Purchasing a home… how does it all work?

January 13, 2015

We realize the new internet consumer does much more research online now and talking with a real estate agent to see how it all works is most likely a later step. So while you are dreaming of buying a home and looking at properties online, here is a quick overview of some of the steps in the home buying process to give you an idea. 

 

Communicate with your agent 

For your benefit, it is essential that your First Weber agent ask questions to understand your needs, wants, and ability to purchase.

Showings

Your First Weber Agent will assist you in selecting homes for viewing. Feel free to inspect all aspects of a home during the showing and make notes regarding each home. This can be very helpful when viewing numerous homes.

Communication During Showings

Feedback is essential. Specific comments help your First Weber Agent determine exactly what you’re looking for and should result in finding a suitable home and making an offer.

It’s the ONE!  Writing the Offer to Purchase

This is a very long and complicated document that your agent will walk you through,  After an offer is written, your First Weber Agent will contact the listing agent who will then present your offer to the sellers.

The sellers have the following alternatives:

  • Accept the offer
  • Reject the offer
  • Write a counter offer (Should a counter offer be written, you and your agent can decide too accept it, reject it, or counter back.)

Once the offer is accepted, your First Weber Agent will notify you immediately. Lots of things start happening now…

Mortgage Application

It is extremely important that you apply for a loan immediately after your offer is accepted. Your First Weber Agent can recommend several lenders for you to contact. The lender may require a loan application fee to be used toward a credit check, appraisal, etc.

Home inspection

If your offer allows for an inspection, getting one is a must. Money well spent. Here’s an article devoted to home inspections.

Processing Your Loan

In order to speed the process along, have your bank account and credit card numbers available as these will need to be verified by your lender. Your First Weber Agent will check with your lender throughout the processing of your loan to ensure things are progressing smoothly.

Time and Place of Closing

Once your loan is approved, the time and place for closing, as agreed upon in the offer, will be scheduled.

Prior To Closing

  • Have all utilities transferred to your name as of the date of closing. Notify post office and telephone company of your address change.
  • You will have the opportunity to make a final inspection of the property.
  • A one year Home Warranty Plan will be made available for purchase by you if it was not part of your offer to purchase.
  • Your lender may require you to obtain a homeowner’s insurance policy and have a paid receipt to begin coverage on your new home at closing.
  • Obtain a certified check for the exact amount of money to be paid at closing. This figure will be made available to you prior to closing.

Buying a home is an exciting time, but can get stressful. That’s why you need an experienced agent to guide you through all the steps, meet the deadlines and come prepared to close.  A real estate agent’s job is to help you from start to finish, answering questions and educating you along the way.

You can find a First Weber real estate agent anywhere in Wisconsin at firstweber.com

 

creative commons photo credit https://www.flickr.com/photos/[email protected]/7623744452/

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