Home Buying Process
The home buying process is easy when you have the knowledge and understanding of what to expect AND the right people on your team. Below I will go through each of the steps so that you can become more confident and comfortable with the home buying process. (Please note, when the text is in red, this is when you should expect to spend money during the process.)
- Find a real estate agent you can trust – who is experienced, available on your time frame, willing to answer any and all of your questions, and who you “click” with.
- Get pre-approved for your purchase with a loan officer. Make sure you ask your agent and/or other people (who have recently worked with a loan officer) for a referral!
- Analyze your housing needs in a consultation with your real estate agent to maximize the success of your home buying process.
- Select properties and view them.
- Write an offer to purchase (in NH you will write a Purchase and Sales Agreement to “start the conversation” with the home owner). Write a deposit check to accompany the offer.
- Negotiate and counteroffer (although this step doesn’t always happen)
- Contract price and contingencies are accepted.
- Inspection is done (including lead and radon if desired) and then that contingency is removed.
- Purchase and Sale is signed and additional deposit check is written.
- Complete the loan application process, including payment for the application. (Including: credit report, buyer’s job history, paystubs, bank statements, filed tax returns, etc)
- Appraisal of the home
- Secure underwriting (mortgage term…. bank has approved financing for the buyer based on all documents submitted) can be rejected or conditions are made to continue.
- Obtain loan approval
- Title search on the property
- Contact Title Company and/or Attorney to arrange for Title insurance (often arrange through the loan officer and dependent on what the lending bank wants)
- Get home owner’s insurance (and flood insurance if necessary)
- Get a bank check and bring your licenses for the closing and CLOSE!
- Move in!
Continue gathering information here on my Blog and other reliable places and when you’re ready to begin your home buying process, contact me at 603-318-6953 and you will see if our personalities are a match! I look forward to working with you!