Buying a house can be a confusing, stressful and very exciting time, and this is a quick outline of what the process can usually be like to help you with your home search. It can help you so you are a little more prepared on what to expect in this exciting part of your life!
- To begin, discuss with your Realtor what you're looking for in a potential home, features you want, features you'd settle for, things that you could or couldn't go without (example: Garages, fireplaces, room count, etc) This is also the time you would start speaking with a Lender or Mortgage Broker regarding a loan.
- Then the fun begins! Start searching for your new home and visit some houses with your Realtor. This can take as little as a week or so or a couple months depending on your criteria...
- Then when you find your new home, an offer is made, at which point a Pre-Approval letter would be needed from your lender. An Earnest Money Deposit (usually around $1000) is also needed as "consideration" for your offer to the seller. This is usually refundable if the offer doesn't get accepted or if there is a problem with the sale down the road (ex: if the inspection wasn't satisfactory to you), if not it usually goes towards your down payment at closing
- If the offer is accepted then there is a 10 day inspection period, where the home is inspected by a licensed Home Inspector (this cost varies on location and square footage, but can usually be around $250-$350)
- If everything is good to go on the Inspection, the home sale will move forward, but if everything is not up to your wants and needs, then you can usually ask the seller to do some repairs (depending on if it's bank owned or not) or move on to another home if an agreement can not be made.
- Your lender will be collecting documentation from you during this time, and will order the appraisal. (most lenders are having the buyers pay for the appraisal out of pocket which varies depending on many things, but can usually range around $500-$700)
- If the appraisal comes back supporting the offering price, then the sale will move forward, and then everything will go to the Title Company. go to closing!
- Then you sign a LOT of papers ;)
- After the sale records with the County, you will then get the keys to your new home!
If you have any questions on any of the above information, don't hesitate to call, text or email me! One of the most important parts of your home search is choosing a Realtor that is knowledgeable in your local market, has the experience needed to get you into the home best suited for you and at the best terms, and is someone you feel comfortable with.
Licensed in the State of Oregon and Washington