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When it comes to buying a home it can be very overwhelming with all the options out there. In order to ensure YOUR home buying experience is a memorable and joyous one we are dedicated to making sure you are fully informed and aware of all your options!
Let us help by walking you step-by-step through the home buying process!!
The first step is to find a great lender and get pre-approved! If you need a lender referral we would be more than happy to help! Just let us know and we will get you in touch with one of our preferred lenders!
Next we will help you find your dream home and submit an offer to the seller!
Once the seller accepts our offer, we are officially under contract on your new home. You will have 24-48 hours to give your earnest money to the title company or real estate company, which will go towards your down payment. Don't know what earnest money is? No worries...a lot of people don't. Earnest money is the money you put down to show that you have a vested interest in the contract. The sellers puts up their home and the buyer puts up earnest money. It shows that both parties have a vested interest in the contract.
Next you will hire a licensed home inspector to inspect your new home, this will be an out of pocket expense to you. Anything that is found to be unsatisfactory, we can ask the seller to fix. We will negotiate with the seller until both parties agree on what needs to be fixed in the home in order to move forward. If we cannot come to an agreement you can terminate the contract and get your earnest money refunded.
The next step is the appraisal. Your lender will schedule and hire the appraisal to be done. This is an out of pocket expense to you as well. An appraisal is done to ensure that the home is valued at or above what you are paying for the home. If the appraisal does not come back at or above value we can negotiate with the seller to reduce the purchase price. If the seller will not reduce the purchase price to appraised value, you can terminate the contract and have your earnest money refunded or you can choose to pay the difference in appraised value and purchase price in cash.
The next step is final loan approval. Once we have final loan approval your lender will send all figures to the title company to prepare for closing. If for some reason your loan is not approved you can terminate the contract and have your earnest money refunded.
The last and final step is your final walk through and closing!!!
Once all documents are signed and the loan is funded YOU are a NEW HOME OWNER!!!
This is a basic overview of the buying process, obviously each transaction is different but this covers your basic transaction.
How much can you afford? Use the Mortgage Calculator below!