Purchasing a Home
Congratulations on your decision to purchase real estate! Whether buying your first home, an investment property, or both, this is an exciting time! If it is your first time, there are a lot of questions that will be asked of you, a lot of documentation needed to be provided, and a lot of paperwork that will need to be filled out. It is a good idea to talk to each professional involved to get a good sense of how the process will work. If you work with a good real estate agent they can direct you to a knowledgeable loan originator that can help walk you through the process. Every realtor and loan originator will work differently but below is what you can expect:
- Meet with a realtor for the 1st time. A good realtor will ask you questions about where you are in the home buying process, what your needs are, what your wants are, and how to proceed. They should refer you to a good loan originator that is tailored to your personality and the type of loan you are looking for.
- Meet with the loan originator. They will request a list of documents (see “pre-qualification”) to provide them with. They should also walk you through the loan process and prepare you for the time it may take to find a property. Once they give you a set of parameters, your real estate agent can set you up with a defined search and you can receive an automated update of all the properties that fit your criteria.
- Your real estate agent should take you out to see as many properties as possible that fit your criteria. You may not know exactly what you want and by seeing multiple properties both you and your real estate agent can narrow down your search.
- Once you’re ready to write up an offer your realtor should do their research on what the property is worth, how competitive the situation is with other buyers, and how to best structure the deal to get you the property. They should walk you through the purchase contract and highlight the areas that you need to pay attention to, the most important time frames in the contract, and your liability due to the purchase contract.
- Your agent and loan originator should walk you through the entire way, keeping you updated on important points during the transaction. There is another party involved in the transaction, which is the title and escrow company. They help facilitate the transaction, the exchange of funds, and the transfer of title. There are a lot of important moments during the transaction and working with a good team will only help to make the process run smoothly. The areas to keep in mind include but are not limited to (acceptance, initial deposit, inspection period, title report, additional deposit, sellers disclosure statement, termite inspection, survey, appraisal report, conditional loan approval, signing, funding, final walk through, recording, post recording).
- Your agent, loan originator, and escrow agent should be with you even after the transaction records. If anything should come up you should always be able to go back to your team of professionals and have peace of mind in the work that was done.
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