Buyer FAQ What A Buyer Needs To Know About Purchasing A Home Summary

Buyer FAQ What A Buyer Needs To Know About Purchasing A Home Summary

Find your Dream Home with Your Huntsville Real Estate Resource

This post is the last in a series and summarizes the home buying process.  If you wish to consult the previous posts, they are:

Buyer FAQ What Does A Buyer Pay Their Buyers Agent?

Buyer FAQ What Is The First Thing A New Home Buyer Should Do Part 1

BuyerFAQ What A Buyer Need To Know About Purchasing A Home Part 2 

Buyer FAQ Making An Offer To Purchase A Home Part 3

 Abridged guide to purchasing a home in the typical order of occurrence:

1.) Select and meet with your local Realtor/Buyer Agent regarding your real estate needs.
2.) Select and meet with your Local Lender/Loan Originator - get pre-approved (Order of 1 & 2 may be interchangeable).
3.) As a buyer you do not pay your buyer agent/representative.
4.) Upfront out of pocket expenses, some may be paid at the closing table: Home Inspections, Termite Inspection, Appraisal.
5.)  Consult with Realtor regarding your new home requirements, location, schools, anything important to you.
6.) Select listings to view, eliminating homes that won't work for you and narrowing your search down to the one home you want to make an offer on.
7.) Realtor will research recently sold comparable properties giving you an offering range considering contingencies and terms.
8.) Contract/Offer is written and required forms submitted with copy of earnest money check and buyers pre-approval letter from lender.
9.) If offer is accepted go to # 12.
10.) If offer is countered you and your Realtor will consider the counter offer and either accept or counter it with terms and purchase price that's acceptable to buyer. If your counter offer is accepted go to #12.
11.) If offer is rejected with no counter you may submit a better offer or move on and restart the home search considering past properties.
12.) Assuming offer has been accepted, closing attorneys and lenders need to be provided executed contracts.Home inspections, appraisals will be scheduled.
13.) Based on home inspections results, Request for Repairs will be submitted and requested items negotiated and agreed to.
14.) If all progresses, there will be a final walk through just before closing making sure requested repairs have be completed.
15. At Closing, if you have to bring money to the table you will be instructed what amount to bring in certified funds.  Also, bring drivers license and one other form of ID.
16. Typical closing lasts 1 hour at the end of which you will receive keys and garage door openers.

Hopefully the new home buyer has found this summary and "What a buyer needs to know series" helpful.  If you are starting your home search and have questions about it or anything you've read here feel free to call or email me anytime.  Or you could start your home search with Your Huntsville Real Estate Resource.

If you need a knowledgeable real estate professional in Madison or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.