10 Steps to Buy Your Home with Confidence
Buying a home is an exciting time, but it can sometimes be confusing to finalize the transaction.
The process involves a number of steps. This checklist will help you buy your home with confidence!
1. Determine Your Budget
Calculate how much you can afford – you’ll want to factor in additional costs that are necessary when buying a home. Your real estate agent and lender can help you!
Don’t forget about closing costs. Closing costs include the title search, title insurance and other legal fees. The amount will vary based on the value of your home, get a quote!
2. Get Pre-Approved
After you work with your lender to determine your price range, you will want to get pre-approved for your mortgage rate and amount.
Getting pre-approved will help save time getting your offer accepted by the seller.
3. Find your Home!
Real estate agents are very important! They have the knowledge, experience, tools, and resources to help you find what you are looking for. They often have access to homes that you cannot find on Zillow, Redfin, or Realtor.com. Feel free to search for houses and attend open houses on your own, but real estate agents are dedicated to helping you find your perfect home!
4. Secure your Offer
When you and your realtor find your perfect home (in your budget) submit an offer! Here are things to remember:
-Timing is Important: Don’t let a house sneak away because you waited to long to submit an offer. However, you don’t want to make any hasty decisions. Make sure you’re confident that the house will meet your needs before you submit an offer.
-It’s a Process: Submitting an offer is just the first step. You may have to go back and forth with the seller to find a price that both sides agree on.
-Get a Home Inspection: Once your offer is accepted and you’ve signed a contract, you’ll want to get a home inspection. Your real estate agent will be able to recommend someone they trust. A good home inspector will charge a few hundred dollars, but they can find any issues the home may have before you buy the home.
5. Meet your Partners Title Closer
After the inspection is complete, your real estate agent, lender, and Partners Title Closer will work together to start buying your home!
Your Closer makes sure that transaction runs smoothly. They search public records for information regarding your home – like liens, debts, or any title issues related to the current home owner(s) before the property can change hands.
Meeting your Closer, or at least having phone or email communication, along the process helps make the closing process less stressful, and more exciting!
6. Get Title Insurance
7. Review your Closing Documents
At least three days before your closing, you’ll receive a 5-page document called a Closing Disclosure. This document is a summary of the entire transaction and has the terms and costs to your transaction. Your Closer can help explain everything in the document before closing day.
8. Sign your Closing Documents and Transfer Funds
It’s closing day! All the behind-the-scenes work is completed, and it’s time to sign your documents!
9. Buy with Confidence
After your documents are signed, you’ll receive the keys to your new home! While you are home unpacking your boxes, your Closer will transfer the funds to all the parties associated with your successful closing. They will also coordinate getting your documents recorded and in the county’s records.
10. Receive your Owner’s Title Insurance Policy
Check your new mailbox for your owner’s title insurance policy! It’s your written record that your property is protected