You may be a first time home-buyer, a seasoned veteran or an investor. Whatever your situation, we are here to help you through that lengthy process. Below maps out a brief overview of the home buying process.
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Create a Budget
You have heard a million times that having a budget will help pave the way to financial success. Well, There are times when you could get pre-qualified for more than what you actually want's to spend on a mortgage payment. Keep this in mind when starting your home search. Create a monthly spending budget and only purchase a home in the price range that you are comfortable with. |
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Writing an Offer
You have found that perfect home! Now what!?! Prior to beginning your search, your REALTOR® should provide you with a sample Offer to Purchase contract. Your REALTOR® will review it with you, but it is a good idea to read over it prior to writing your first offer so you can have any questions prepared. Once you have written an offer it will be presented to the seller with in a couple of days. The seller will either accept, reject or counter the offer. This is when the negotiations begin. Once an offer has been accepted, Congratulations! You are now under contract! However, this is just the beginning of a lengthy closing process.
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The waiting game
Now you are under contract you will start your due diligence period - time that you have paid for to find out if there are any issues with the home. The due diligence period is the time to complete your home inspections, review disclosures, covenants, and survey and ensure that all financing is in place. Due diligence times can vary but once it is over, you are then bound by that contract and will be in breach of contract if you chose to withdraw.
Once the due diligence period is over, it will seem like a waiting game. But just because it is fairly quiet this is the time to ensure that your getting packed and ensuring that the movers are confirmed. There will also be various activities behind the scenes that will be taking place with your lender and REALTOR®. You may need to provide additional documentation to your lender while they begin the process of creating your mortgage approval and documentation. Your realtor is ensuring that the lender and attorney are on schedule. An average closing period, beginning when the contract has been accepted to the closing date can vary between 30 - 60 days. |
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