The Steps to Buying a HomeStephen D. Thompson, Sales Agent 1-800-537-9952 Venture Ltd.
Decision to Buy Only you can make that decision to purchase a home. There are many reasons -- Tired of paying rent -- An investment -- Starting a family -- Finally landed that job that gives you the financial stability to buy a home -- You've saved enough money for a down payment
Identify and Locate Property As your buyer-agent, I will help you identify and locate properties. I will help you visualize your home, its location, its size, it specialness, and I will work to find it.
Offer with Earnest Dollars Once we have found your new home, you will need to make an offer. As part of your offer, you are required to make a payment of earnest dollars that represents your serious intent. These funds are held in escroll by the listing agency. If your offer is rejected, your earnest money will be returned to you.
Possible Counter Offer Many times when you make an offer to purchase a property, the seller does not accept your offer. However, the seller counters with an alternative offer. This is the process of negotiation. As your buyer-agent, I will represent you in this process.
Inspection As your buyer agent, I will recommend that you hire professionals to inspect your new home. Your offer and final acceptance will be based on positive inspections. Home inspections may assess septic systems, electrical systems, wells, heating systems, air quality, and other factors.
Financial Institution As your buyer-agent, I will recommend that you work with Century 21 Mortgage to secure funding for your home purchase. Century 21 Mortgage will help you through the qualifying process and offer you the best mortgage alternatives. You will be able to select the mortgage program that best meets your financial situation.
Credit Report As part of the process of securing a loan, Century 21 Mortgage will review your credit report. This report will be analyzed for credit worthiness. Based upon this report, financial institutions will determine if a loan will be issued. Often questionable credit reports do not mean an automatic rejection. There are many mortgage programs that help individuals with poor credit receive a mortgage.
Appraisal When your offer is accepted, mortgage lenders require a formal appraisal of the property. Professional appraisers will visit the property and based upon experience and review of recent sales of comparable properties, assign a value. Sometimes appraisals come in much lower than the agreed to sale price. Your purchase sales agreement may need to be renegotiated or you may be required to come up with additional personal funds.
Verification When you apply for a mortgage, you are required to provide information regarding employment, savings, investments, debt, and other financial information. The lending institution will conduct an investigation to verify your information.
Underwriter Action An underwriter works for a mortgage company. The underwriter conducts the process for gathering information that results in either the approval or rejection of your loan application. As your buyer-agent, I will guide you through the process of finding and disclosing your financial and personal information to the mortgage company.
Acceptance -- Rejection Your mortgage application is either accepted or it is rejected. If accepted, the process moves forward. If rejected, the process ends and your earnest money is returned.
Loan Approval When your loan is approved, you will be well on your way to becoming a homeowner.
Title company - - Title Search When you purchase a property, you will want to receive a warranty deed from the seller. A warranty deed represents the quality of the transactions and that there are not any encumbrances on the property that would bring the title into question. A title company conducts a title search that attests to the warranty deed transfer of the seller.
Assemble Papers From inspection reports to property disclosures, appraisals to credit reports -- title searches to verification paperwork -- surveys to a new warranty deed -- All the papers associated with your purchase must be assembled and prepared for your closing.
Your Closing Prior to closing, I will conduct you through a final look at your new home to ensure that the property is still in the expected condition. Closing is the formal ceremony wherein buyer and seller sign final papers and funds from your mortgage and other sources are paid to the seller. You receive your warranty deed, a monthly mortgage payments, and keys to your new home.
Move in! I am here to help you with all aspects of the home purchasing process. As yourbuyer-agent, I will represent your interests. Stephen Thompson, your Century 21 Real Estate Sales Agent. Give me a call at . . . 207-582-9221. Toll Free: 1-800-537-9952 Congratulations on moving into your new home!