The Buying Process
Buying a home can be an exciting and emotional experience. As a local expert, you can rely on me to guide you through the process so you can feel comfortable and confident each step of the way.
The first step to buying a home is to understand your buying power and establish a price range. A licensed lender can help evaluate your financial standing and provide a pre-approval. They will review your income and credit history to determine how much the bank will lend you, which will help you determine the price range for your search. Having a pre-approval letter in-hand can also increase the attractiveness of your offer, particularly when a seller has multiple offers to choose from.
Concerned you might not be able to move quickly on an offer because you need to sell your current home first? Compass Bridge Loans is the simple solution to bridge the gap between the home you have and the home you want.
Making An Offer
When you're ready to move forward with a purchase, I will advise you on constructing the strongest offer possible. Then I will draw up the necessary paperwork on your behalf. There is a lot to consider when making an offer. We'll discuss the purchase price, the closing date, sale contingencies and any special stipulations for your particular purchase. We will work with you to develop and execute a negotiation strategy. Once an offer is submitted, the seller may accept, reject or counter the offer. Sometimes we go through several rounds of negotiation and sometimes there are multiple, competing offers. Once you and the seller reach terms that are agreed upon and all parties sign the contract documents, then you will have an executed contract.
Going Under Contract
If your offer is accepted, you will be officially under contract. The purchase will not be complete until closing, but the home cannot be sold to anyone else while the contract remains in effect. At this point, it will be time to deposit earnest money and option fee with the title company. If you are obtaining financing, then you will also need to engage your lender to start the process. Lenders offer a wide range of loan programs, so it's important to work with a lender you trust to help you determine the best loan for your specific circumstances.
Inspecting the physical condition of your next home is a vital part of the home-buying process. A licensed home inspector will conduct a comprehensive evaluation of the entire property and report any problems with the condition of the home's structure or systems. There are also other inspectors who can investigate potential issues such as pest infestations or mold. Depending on the contract, we may enter additional rounds of negotiation to resolve any problems discovered during the inspection.
Your lender will arrange a professional appraisal of the home. An appraisal is an unbiased estimate of the value of a home and is conducted by an independent third party. The appraiser will confirm the appraisal value of the property for all parties involved. If the home appraises at less than the expected value, you may have the option to renegotiate or terminate the contract.
Prior to closing, we may conduct a final walkthrough of the home to ensure that all negotiated repairs have been completed, and that the home is in the same (or better) condition as when the original offer was made. It is usually just a quick check before you go sign the closing paperwork. Depending on the contract, you may sign a document confirming that the walkthrough is complete, and the condition of the home is acceptable.
Time to celebrate! Your lender will provide a final closing disclosure that summarizes the loan terms, monthly payments, taxes, and other costs associated with the closing. They will also confirm that you are clear to close, and you will sign all of the paperwork required to complete your purchase and loan agreement. Once the paperwork is signed by all parties and your loan is funded, you will receive keys, and you'll be ready to move into your new home!
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