Buying a home is a really important decision. When else in your life will you borrow and spend so much money on one transaction? Group 15 Real Estate agents understand this. We have made these decisions for ourselves and have walked hundreds of clients over many years through this decision. Here is a broad overview of that process:
- Financing Options: The first step in the process is to decide what type of loan is best for you. Conventional vs FHA or others? Fixed rate vs ARM? 30 year term vs 15 year term or other options? Down payment assistance programs? How much to put down and why? What lender will best help me achieve my goals? There are many factors to consider and a good buyer’s agent can point you in the right direction and partner with your mortgage lender to put you on the right track.
- House Selection: We will help you think through what is most important to you in a house and will fit reasonably in your budget. You will receive automated email updates when a house that might work for you comes on the market. Depending on market conditions you should be available to see a house very quickly.
- Negotiating the Contract: There are a lot of important elements to negotiate, besides the purchase price. We will advise you on all of these elements and why they are important to you and your purchase.
- Due Diligence Fee and Earnest Money Deposit: Once we negotiate a successful contract, you will need to be prepared to write two checks as a deposit on the house. The amount of these checks will vary, depending on negotiations.
- Home Inspections & Negotiating Repairs: There will be several inspections for you to consider obtaining as part of your due diligence. We have the expertise to help you consider which parts of these inspections have varying degrees of importance and consideration. From there we will negotiate some repairs of financial concessions to accommodate the condition of your new home.
- Appraisal: In addition to the inspections, the appraisal is the other important step of the due diligence process. Your lender will order this and we will work with them to make sure this gets delivered on time. Depending on the result of the appraisal, we will continue to negotiate the deal skillfully.
- Survey: We will advise you on what a survey does and if it makes sense for you to order one.
- Closing: The entire process from start to finish will take about 30-45 days.