Welcome back to my blog. This week we’re talking all about the home buying process.
Yes, buying a home can be daunting but you have nothing to fear with me as your Realtor and guide.
Let’s begin by breaking down the actual home buying process.
Step One: Call Me, Your Favorite GA Realtor
Hiring a Realtor is step numero uno. We kick things off by assessing your wants, needs and desires. Our first call/meeting will be all about fine tuning exactly what it is you’re looking for. We’ll talk desired style, number of bedrooms, number of bathrooms, location, amenities, price point and much more. We’ll also map out your must haves and your can live withouts. Not sure if withouts is a word but go with me here.
Step Two: Get Pre-Approved
Before we can officially go house hunting, we have to know what your purchasing power is like. This step is all about connecting you with my amazing lender to discuss your financing options. Chatting with a lender is simple, give them a call and let them know Maeghan sent you. They will work to get you pre-approved by verifying your income, assets, credit history, rental history and debts. A pre-qual or pre-approval letter is a must. We want to ensure that the sellers of the home you may want to purchase know you are a serious and qualified buyer.
Step Three: House Hunt
The moment we’ve all been waiting for, house hunting time! Now that we have your pre-qual/pre-approval letter, it’s time to tour some homes. We begin our house hunting adventures online first via your private client portal. I work with you to hand pick homes that you absolutely love! Then we view those homes in person on days that best suit your schedule. When we come across the one, it is imperative that you scream “Maeghan, THIS IS IT!” just joking. Well, not really. I will then prepare a comparable market analysis to ensure we submit a great offer. We always want to submit an offer the sellers want to view but keep in mind, I am representing you as the buyer. This means I am representing you and you only and will fight to get you the best bang for your buck!
Step Four: Under Contract
Once all parties have agreed to the contract terms, we are officially under contract. Whoo-hoo! This means you, and only you, have dibs on the house. Before we get too excited, we must do our due diligence. During our due diligence period, we will have the right to inspect. I highly recommend having a home inspection done during this time. This way we know what to be aware of and what to ask the sellers to fix prior to closing. I don’t want you moving into just any home. We want the perfect home at the perfect price in great conditions!
Step Five: Clear Contingencies
After negotiating repairs with the sellers, we are off to our next step of clearing contingencies. This is where we await the clearance of your financing and appraisal contingencies. Your lender will schedule your appraisal which is intended to develop an unbiased opinion of what the home is worth. After the appraisal comes back good, your lender will finish processing your loan and you will receive your closing disclosure to review. A closing disclosure is a document that provides final details about your loan. It includes the terms, your projected mortgage payments, and required cash to close.
Step Six: Clear to Close
Now we await your clear to close. We love these words as they mean we are clear to head to the closing table. Such a unique play on words right!? Any-who, this is the final stretch. Your loan has been processed, your cash to close funds are ready and now we head to the attorney’s office.
The Final Step: Closing Day
This is it, the day you’ve been waiting for! Be sure to bring your ID, a writing hand and a smile to the closing table. It is time to sign, sign and sign some more. After reviewing and signing multiple documents, funds will be dispersed and you will officially get the keys to your new home sweet home. Lastly, we will take a few selfies to capture and celebrate the moment!
That concludes the summary of the home buying process. I hope this blog was informational and insightful. If you have any interest in buying a home in the near future or have further questions regarding the home buying process, feel free to contact me anytime.