The Homebuying Process

 

While we will do the hard work for you, we feel it is important that you become educated about the home buying process to avoid any surprises.  Below we walk through the main stages of the home buying process. Understanding what to expect during this process will allow you to relax and enjoy your home buying experience. Please review this info and contact us with any questions.

 

1. Pre-Purchase

Before you start visiting properties we recommend contacting a mortgage professional to get pre approved for a home loan. This will allow you to know what price range you should be looking in and what to expect your monthly payments to be. You will need to provide certain information and documentation for them to review. This may include recent pay stubs, automobile and school loan info, credit card records, bank and retirement account info, and recent income tax returns (usually past 2 years). The mortgage professional will also most likely ask you for some personal information such as your social security number and date of birth so that they may view your credit report.

 

Having a pre approval will help your agent better customize your home search experience. It is also important to have so that when you do decide to make an offer on a property, your agent can submit your pre approval letter with your offer. This shows the seller that you have the ability to get a loan to purchase their property. This can help your offer stand out over other buyers.

 

2. The Home Search

When you work with an 81 West agent, you will have access to all homes listed on the MLS, not just our listings. Your agent will customize your search for the exact criteria you are looking for in a home. 

 

Our agents are here for you throughout your search to answer any questions you may have. Once you have identified any homes that you would like to see, our agents will schedule showings and have you in the homes ASAP. Our agents will then help you zero in on the right home for your needs, lifestyle, and budget.

 

When you are ready to make an offer to purchase a home, your 81 West Realty Agent agent will take care of putting the offer documentation together. A typical offer will include your offer price, any contingencies to the offer such as a home inspection, a list of items besides the home itself that is to be included in the sale such as appliances, your mortgage pre approval, any closing cost assistance you may be asking for, and a proposed closing date. Upon submitting your offer, the list agent will present it to the seller typically with 24 hours, but usually much sooner. The seller can then accept, reject or make a counter offer.

 

If your offer is countered, your agent will present you the counter offer and advise you on how he/she feels is best to proceed. Ultimately the decision on what to do next is yours. At this point, if you feel that further negotiation is needed, it is our job to negotiate with the listing agent and the seller to get you the property at a price and terms that are acceptable to you. We handle all of paperwork involved during this offer and negotiation process. Once we reach an agreement, you and the seller with need to sign the purchase agreement and any other documentation that may be part of the contract.

 

3. Closing Process

A typical closing period usually takes 30-45 days. It can be shorter or longer depending on the circumstances. For example, short sale transactions tend to take longer to close because there are bank negotiations involved. On the other side of the coin, a transaction involving a buyer paying in cash may close in less than 30 days because there is no loan to get processed.

 

During the closing period you may be contacted by your lender or by the title company that is handling the closing process. Be sure to be responsive to their questions or requests to ensure that everything stays on track to close on the date specified in the contract.

A few days before closing you will be contacted to schedule a time to meet with a closing representative to sign all of the final documents. This signing process usually takes about 20-40 minutes.

 

After the docs are signed and title transfers into your name, you will be given the keys to your new home.

 

We Are there for you

Through every step of the buying process, 81 West Realty is there to help you. Whether you need to lean on us for advice, answers, or tough sales negotiations, we will be there. Our expertise ensures you will have an enjoyable and smooth home buying experience. Please consider 81 West Realty to guide you through your next home purchase.