early as possible. Even if you are still just looking or aren’t quite ready to pull the trigger on a home just yet, starting the pre-qualification process is a huge help to get a clear picture of your financial situation and how much home you can afford. I can provide recommendations of some great lenders I work with you get you started.
I start by setting up an automatic search through the MLS, network with other brokers in the area, and more to explore the inventory that is currently in the market (even homes that haven’t hit the market yet!). If any homes are available that meet your requirements, we will go visit homes in person.
Once we find a home that is right for you, I will write up a strong offer and present it to the listing agent for the sellers to review. Possible contingencies may include inspections, appraisal, and financing. If the terms are agreed to, your offer will be accepted!
After the contract is signed, earnest money will be due and we will enter the attorney review/inspection period (also referred to as “A/I”). It is recommended to get a professional home inspection and any other inspections applicable to your purchase. Depending on the terms in the sales contract, you may ask sellers to fix items discovered in the inspection. These are negotiable. Once terms are agreed to, the A/I period ends.
Your attorney will work with your Title Company to order the Title Search.
You will need to obtain homeowners insurance for the home. Your mortgage application will be reviewed and an appraisal will be completed to determine the value of the home.
I do not disappear during this process. You can expect constant communication from me as I continue to work closely with your attorney, lender, and seller’s agent as we work together to keep the sale moving along. Your attorney will schedule the closing with the Title Company once all contingencies (appraisal, financing, etc.) have been removed.
Prior to signing the paperwork, I will schedule a final walk-through of the property to verify the condition before you sign the final paperwork.
We will proceed to the location of closing (usually at a Title Company) to sign all the documents. This may take up to a couple hours.
Once everything has been reviewed by the Title Company and your attorney, and the sale has been funded, you will be the owners of your new home and will get the keys.
Time to celebrate!
In the following days, I will make sure all the proper documents get recorded and submitted to the appropriate agencies.
What are the next steps?
I like to start things off by scheduling a quick seller consultation (don’t worry, it’s completely free and no strings attached!). I use this as a way to get an idea of what your needs are and to see if we would be a good fit working with each other. Things we discuss in the initial consultation:
- My custom buyer’s guide to make this as stress-free as possible
- Home buying & selling process and what to expect
- Mortgage and credit tips
- Downpayment assistance
- Seller’s and buyer’s agent representation
- Common timelines
- And more! It’s never too early to start planning. I can help you create a flightplan for success.
Schedule a Buyer's Consultation
Whether you just have a question now or are ready to buy and would like to get started, feel free to schedule a meeting! Save my digital business card directly to your phone contacts for when you are ready!
How much will my mortgage payment be?
Home Buying Common Terms
It is a lot to take in, yes, but this helpful glossary will help you be better equipped to navigate the process of buying a home. Being an educated buyer will let you take the controls so you are in the captain’s seat!
- How much a loan costs annually. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay.
The appraisal is the estimated market value as currently stipulated for any piece of property. Typically, an “appraiser” determines this value through comparables in your community. This is among the most common terms for selling your home.
Selling a house “as-is” means that you will not be making any repairs or correct any problems with your property upon sale.
- A form that provides the final details of the selected mortgage loan. It includes the loan terms, projected monthly payments, and lists all fees and other costs to get the mortgage (closing costs). The lender is required to give the borrower the Closing Disclosure at least three business days before closing on the mortgage loan.
Comparable: When evaluating the value of your property, looking at other similar homes and seeing how they’ve been priced on the market would determine how you’re going to price yours. The similar homes out there are considered “comparables.”
Competitive Market Analysis (CMA): A CMA is a very detailed evaluation of specific homes listed or sold on the market based on location, style, and amenities similar to your property. Your agent completes this analysis to come up with an accurate price point. This is among the most common terms for selling your home.
- The percentage of gross monthly income that goes toward paying for your monthly housing expense, alimony, child support, car payments and other installment debts, and payments on revolving or open-ended accounts such as credit cards.
- A portion of the price of a home, usually between 3-20%, not borrowed and paid up front.
When a buyer offers money in “good faith” the moment an offer is made, it’s held in a trust account until closing commences. Also known as an Earnest Money Deposit.This is among the most common terms for selling your home.
- The deposit to show that you’re committed to buying the home. The deposit will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled.
Remember what I said about that “trust account” in the previous definition? That’s what that is. This is among the most common terms for selling your home.
A mortgage with an interest rate that does not change during the entire term of the loan.
- A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.
- The percentage of your gross monthly income that goes toward paying for your housing expenses.
- Fees paid to your mortgage lender for processing the mortgage application. This fee is usually in the form of points. One point equals 1% of the mortgage amount.
- A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time.
- A formal bid from the homebuyer to the home seller to purchase a home.
- 1% of the amount of the mortgage loan. For example, if a loan is made for $50,000, one point equals $500.
- A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer.
- The amount of money borrowed to buy your house or the amount of the loan that has not yet been repaid to the lender. This does not include the interest you will pay to borrow that money. The principal balance (sometimes called the outstanding or unpaid principal balance) is the amount owed on the loan minus the amount you’ve repaid.
- Insurance needed for mortgages with low down payments (usually less than 20% of the price of the home).
A toxic gas found in the soil beneath a house that can contribute to cancer and other illnesses
- The process a lender uses to determine loan approval. It involves evaluating the property and the borrower’s credit and ability to pay the mortgage.
- Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge.
- Learn More on my Common Real Estate Terms Page
