THE Buying Process
Research says buyers typically start looking online about six months prior to contacting an agent or going to open houses. Take that time to find out what type of property you want to buy. Figure out the towns or neighborhoods you want to live in and the amenities in a home you are looking for. There is a lot that goes into purchasing a new home. In fact, there is an entire process you must consider. When you work with Logic Realty, we do the legwork for you.
1. Consult with a Logic Realty agent
Give us a call to schedule a consultation with a Logic Realty agent. This orientation meeting is designed to give you the knowledge and confidence to tackle buying comfortably with no surprises. When you meet with a Logic Realty agent, you will work together to identify your goals, and the buying process will be thoroughly explained.
2. Obtain lender pre-approval
Pre-approval for a home loan is obtained through a mortgage lender and involves an application process. If you are not already working with a mortgage lender, your Logic Realty agent can provide you with a list of lenders who can help you. Lenders have made loan applications very easy to complete. In most cases you’ll have the choice of applying online, over the phone, or in person. Lenders will base your loan amount on your income, credit rating, debt load, money for down payment, etc. Once you’ve been pre-approved, your lender will issue you a pre-approval letter letting sellers know that you are a qualified buyer.
3. Begin your home search, find your home, and make an offer
Based on the criteria and goals identified during your buyer consultation, you and your Logic Realty agent will set out to find the ideal property for you and ultimately present an offer to the seller. Offers are typically based on a comparative market analysis of similar homes in the area.
4. Plan for a few expenses before the closing
When you submit an offer to purchase a home, you also submit an earnest money deposit. Once your offer is accepted and you move from contract to closing, there are a few expenses that you should be prepared to cover: a home inspection, an appraisal, a down payment, and closing costs. These expenses vary depending upon the purchase price of the home.
5. Schedule the home inspection and appraisal
Once your offer has been accepted, it is important to have the property inspected by a professional. The property inspector will provide you with a detailed report explaining the condition of the property. It may be necessary to conduct further negotiations after the home inspection and appraisal.
6. Obtain homeowners insurance and schedule utilities to be turned on
As you move forward from contract to close, your Logic Realty agent, lender, and title company will be coordinating all remaining documents needed before closing. During this time, you will obtain the appropriate insurance for your soon-to-be new home. There are several types of insurance and warranties that accompany the purchase of most homes. These are title insurance, homeowners insurance, and home warranties. As the closing date draws near, utilities such as electricity, gas, phone, internet, and cable need to be scheduled to be turned on.
7. Attend the closing, get the keys, and move in
The closing is typically held at the title company and normally takes less than an hour to complete. The title company will walk you through the settlement statement and other documents that require signatures. You will need to bring an official form of identification (driver’s license or passport) and the necessary funds. Once all funds have been received and processed, the home is yours.
