I get asked this a lot. “Could you explain the home buying process to me?”
As an experienced Realtor with over 60 closings in 5 years, I am more than happy to do so. As in my other blog article, getting financially pre-qualified is the first step. Finances are the key.
But what is next?
- Phase 1 Once finances are approved, I will help you locate the property most suited for your needs and budget. Once we find the home of your dreams, I will prepare an offer. If the offer is accepted, you will be asked by your lender to fill out the mortgage application.
- Phase 2 We normally have 10 or more days to inspect the property for safety and material defects . It is recommended that you, the buyer, hire a licensed Home Inspector for a thorough inspection. Water and Septic inspectors are also available if needed.
- Phase 3 After all tests and inspections are complete, we will need to present a formal Reply to Inspection to the seller where we can negotiate repairs and work out any unforeseen issues.
- Phase 4 Once repair negotiations, if needed, are complete and both parties agree to move forward, we start to prepare for settlement. You will be asked to purchase Title Insurance and Hazard Insurance by your lender.
- Phase 5 Usually within 2-4 weeks after your mortgage application is processed, a lender will give you a Mortgage Commitment . Start Packing! 🙂
I hope this helps and encourages you to place your home buying needs in the hands of the professional so that you can become another happy home buyer. -Gary A Pace, Realtor