1.
Choose your Real Estate Consultant / Agent
Consult with your agent
to anaylize your specific needs. At Keller Williams, this is done through a two-stage
process called a "Needs Analysis". This may be the most important step in
finding the right home for you in a efficient and satisfying manner. Next we will
set you up with a "preferred" loan officer to find out your purchasing power
through a simple financial pre-qualification process. Next, establish a working
relationship with your Consultant / Agent using a Buyer-Broker
Agreement. Armed with the
knowledge of exactly the kind of house you are looking for and the amount of money you
want to spend, your agent will search for listings currently on and new to the market. Now
its time to see properties.... |
2. Mortgage Application
Our
"preferred" lender or the lender of your choosing will process your application,
run a credit report and verify the maximum loan amount and offer financing options.
Generally this takes place during the same time period as the property search. |
3.You
have found the home you would like to buy
You will sit
down with your Consultant / Agent and review detailed information on the property.
Together you will write up a contract/offer. The Agent will then ask for a check to place
in the Broker's Escrow account. The check is to establish your commitment to purchase the
home. The contract will be presented to the listing Agent. The listing Agent will talk to
the Owners, who have 3 days to respond. If and when the Sellers and Purchasers have agreed
on all of the terms the contract, it will be considered "ratified" (a legal
biding contract). |
4. Home inspection - Radon test - Termite inspection.
Home Inspections
take place in 5-10 days and usually last about 1-3 hours. Once the inspection is complete
you will receive a report. The Radon test result take 3-4 days. The Termite inspection
will take 5-10 days with an immediate report.The issues that will need to be resolved will
be written in an addendum to the Sellers. |
5. The Lender reviews Title history and coordinates with the
Settlement Agent.
Generally the
seller will pick the Settlement company -- we have several we will suggest to you. You
will need to arrange for Home Owner's Insurance, purchase Hazard Insurance, and Contact
utility companies. |
6. Final Walk-through
The day before
settlement you will have a final walk-through inspection of your new home. If all of the
agents have done their jobs, there should be few surprises here and sttlement will proceed
smoothly. |
FINAL STEP - Settlement
Settlement
is where the property changes ownership and one of the most exciting and
rewarding parts of the Real Estate transaction. In most cases, both the buyer and seller
are present at the settlement. In the event that one or both of the purchasers are unable
to attend the settlement, a special "Power of Attorney" must be prepared,
signed, and notarized prior to the settlement date. Everyone reviews with the settlement
attorney each document and then signs it. At this point you will receive the keys to your
new home -- Congratulations on your purchase!!! |
