Home Buying Process

Home Buying Process

Home Process Buying Process

Please note that this article is meant to be a guide to the process of buying a home.  If you have any further questions please feel  free to reach out with any questions you have and I will be sure to get in touch with you right away.

1.  Financial Facts – You must know your facts when it comes to purchasing a home and that is why it is important to talk  with a lender or loan officer that you trust.  Your friends and family may have referrals if you do not know anyone.  In addition, your Realtor should have people that they work with and have a proven history.  It is critical to know how much you will be able to budget for your home before you go out and start looking.

Why are Realtors hesitant to take clients to look at homes without a proper pre-qualification?  We are currently in a competitive market and offers that do not come with a pre-qualification of loan status may not even be considered.  In addition, you need to be aware of the out-of-pocket expenses that come along with purchasing a home.  They are there to take you through the entire process and the first step is making sure proper finances are in place.

2.  Find a Realtor – Finding a Realtor that fits your needs and that you are comfortable with can help make a daunting process for less scary than it really is.  The best part about purchasing a home is that your representation is free.  It is the seller that will pay the commission for the listing agent and the buying agent in most cases.  Take the time to find someone that will represent you and fight for your rights as the buyer.    In addition, find someone that you are confident will listen to your wants and needs.  Lastly, make sure that they are able to communicate with you and they respond to your questions when asked.  Communication and availability are key factors when looking for a smooth transaction.

3. Let the Search Begin – You have talked to loan officer and are pre-qualified and your Realtor has come up with a plan to help you find your dream home.  Looking at homes can become overwhelming and they can all start to look the same with time.  Be sure to communicate with your Realtor what you like and dislike so they can continue to refine your search and get you a home in the time frame you requested.

4. Eureka! – You have found the home and it is now time to write up the purchase contract.  Your Realtor will be there to walk you through every step and best guide you based on the current market conditions.  In a seller’s market it is not uncommon for multiple offers to go in on a house making it harder to negotiate some of the terms and conditions of the contract.  Likewise, a buyer’s market can put you in a position to negotiate many of these same terms and conditions in your favor.

5.  Executed Contract – This means that your offer has been accepted and you are now under contract.  Once you are under contract it is important that you are staying in touch with your Realtor and all necessary paperwork is being signed on time.

6. Inspection Period – You will have 10 days upon having your offer accepted to complete any inspections you deem necessary.  Your Realtor should be there to help coordinate and set up the various inspections that you want.  They will also be there to help guide you through what the inspection reports means and provide you with advice on how to proceed.    

7. Financing – It is important that you do not do anything during this closing period to raise red flags regarding your financing.  This means do no quit your job, do not buy that Porsche you have had your eye on, do not buy that over-sized television or sectional couch that you have been dreaming of until you have the keys to your new home in your possession.  These factors could and will put your financing at risk and without the proper financing you cannot buy a home.

8.  Documents, Documents, Documents – Your Realtor will be showing you document after document that you will need to get signed in the appropriate amount of time.  The documents will range from HOA documents if you have one to title documents that help assure the home you are buying does not have any liens on it and every document in between.  Again, communication with your Realtor is critical for a successful  and smooth transaction.

9. Closing – The day you have been waiting for all along.   It is important to remember to bring a valid I.D. and have the required funds ready.  Once the house has been recorded you will be able to obtain the keys and set forth in your dream home. 

Again, this is just a quick list of what goes into the process of buying a home.  I would like to help answer any further questions you may have about the process.  It is about finding the right home at the right time.  Feel free to call, text, or e-mail me and I will get back with you as soon as I can to see if it is time for you to begin your journey of finding your dream home.

Kelley Kemmis Headshot
Phone: 602-531-5514
Dated: September 13th 2016
Views: 426
About Kelley: Kelley Kemmis obtained her license from Arizona School of Real Estate and Business before joining Am...

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