HOW do you really buy a home?

By
Real Estate Agent with Elevate Realty Group NW by Keller Williams 200802165
HOW do you really buy a home?

Do you wonder about what the basic steps are to actually buy a home? What's the FIRST step? How long does it REALLY take? Here are some tips and the basic outline of the process, simplified to hopefully ease some of the anxiety of where to start!

  • To begin with we can meet, discuss what you're looking for in a potential home, the features you want, the features you'd settle for, and things that you could or couldn't go without. (Example: Garages, fireplaces, room count, etc.)
     
  • Then the fun begins! We start searching for your new home, visit some houses, and this can vary as far as how long it takes. 
     
  • Once we find your new home we make an offer! Then it’s just a Pre-Approval letter from your lender, and what is called an Earnest Money Deposit. (Usually $1000) This is refundable if the offer doesn't get accepted or if there is a problem with the sale down the road. (For example if the inspection wasn't satisfactory). If approved it goes towards your down payment at closing!
     
  • If the offer is accepted we have a 10 day inspection period. This is when the home will be inspected. (The cost varies on location and square footage but usually around $250-$350)
     
  • If everything is good to go we move forward. If everything is not up to par then we can ask the seller to do some repairs and/or negotiations (depending on if its bank owned or not) or simply move on to another home.
     
  • 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 usually around $500-$700)
     
  • If the appraisal comes back supporting our offering price then we move forward and we go to closing
     
  • Then you get sign a LOT of papers ;) (Please note however, that you do not get the keys when you sign the closing documents)
     
  • After the sale records (this is just the county verifying the sale took place) you get the keys to your new home!

As always, if you have ANY questions or concerns about anything please do not hesiate to contact me! Call, email or text! :)

-Molly
503-490-5229 (Text friendly)
mollysrealestate@gmail.com

 

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Topic:
Home Buying
Location:
Oregon
Groups:
1st Time Buyers
Moving to Oregon
Portland Metro Real Estate
Tags:
buying a home
home buying
how to buy a house
how to buy
what are the steps to buy
what is the first step

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Rainmaker
813,885
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Molly - Great job explaining the basic process of buying a home. It's pretty much the same way here in Arizona, but I know some states can be very different.

Mar 24, 2015 08:58 AM #1
Rainer
106,853
Rob Marken
Bend River Realty - Bend, OR
25+ years experience in Bend

Great break down of steps especially for a first time buyer. Thanks for sharing. 

Mar 24, 2015 09:02 AM #2
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Rainmaker
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Molly LeBlanc

503-490-5229
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