Buying a Home: Part 2

Buying a home

There are a few steps to get through before you are finally handed the keys to your new home. So what are they?

Now that we have discussed finding the best mortgage, a neighborhood, and a real estate agent, it is now time to start shopping for a home. Let’s jump right in!

Step 5: House Shopping

Now that you have a Simply Referable real estate agent on your side and a budget, it is time to start looking for your dream home. You may look at as many houses as you like, but most people look at no more than 10 homes. If you do not see anything you like in these first homes, it is important to specify what you do not like about them to your agent. Not enough space? Perhaps we need to look in a different area where there is more indoor and outdoor space. Are you looking for ultra-modern or mid-century colonial? There are a lot of variables when it comes to finding the right home so let us help you by being as specific as possible. Once you find the perfect home, it is time to move on to step six.

Step 6: Submitting an Offer

Submitting an offer can be both exciting and terrifying all at once. When making an offer, you and your real estate agent will go over the particulars of the house. How motivated is the seller, what the comps look like, how long has the property been on the market, how is the market in general? These are the things you will need to consider before agreeing on an asking price with your agent. Once you have an asking price, you and your agent will fill out the purchase offer forms that specifies the amount you are offering and the expiration date of the offer. This expiration date will depend on how “hot” the market is at that point. Your offer could expire in a few hours or in a few days. Once the details are specified, your offer is submitted along with a check or money order for your “earnest money” deposit. If your offer is accepted, documents are signed and you have a contract on the house. If it isn’t accepted, the seller can counteroffer for more money or other terms of sale or can reject it entirely. If this happens, you can accept the counteroffer, reject it and walk away, or modify it with a counter-counteroffer. Once there is an agreement on the price, both parties will sign the documents and it is time to hand over your deposit.

Step 7: Inspection

It is the seller’s responsibility to handle the inspection. You will need to find a certified home inspector to check over the house and make sure everything in good condition. Check out our blog about the specifics of home inspections and what it means for you. After the home inspection, you will have the chance to negotiate any repairs that need to be made or to request some money back at closing for necessary repairs. Once the inspection is cleared and you are happy with the repairs or the new agreement, it is time to contact your lender again.

Step 8: Getting Approved

This should not be the first time you are contacting your lender. Make sure to stay in contact with them throughout this buying process so they know they will need to pay out soon. After the inspection goes through, give them a call and let them know you submitted an offer on a house. They will ask you the particulars of the home, ask about your job and financial situation, and make sure nothing has changed since you were preapproved. After they have approved you for the mortgage, it is onto settlement!

Step 9: Settlement

When it is time to settle on your new home, you will need to bring your checkbook, your homeowners insurance, and a few other things to settlement. After signing many different documents, you are finally given your set of keys to your new home!

Buying a home is amazing and terrifying all at once but with a professional Simply Referable agent on your side, the process will have great results. For more information on buying a home, call Simply Referable today!

Buying a Home with Simply Referable!

The small team of realtors at Simply Referable is deeply focused on creating a memorable selling experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.