Home Buying Process
Let Lighthouse Realty Help You To Put The Pieces Together!
INITIAL STEPS
Step 1: Find Your Realtor : Initial Appointment
The purpose of the initial appointment is to understand your “needs and wants” as a buyer.This may be the most critical meeting of the homebuying process. During this appointment, the entire purchasing pathway will be discussed.
Step 2: Determine the Purchasing Parameters
There are three criteria every buyer uses to find their home: location, price and style/condition. These criteria, along with your “needs and wants,” will determinethe properties we search for and the homes we initially view.
Step 3: Acquire a Pre- Approval
Viewing homes without a pre-approval usuallyleads to disappointment. Buyers who are wisediscuss their financial situation with a reputablelender and acquire a pre-approval. A pre-approval creates an opportunity for you to not just understandwhat you qualify for, but ultimately to decide whatyou can afford. Having a pre-approval greatlyenhances your negotiating position – especially in a competitive market.
Step 4: View Homes
The process of viewing homes provides you withinformation in order to make the best decisionpossible. Helping you find a home is a processof elimination; not a process of selection. Viewinghomes you don’t like is not a waste of time; it helpsbuild a frame of reference to help you find what you do like.
NEXT STEPS
Step 1: Write the Contract
The best way to prepare for the contract phase of the transaction as a buyer is to review a blank copy of the purchase contract. Reading the contract prior to making an offer will make you much more comfortable during the negotiation phase.
Step 2: Deposit the Earnest Money
An earnest money deposit is the best way of communicating to the seller that you’re serious about purchasing their property. Earnest money is kept safe in a trust account until those funds are used to close the transaction.
Step 3: Perform the Home Inspection
After the contract is fully accepted and all terms are agreed upon, a home inspection can be performed if the contract allows. The inspection will allow you and the inspector you hire to take a more thorough look at the property. This inspection will give you a far greater understanding of the property you are purchasing.
Step 4: View Homes
The process of viewing homes provides you withinformation in order to make the best decisionpossible. Helping you find a home is a processof elimination; not a process of selection. Viewinghomes you don’t like is not a waste of time; it helpsbuild a frame of reference to help you find what you do like.
FINAL STEPS
Step 1: Final Walk Through
After the mortgage has been approved, a final walk through is encouraged. On the final walk through, you will re-inspect the property to ensure it is in an acceptable condition and that any personal property conveying is present.
Step 2: Execute the Closing Documents
Once the contract is accepted, inspections performed and mortgage approved, the closing will be set and final documents will be executed. You will be directed by the appropriate party as to the time and date of this event. Either a formal closing date will be established by a closing attorney, or an escrow officer will close the transaction.
Step 3: Home Delivery
Upon the conclusion of the paperwork and transfer of ownership, you will receive the keys, garage door openers, and any documents/warranties that convey withthe property. You will then become the rightful owner.
Step 4: View Homes
The process of viewing homes provides you withinformation in order to make the best decisionpossible. Helping you find a home is a processof elimination; not a process of selection. Viewinghomes you don’t like is not a waste of time; it helpsbuild a frame of reference to help you find what you do like.
