What to expect when purchasing a home
The Home Search
You can utilize our website to search for homes and we will appoint you one of our experienced Agents to assist you in viewing your top selections. The Agent can also help to search and guide you while providing you all the crucial information needed to make an informaed decision on considering homes.
One of the first tools that we utilize to help to inform you about a home that you are interested in is the Seller's Disclosure. This is a document normally provided by the Seller which explains the condition of the home and its systems. You will learn the history of any termite treatments, the age of the furnace and other appliances and many other important factors. It is always best for Seller's to fully disclose any issues with the home in this document so that it is not a surprise that arises from the home inspection. You should make your offer partly based on the information provided in teh Seller's Disclosure.
Accompanying any offer to purchase must be a Pre-Qualification letter from a reputable lending institution. We can provide a list of reputable lending instituions*.
The Buyer will make an initial Earnest Money Deposit to be held in an escrow account and applied toward the sale at closing.
We will provide you with a list of comparable homes which have sold recently. This will help us decide what is a fair sale price for the home and will guide us to calculate a good starting offer price factoring in possible room for negotiation.
We will help you to fill out and sign all the legal forms required to make a formal offer to purchase. Additionally, there are many legal forms which must accompany the actual formal offer which is in the form of a legally binding contract. If accepted, this is the legal document which will serve as the contract of sale.
We will negotiate the offer with the Seller's Agent and try to come to a reasonable agreement. There is a lot of skill and passion that goes into our negotiation process and we always fight hard for our clients in a professional and ethical manner. There are various issues that are negotiated at different times including but not limited to the final sale price, the closing date and any issues that may arise from a home inspection.
Once the Buyers and Sellers both sign the contract, it is then considered to be fully executed and is sent to both attorneys for review.
There is a mandatory "Attorney Review" process for which the contract's details are further clarified and negotiated by both parties. Upon completion, both partys will agree and the home will go "Under Contract". Once the home is under contract, it no longer will display in the active homes search.
The Buyer shall apply for a mortgage by providing the lender with all the necessary documents. It is important to get these documents to the lender in a timely fashion because there will be a date in the contract by which the Buyer must provide the Seller a mortgage committment. The lender will provide this but it is up to the Buyer to provide them all the necessary documents. Sometimes this date will be extended but should only be if the lender requires more time.
The home inspection will be scheduled and completed by the Buyer. The home inspection is suppose to be utilized by the buyer to look for major hidden defects in the home. It is not meant to be a negotiating tool. However, if major defects are discovered which were not disclosed in the Seller's Disclosure, then the Buyer has every right to ask the Attorney to request compensation.
Before the closing takes place, a 2nd deposit is normally made after Attorney Review concludes. We will guide you when deciding what deposits to make .
A date will be specified in the contract by which a mortgage commitment must be received stating that the Buyer has in fact attained the loan.
Buyer must attain all Insurance policies required for closing. This can include Home Owner's Insurance and for home's in a flood zone, Flood Insurance. There are also optional insurance policies available to cover some fo the systems in the home.
The Buyer and Seller will meet at one of the attorneys offices (negotiated in attorney review) and will finalize the deal. The Buyer is provided all the legal documents including the Deed and Note.
We will guide the Buyer to have all utilities switched over into their name.
It is always useful to order surveys of the property. They are the legal documents which define your properties parameters. There are various situations in the future which may require you to have a survey including
Enjoy Your New Home
You will get the keys and begin life in your new home!
* We can provide a list of reputable lending institutions but we are not affiliated with any.