7 Steps To Your Dream Home
Below you’ll find the 7 steps we’ll climb together to get you into the home of your dreams. Take a moment to read this through and you’ll know just what to expect from the time you first contact me through to your successful move-in.
Step 1 - Getting acquainted
Getting acquainted may well be the most important step. It will help ensure our success in finding the home that’s right for you, and also help make it a pleasant experience. Finding your dream home is an experience that can and should be enjoyed - by both you and me.
We want to be sure we communicate well. I want you to ask any questions you may have. I want you to feel confident that I can and will provide the services you expect. You should feel comfortable confiding in me. It is absolutely necessary that I get a clear picture of exactly what you want in a new home – how much it should cost, what it should look like, and how it should function for you and your family.
In short, we should both feel good about working together. Now is the time to say if either of us feels I am not the right agent for you, for any reason. In that event, I would be happy to help you find the agent who can best meet your needs.
If you’re new to the Tri-City area and haven’t already done so, you should get acquainted with the Tri-Cities. Become as familiar as possible with the look, feel, personality, amenities, and differences among the various communities. I can provide you with helpful resources.
Step 2 – Getting Down to Business
Once we’re acquainted and feel good about working together, it’s time to get down to the exciting business of finding you that home of your dreams. We will go over and complete an agreement setting forth my agency status. It will detail our obligations to each other and help eliminate any potential for misunderstanding.
“How much home can you afford?” is a question you should answer now if you do not yet know what you plan to spend for your new home. (You may also want to click on several other subjects of interest that are listed under Financing.)
We will discuss getting pre-qualified and obtaining a pre-qualification letter from a lender, if you have not already done so. It’s important to start this process as soon as possible since mortgage prequalification offers several benefits:
- You will know immediately how much you are qualified to buy and if there are any issues that must be addressed. You will also learn of anything you will need to prepare before applying for the loan.
- The home search process will be more efficient as we can focus on listings that you are qualified for.
- Sellers will be more likely to accept an offer accompanied by your pre-qualification letter since it removes any doubt about your ability to buy.
You can get a pre-qualification letter online instantly from First Bank & Trust Company right now. CLICK HERE and fill out the application for a mortgage as thoroughly as possible. Then when you find your new home, you can simply call your loan consultant if you want to complete your application and proceed with processing your loan request.
Step 3 - The Home Search
As soon as we know the amount you want to spend and have a clear picture of exactly what you want, I will begin a comprehensive search of homes listed by the Tri-Cities Multiple listing Service (MLS) to identify those homes that come closest to meeting your requirements. Together we will select those that deserve a look and make arrangements to see them. (Keep in mind that I can show you any MLS listing that you are interested in, so you are not limited to just homes that may be listed by my firm.)
It will be important that you give me honest feedback on each house we see. Telling me everything you like or dislike about a house helps me refine my picture of exactly what you are looking for. We may need to tweak our search, but we should soon find the best house for the amount of money you choose to spend.
With the information we have from our computer search and after looking at a few houses, you will become a pretty good appraiser and be able to tell when property is overpriced. (Overpriced property is not as big a problem as one might think since sellers just harm themselves by overpricing when the property won’t appraise.)
Step 4 - Making an Offer
We’ve found the house you want, so now it’s time to make an offer. We will consider how long the property has been on the market, any price reductions, any offers that may have been made, and the seller’s motivation. We will also consider the prices that comparable homes have recently sold for, their price per square foot, and the average time they were on the market.
When comfortable with how much to offer, we will complete a PURCHASE AND SALE AGREEMENT, going over every item to make sure everything is understood. I will then present the offer to the Seller’s Agent.
Sometimes a Buyer will accept an initial offer, but it is not unusual to have one or more counter offers by a Seller and Buyer before agreement is reached. We will determine what your response will be to any such counter offers. We should soon reach a successful conclusion with an accepted offer.
Step 5 - Preparing for Closing
Once our offer has been accepted, a number of items need to be put into motion.
Assuming you are not paying cash for your home, your lender should be contacted immediately in order to put the formal loan approval process in motion. You will want to meet with your loan officer if you have not already done so. You will need to give them any necessary information and/or documents that may not have been provided when you were pre-qualified (for example, the Purchase Agreement between you and the Seller). At this point some lenders may require you to pay non-refundable fees in advance for the appraisal and credit reports. Be sure to inquire of your lender. Within a few days, you should be issued a formal Loan Approval Letter or Loan Commitment Letter.
Your lender will take care of things like an appraisal, survey, and title insurance if they are required. Even though your lender may not ask, you should address whether or not you want Owners Coverage (personal) title insurance. In general, title insurance protects the insured against legal claims (for example, undiscovered liens, invalid deeds, etc.) that rarely arise around issues that can affect ownership. Title insurance, which protects the bank’s loan, is a standard practice in the mortgage industry. Owners (personal) title insurance is optional. However, it does protect the equity in your home and will remain in effect as long as you own the home, even if you pay off the loan.
If the Seller did not purchase a home warranty, you may want to consider the possibility of purchasing one to protect yourself against the expense of unforeseen repairs.
You will certainly want both a Home Inspection and a Wood Destroying Insect Infestation Inspection Report. The seller is normally required to provide the latter. I can suggest reputable companies for your consideration, and if you like, I will contact any providers you choose and also arrange to meet them at the property. I do strongly recommend that, if possible, you be there during the home inspection so you can see how the mechanics of the house work as well as more easily determine any repairs the Seller should be asked to take care of.
Be sure you take care of acquiring homeowners insurance effective the date of closing and be sure the insurance company provides evidence of coverage to your lender.
Now is the time to make arrangements for moving, too. Have utilities turned on after they are turned off for the Seller. You may also want to see that your phone and TV services are turned on. And don’t forget to give your new address to family, friends, magazine subscriptions, and anyone with whom you do business.
Shortly before closing, we will do a “walk-through” - a final inspection of the property to make sure everything is in order, all required repairs have been satisfactorily completed, all fixtures are there, and nothing has been improperly altered or removed.
Step 6 - The Closing
The closing will normally take place at the closing agent’s office (i.e. attorney, Title Company, etc.) In case you and/or the Seller are out of state and cannot be present, notarized documents can be shipped. Prior to the closing, the closing agent will provide a copy of the closing statement for our review. This statement will detail the dollars involved in the closing, including your closing cost, loan and down payment. If you need to bring funds to the closing, the closing statement will specify exactly how much. Remember, these funds need to be cash or certified funds (cashiers checks). Personal checks are not acceptable.
The attorney will go over the closing costs and all of the documents that must be signed, answering any questions you may have. When all parties are satisfied that everything is in order, the exchange is made. Certain documents must then be recorded, making a public record of your ownership. Your final original deed will be sent to you after it has been recorded. It and other important documents related to your purchase of the property should be kept in a safe place.
Step 7 - The Move
Your dream home is no longer a dream - it’s yours!
Now for the fun of moving and getting settled. A move is always hard but it will be much easier if you have taken care of as much as possible before D-day. Having moved so many times myself, I know what’s involved. I’d like to do anything I can to make it as smooth and easy as possible. I’ll be glad to refer you to people who can help you with getting out, getting in, or getting settled.
Please remember that I will always be available to help you in any way I can. It is my sincere desire that “the closing” won’t be the end of our relationship but rather the beginning of a long lasting friendship.
So, let’s get acquainted today - click here to contact me.
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