What goes into a homebuying transaction. The Steps:

Step 1: We will meet to discuss your home buying desires, needs, and abilities. You will be asked to  answer a series of questions and list five features that your ideal home must have. We will discuss what goes on the closing statement and what costs to expect at closing.

Step 2: You will get prequalified and preapproval by a mortgage lender or mortgage broker. I can discuss finance options with you and prepare you for the lender interview.

Step 3: I will research the market, and provide you with email notifications of properties that have your five required features and are within your price range. Then we will view the homes that most interest you.

Step 4: When you find the right home that you want to make an offer on, I will provide you with all relevant documentation, and go over with you the homeowners dislosure, tax info from the public records, homeowners association docs, buyer's disclosure, lead paint, radon, and other relevant and necessary documentation and disclosures. There are a lot of potential disclosures in a real estate transaction.

I will assist you with preparing the purchase contract (offer) when you find the right home.  

If necessary, we will discuss adding appropriate contingencies.

I will present the offer to the other party and negotiate  for a WIN/WIN transaction for everyone.

You will provide seller with a binder deposit which is typically deposited in a Title company escrow account and held until closing. You have a right to choose the Title company or we can use what we typically use in this area with your approval. You get all copies of documents including purchase contract. A copy of the purchase contract is given to the Title company so they can begin title work.

Step 5: If contract is accepted, I will monitor and coordinate all contingencies if contract offer is accepted by the Sellers.

You have 10 days upon acceptance of your offer and the seller's signature, to get a home inspection on the seller's home, and to get mortgage financing approved. You have the right to choose your home inspector, and  mortgage lender. The inspection is a buyers expense typically. All costs related to mortgage financing are typically the buyer's expenses.

Step 6: I will review the inspection with you, and you will decide what you want to do and what you want the seller to do. I will prepare the inspection adendum, and present it to the other party and negotiate for a WIN/WIN transaction. Then, I will discuss with you the best route to take, after going over their response. Remember, my goal is a WIN/WIN for all parties involved. The lender and title company will get a copy of inspection results and all other relevant documents in the transaction.

Step 7: Next, I will check to see that  appraisal has been ordered, and confirm the results and share with you when the appraisal comes in if you do not hear from the lender yourself.  

It is your responsibility to present to lender a recent survey. I can assist you with getting this. This is typically a buyer expense.

Within 30 days of closing, the home will require a clean WDO (wood destroying inspection) inspection. Seller typically pays for this in our area and remedies WDO issues, up to a certain amount which is negotiable.

You will need to order home owners insurance. I can assist you with this.

I will coordinate all applicable repairs to the property, confirm their completion, and  provide you with copies of receipts.

Step 8: The day before closing, or the morning of closing, we will do a walk through of the home to make sure everything is as expected prior to going to the closing table.

Both parties sign all relevant documents and are given copies.

Step 9: Either the title company, lender or my team will go over the HUD statement with you prior to closing so that you understand what will occur, and who pays what, and so you are not presented with any surprises.

Step 10: Now comes closing. You will need to go to closing with a cashier's check for the closing amount provided. NO CASH ACCEPTED.

You sign many, many, many documents, but are given copies and the keys to your new home.

CONGRATULATIONS!!! We did it!