Over the past several years I have had the good fortune to help many buyers purchase their new home. Most of the time, my clients have been referred to me from previous clients or other business associates who know that I will take excellent care of their friend, family member or co-worker.
I always schedule a meeting with my new client to asscertain what their wants and needs are and to make sure that they understand the process of buying a home. Many of my clients are new at this or they have lived in their home for more that 7 years and don't realize how much has changed in the world of real estate and mortgage lending. So we begin at Step 1.
Step 1: Getting prequalified with a lender. I can't stress enough how important this process is. There is nothing more upsetting than looking at homes, falling in love with it and then find out you can qualify to buy that home. There are many types of mortgage loans available today. There are first time buyers loans for certain incomes and family size. These loans are often associated with a Bond Program or a Grant. Your agent will be able to guide you in this decision. There are also tradtional FHA loans, VA loans, Conventional Loans available too.
Step 2: Now that you have been pre-qualified you and your real estate professional and sit down and make a list of what you are looking for in your new home. You can decide what neighborhood or areas you would like to concentrate on and your agent may offer a few suggestions as well.
Step 3: You have identified the home that you wish to buy. Your real estate professional will present your offer to the seller. Once your offer is accepted, it will then be time to order the Home Inspection and the Termite Report to show that the home is in good repair. You will also want to meet with your lender to complete your formal loan application and have the appraisal ordered. Once this is done and your loan has formal approval from the lender, we can move onto closing.
Step 4: Final Walk Thru and Closing Day. It is normal for you to do a final walk through of the property the day prior to closing day. This walk through is to insure that the property repairs (if any) have been completed as agreed and that the property is in the same or better condition prior to closing. The lender will have all formal loan documents prepared and sent to the title company for closing day. The title company will prepare all the documents and prepare your Closing Statement that will detail all the charges/closing costs associated with the purchase of your home. You will be required to bring a Cashier Check payable to the title company on the day of closing.
Although this process may sound a little scary, honestly it is not. Working with an educated real estate professional will help make the process move along smoothly.
For more information on how to get started, please contact me directly at 865-414-9901.
Catrina Foster
GRI®, SRS®, SRES®, CSP, ePro Certified
Keller Williams Realty
865-414-9901 cell
865-966-5005 office
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