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The Home Buying
Process
 You
have decided it is time to purchase a home. Where do you go from
here?
Decide what you would
like to have...put a wish list together.
Figure out what you
can afford. This can be accomplished in a number of ways. You can
contact a Realtor or a lender, or use one of the mortgage
qualifiers on the Internet. To get the most accurate estimate of
what you will qualify for, I recommend speaking with a lender.
Lenders literally have hundreds of loan programs for you to choose
from. They will be able to show you which program gives you the
most purchasing power. If you would like the names of lenders that
I have worked with and have found to be extremely competent and
helpful, please contact me.
If you want to
present yourself as a solid buyer to prospective sellers, I
strongly recommend getting pre-approved for a loan. This is about
the same as being a cash buyer. The lender is saying "we are
willing to make this buyer a loan for X amount as long as the home
will appraise for the purchase price."
A word of advice.
A lender may tell you that you qualify for X amount but that
may be
way more than you are comfortable with. You need to decide what
monthly payment you can live with and figure out what you can
purchase for that amount.
 The
next step is to get with me to discuss what type of working
relationship you prefer. Historically, when working with buyers,
Realtors were agents of the Seller and had the Seller's best
interest at heart. Today however, there are other options for
Buyers. They are Transaction Broker or Buyer's Agent.
Transaction Broker is
the most common working relationship. Under this agreement I would
help you through the purchasing process without being an agent for
you or for the seller. I get to do what a broker is supposed to
do, while treating both parties fairly and honestly and bringing
them together to a successful culmination of the transaction.
Buyer's Agent is when
you hire me to represent you exclusively. I become an agent for
you. We will outline the type of property you are after and
specify a time limit on our working relationship.
I like to point out
that under any working relationship, as a service to you, I make
it my practice to show you everyone's listings, not just Mason
& Morse listings.
At this time we can
also go over an estimate of closing costs.
Searching For
Homes
Prepared with the
knowledge of knowing what you want and what you can afford, allows
us to start our home search. It is customary in this area to try
and give the Sellers a 24-hour notice that we will be coming to
look at their home. Every home we see will not be of interest, but
I feel it is important to get an understanding of the market so
when you see something you like you will feel comfortable making
an educated offer.
Making the Offer
We have found the
perfect home and it is time to put the offer together. We will sit
down and put the offer together then go over it together prior to
submitting it to the Seller. You have the option to make your
offer contingent upon whatever you decide. However, the cleaner
the offer the better your chances of getting it accepted. You also
have an opportunity to have your attorney review the contract
prior to submitting the offer to the Seller.
The Offer is
Accepted
- If you have not
already made loan application, this will be your next move.
Your lender will provide you with a truth in lending statement
which will spell out your closing costs.
- Choose a home
inspector to inspect the property for you. It is always a good
idea to get a professional inspection to protect yourself from
defects you may have missed.
- Title Commitment
reviewed. I always recommend that you have an attorney review
the title commitment for you because there are legal documents
referenced in it.
- Receive the
results of the appraisal.
- Loan approval.
- Get together with
me and go over your final settlement statements prior to
closing.
- Get a local
cashier's check made out to the title company to bring to
closing in the exact amount specified on the settlement
statement.
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