28 Steps to the Home Buying Process
Buying a home does not have to be complicated or stressful. Please use this helpful information to guide you through the process of purchasing your home.
1. Choose to work with a Realtor who you would be proud to refer to your friends and family. Choose to work with a knowledgeable professional.
Make sure you feel 100% comfortable when interacting with your Realtor.
2.You will discuss the different types of agency relationships with your Realtor and choose one.
You will be required to sign a disclosure.
3.Have yourself pre approved by a reputable local lender.
4.Explain to your Realtor just what your needs are. View just the homes that meet your needs.
5.Find your dream house. Your Realtor will help you fill out a written offer to purchase agreement subject to attorneys approval. You will be required to acknowledge all necessary disclosures. The Realtor will present your offer to the seller on your behalf. The seller accepts, rejects, or counters your offer.
6.You and the seller agree on the price & terms, including the closing date. The seller will sign the offer to purchase agreement subject to attorneys approval. The terms in signed binder agreement will be used by the sellers attorney along with other information to draw up a contract.
7.Your Realtor will send a copy of the written offer to purchase to both attorney’s along with a letter introducing both attorneys to each other.
This letter will include all of the contact information for both the buyer and the seller and both attorneys.
8.Have the home inspection done by a licensed engineer. If your home inspector is certified to conduct a termite inspection he can also issue you a termite certification which is usually required by your lender. If not have a licenced exterminator conduct a termite inspection. Your Realtor can set up the appointment for you.
9. A contract of sale is prepared by the sellers attorney and is sent to your attorney. Your attorney reviews the contract and calls you to make an appointment for you to sign the contract.
10. You sign your contract and leave your down
payment. Your attorney sends the signed contract along with your down payment check back to the sellers attorney. He reviews it and calls the sellers in to make an appointment to sign the contract. The seller signs the contract.
11.The sellers attorney sends the signed contract back to your attorney.
12. You pick up the fully executed contract from your attorney and take it to your lender. ( make a copy of the contract to keep for yourself.) The lender will need the fully excuted contract along with your cashed cancelled downpayment check to proceed with the loan process.
13. Your loan will be assigned a processor, who documents and verifies appiclation information.
14. Interview and get written estimates from moving companies. Ask friends and family for recomendations. They are always the best.
15. An appraisal of the home you are purchasing is done, a residential credit report is ordered. A flood certification report is done.
16.Underwriting reviews the loan and in most cases approves the loan subject to conditions. Some conditions are standard. You clear up the conditons. Your mortgage representive can help guide you to get any information required for the final commitiment.
17. The processor issues copies of the loan commitment to you and your attorney. Your attorney sends a copy of the commitment to the sellers attorney.
18. Your attorney guides you through the process of having a title search done on the home you are purchasing. With your attorneys guidance you have the title insured.
19. If needed a new survey or a survey update of
the property is done.
20. The title work and legal documents are reviewed for accuracy by the underwriter &
attorney.
21. You obtain a homeowners insurance policy.
22. The loan goes to the closing dept. for final review pending the closing date.
23. When all documents are in order your attorney contacts the closing dept. to schedule a closing date. The buyers attorney the sellers attorney and the banks attorney all need to be able to comfirm the time and day and the location of the closing.
24. As soon as the date is set. Contact your Realtor to make an appointment to do a final walk through of the home you are buying.
25. Contact your moving company to comfirm your moving date.
26.Call your utility companies to open accounts in your name.
27. You will need to take two forms of photo ID to the closing along with you homowners insurance & personal check book. You attorney will advise you of the certified or bank checks you will need to bring to the closing. Your attorney will advise you how to address the checks and what ammounts they should be.
28. At the closing. Mortgage and other documents are reviewed and signed. Adjustments are made for miscellaneous items ( taxes, heating oil, etc.) The seller gets paid and gives you the deed, title and keys to your new home.
You now own your new home.
Congratulations!!!
Arlene Trunzo,BCREP,CRS,e-PRO,GRI,SRES
Licensed Board Certified Staten Island NY Realtor®
A.T. Real Estate Specialists LLC
718-317-0949 or 917-359-1985
cmyrealtor@aol.com