|Determine your down payment, closing costs, and NEW monthly payment. Start making that payment NOW into a savings account to make sure you can handle your future new payment.|
|What is the most important item you want your new home? Create a list and work your way down.|
|Work with a Buyer’s Agent who will represent you in the transaction. Don’t go it alone. Be represented. The Seller certainly is. Usually there is no cost to work with a Buyer’s Agent.|
|Write an Offer to Purchase and negotiate price & terms.|
— Terms: Dates and contingencies to protect you (i.e.: Subject to obtaining financing or satisfactory home inspection, etc.).
— You will write an earnest deposit check (approximately $1,000). Money is held in an escrow account.
|Conduct a Home Inspection with a professional home inspector |
(Cost = $300 – $600).
— Takes up to three hours.
— Review the Home Inspection report and make sure this is still the property for you. Apply for a Mortgage .
— Both buyer and seller review the Purchase and Sale with their attorneys.
— Sign Purchase and Sale with deposit (usually 3-5% of the sales price)
|Lender provides a Mortgage Commitment Letter. It may still contain stipulations before the lender will fund the loan. |
Set up utilities for the day of the closing.
|Do a final walkthrough the day before or the morning of the closing to make sure the house is in the same shape as it was when you put the offer in.|
Deed gets recorded (“go on record”) at the Registry of Deeds, you receive the keys and take possession. Closings usually takes at least 1 hour.
STEPS IN THE HOME BUYING PROCESS
*** Just a heads up – at some point in the home buying process, there will be a “hiccup”, something that happens that was not expected. Take a deep breath and it will get worked out.