The housing market is constantly changing, so it’s important to have an expert by your side. I help clients with buying homes that fit their needs. I’ll provide you with detailed property searches, neighborhood information, and much more. My goal is to supply you with the benefit of my knowledge so that you can make the most informed decision.
Home Buyers Process
I have included a general step-by-step list to help explain the home buyers’ process. Some of these stages may seem confusing, but I am here to answer any questions you have about this buyers’ guide.
1. Determine Your Needs & Budget
Before you start the search for a new home, it’s important to figure out the neighborhood and location that best suits your needs and lifestyle. I recommend imagining your dream home while taking your budget into account. Once you have these details, I can offer feedback and advice to help develop a plan and goal moving forward.
2. Get Pre-Approved for a Loan
An important step in the home buying process is meeting with a loan officer. Sharing income and financial information will give you a price range for which you are qualified.
- Get Pre-qualified
- Obtain a pre-approval letter
- Obtain a “Truth in Lending” letter explaining the costs of borrowing money
- Learn about the many loans available to buyers in today’s market
- Learn about closing costs
3. House Search!
With your specifications in mind, I will use my resources and home buying services to scout the marketplace on your behalf. When I find houses that meet your criteria, we can review them and schedule a tour at your convenience.
- When possible, all decision-makers should visit the various homes
- Always be candid–it will help me understand your particular needs
4. Prepare the Offer
Once we find a home that you’re interested in, together, we can determine an appropriate offer, by reviewing market trends and sales of similar homes. If the seller accepts the offer, it becomes a binding contract for buying the home. That is why it’s important to carefully consider the contract and clarify any aspects you might deem confusing.
I will go through the contract with you and complete your offer. If negotiations are necessary, I will work to ensure that you and the seller agree on all terms. All documents will be sent to the title company where a file will be opened, and title commitment and property tax information ordered.
5. Make your Loan Application
Give your loan officer a copy of the contract and apply for the home buying loan.
6. Inspect the Property
After the offer and loan terms have been finalized, it is important to have the proper personnel perform a thorough general inspection and pest assessment. Depending on the property and location, I can also provide information about other environmental assessments.
7. Appraisal & Survey of Property
- The lender and title company will make arrangements for the property appraisal and survey
- Buyer will be provided a copy of the Title Commitment Letter
- Buyer will make arrangements for homeowner’s (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company
8. Seller’s closing is also arranged
- Home buyer receives a copy of the closing statement for review prior to closing
- The buyer does a final walk-through inspection of the property
- The REALTOR® arranges a closing date and time with the buyer and title company. Seller’s closing is also arranged
- Buyer brings a cashier’s check for all closing costs and the balance of the down payment
9. After closing
The final step of the home buyers’ process is when I prepare the necessary documents required for closing. This includes the title examination, payoff statements, and deed. On the closing day, you will sign all documents. The seller will be paid, and you will receive the keys. Congratulations, you just bought a new home!
9. Committed to My Clients
By following this home buyers’ guide, the entire process becomes much simpler. When you’re in the market for a new home, reach out to me, Judy Levin, REALTOR®. I’ll work closely with you, and dedicate myself to finding your dream home.
Contact me with any questions you have about the buyers’ process. I proudly serve clients in Suttons Bay, Michigan, and the surrounding areas.