When I meet with new clients, this is something that I put in their Buyer's Package. I spent quite a bit of time trying to work through how to put in all into layman's terms for my clients. I'm sure it's very standard information to all of us but to a new home buyer, I think it's nice to have some basic information in black and white on what should be done to proceed and what will happen during the process. I also have this posted on my Facebook Fan Page.
Buying a house, as overwhelming as it certainly is, can be broken down into 8 easier steps. This is just for information purposes only but hopefully will help you with the purchase of your new home.
1. Get a mortgage pre-approval ~ this will save you and your Real Estate Representative a lot of time. You will be able to concentrate your search on what you can afford and it will take out the potential disappointment if you don't get approved once the paperwork has been started.
2. Meet with your chosen representative ~ You need to make sure that you choose a Realtor that you feel comfortable with and is working on your behalf. Do some research, there are plenty to choose from! Ask questions, ask friends and family for referrals and find the best person for you.
3. Viewing houses or property ~ Set up a time to go through the properties that your Realtor has found for you. Pre-screen everything via the internet if possible. Most representatives have some type of system that you can be linked to via email so that you can eliminate ones that don't appeal to you.
4. Agreement of Purchase and Sale ~ Once you have decided on which home you would like to purchase, you will need to fill out what we term an APS or Agreement of Purchase and Sale. In this it will state all the legal information required as well as the Buyer and Sellers names, the starting bid for the property and the conditions that you will need to fulfill such as financing, home inspections, enviornmental clauses etc. There are many conditions that affect the sale and your representative will be there to protect you in this document.
5. Mortgage Commitment Letter ~ Your lender should provide a letter stating that your financing is approved so that you can fulfill that condition in your APS if it is required.
6. Meet your Conditions ~ You will need to set up all the appointments as required on the APS. There will be a date, generally about a week for simple things such as insurance and financing, and you will need to make sure all the appointments are arranged prior to that time. Your Realtor is there to help you with ancillary services and referrals so don't hesitate to ask for names.
7. Lawyer ~ Speak with your lawyer of choice and get ready to sign all the documents that are required of you. Sometimes that can be a few days in advance of your closing date but you will not receive your keys yet.
8. Keys ~ On the date that you have arranged to close the sale of your new home, your lawyer will call you to arrange for you to come and pick up the keys to your new home. This may not happen first thing in the morning, although sometimes we wish it would! If there is a chain reaction of sales, everyone's has to be processed in order. Patience is a virtue on this day and remember that you will get your call.
I hope that I have provided some helpful information to you in this note. If you have any further questions, please don't hesitate to get in touch with me and I would happily assist you where I can.
Congratulations on purchasing your new property!
Christine
Comments(0)