Congrats! You have decided to become a home buyer. After you decide how you want to pay for your next property purchase. What do the next steps and the services you need to complete your purchase look like?
- Step 1 – Getting Pre-Approved Prior to Shopping for a Home. …
- Step 2 – Assembling Your Home Buying Team – Knowing the Players. …
- Step 3 – Purchase Offer Submitted. …
- Step 4 – Conditions and Paperwork. …
- Step 5 – Closing.
MORTGAGE LENDERMortgage lenders include commercial banks, savings and loans, credit unions, mortgage bankers, mortgage brokers, and others that are chartered or licensed to lend money to prospective borrowers.
When a home buyer is buying a home, there are typically two agents involved: A buyer’s agent who helps you buy a home and a listing agent who lists the home and helps the seller sell the home.A selling agent represents the buyer in a home sale. Prior to a contract being signed, the agent representing the buyer is often called the buyer’s agent. After the two parties agree to terms and the house is under contract, the buyer’s agent is then referred to as a selling agent. Show homes to prospective home buyer clients. Identify homes to show that meet buyers’ criteria. Schedule showings of homes with buyer clients, listing agents, and/or home sellers. Refine buyers’ criteria and select additional homes to show as necessary. The offer has been accepted and now it’s time to get a home inspection. After the contract is signed by both parties, the home buyer will need to hire a home inspector that is a qualified professional who visually inspects the structure and components of a home and looks for any immediate or potential problems. They provide a written report to you with a description of problem areas and may also include recommendations for further evaluation. Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.
The home buyer will hire an appraiser whose job is to determine the potential buyer’s current value. Most of the work to determine the value of a real estate appraisal is done during an on-site inspection, where the appraiser will: Conduct a room-by-room walk-through to appraise the condition of the interior.
After the home inspection, an appraisal is the best way to estimate your property’s fair market value based on the location, condition, and recent sales of similar homes in the surrounding area. Beyond an estimate of how much your property is worth, an appraisal also indicates the amount a lender will let you borrow for a property.
Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.
What is the title company responsible for?
A title company’s role is to verify that the title to the real estate is legitimately given to the home buyer. Essentially, they make sure that a seller has the right to sell the property to a buyer.
At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home!
Hope this article has been helpful. If you have additional questions and want to get in contact with GGR Home Inspections please send us a note, text, or call.