STEPS IN THE HOME BUYING PROCESS

OBTAIN PRE-APPROVAL LETTER

  • Determine down payment, closing costs, and NEW monthly payment
  • Begin making that payment now into a savings account to be sure you can handle your future new payment

PRIORITIZE WISH LIST

  • Aim for top 3 items

WORK WITH BUYERS AGENT

  • No cost to you to work with buyers agent
  • They represent YOUR interests

MAKE AN OFFER

  • Include dates for Purchase & Sale, mortgage application, bank commitment letter, home inspection, and closing
  • Include contingencies and possible additional terms, and how much will be financed
  • Include deposit check to bind the offer (usually $1000 held in escrow)

WITHIN 10 DAYS OF ACCEPTED OFFER

  • Conduct professional home inspection – usually 2-3 hrs long and $500-800
  • Apply for mortgage
  • Review P&S with your attorney
  • Sign P&S and provide 2nd deposit (usually 3-5% of sales price)

AFTER P&S

  • Appraisal gets ordered
  • Provide required documents to lender
  • Lender provides Mortgage Commitment Letter

THE CLOSING

  • Final walk-through to make sure house is in same condition as when offer was made
  • Sign lots of paperwork
  • Deed gets recorded at Registry of Deeds
  • You receive keys and take possession!!

*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.