How Buying a Home Works
- 1. PARTNER WITH AN AGENT
- Absorb their local insight
- Get to know neighborhood inventory levels
- See what's about to hit the market
- Gain access to off-market properties
- Review market averages
- Complete needs assessment
- 2. GET PRE-APPROVED FOR A LOAN
- Understand what you can afford
- Determine your monthly mortgage payment
- Understand your debt ratio
- Prepare for escrow
- Obtain a pre-approval letter
- 3. FIND YOUR NEW HOME
- Compare home and neighborhood averages, then narrow down the neighborhoods you want to live in
- Favorite homes and save them to collections
- Nix homes that don't meet the mark
- Schedule home tours and plan an
itinerary with your agent - Decide on your dream home
- 4. MAKE YOUR OFFER AND NEGOTIATE THE TERMS
- Review contract terms and time limit to offer
- Negotiate purchase price
- Choose a title company
- Shop home insurance options
- Prepare for downpayment, earnest money
- Choose a target closing date
- Sign the offer
- Delive escrow check
- Stay in close contact with your agent.
- 5. UNDER CONTRACT
- Secure a home loan more details to follow
- Acquire home insurance and send proof to your lender. Keller Covered streamlines finding the best insurance to fit your needs
- Request a list of what conveys with the property
- Schedule a home inspection and negotiate repairs
- Acquire a property disclosure from the seller
- Order an appraisal
- Neutralize contingencies. Input any contingencies that may be specific to your area.
- Conduct a title search
- Choose your title company
- Scheule your closing
- Solidify both contract effective and allowable move-in dates
- Certify funds for closing
- Stay in close contact with your agent, lender, and title company
- 6. BEFORE YOU CLOSE
- Transfer funds for closing
- Reserve a moving company and set a moving date
- Change your address through USPS, your bank, and other instances
- Set up your utilities to be activated or transferred
- Confirm that all contingencies are resolved
- Schedule the final property walk-through
- Designate a safe, dedicated space to save your final paperwork
- Stay in close contact with your agent, lender, and title company
- 7. CLOSING DAY: WHAT TO BRING
- Connect with your lender to wire down payment funds. You'll need to cover the cost of closing and downpayment. Bring a printed confirmation of your wire transfer.
- Government-issued photo IDs
- Social Security Numbers
- Home address from the last 10 years
- Proof of homeowner's insurance
- Your copy of the contract
- your checkbook
- 8. CLOSING DAY
- Sign closing disclosure, promissory note, and all other documentation
- Title transfer
- Deed delivery
- Save your paperwork in your pre-designated spot
- Get your keys, congrats, it's all yours!
