Steps to Buying a Home

Find a Realtor

When looking for an agent it is crucial to find a Realtor who is local, who knows and understands the areas in which you are looking to purchase your new home. It is also important that the Realtor is professional and that real estate is their career. You also need someone you can trust and who is an advocate in the buying process. The Buyers Specialists at Louise Beck Properties possess  these attributes.

Analyze Your Needs in a Consultation

Spending time to talk about your needs and wants will save you a lot of energy and countless hours in the buying process. Call us today for a free consultation.

Obtain Financial Pre-Qualification or Pre-Approval

Pre-qualification is an estimate of what a buyer might qualify for before submitting a mortgage application. Pre-approval is a firmer commitment and is a more formal process which includes a credit check and employment verification. It is important to go through either one of these processes so that you are confident with what price range you should be focusing on. Our preferred lenders can help you in this process and answer all of your questions. Get Pre-Qualified!

Select Properties

Based on what you and your Realtor have discussed during your consultation, your agent will select properties that meet your specific needs. We also encourage our buyers to conduct their own searches on our website.

View Homes

As your buyer’s agent, we guide you to the homes that fit your criteria. Your Realtor will point out important information in regards to each property. Is there already a listing you would like to see? Click here to set up a showing.

Write an Offer to Purchase

Your agent will walk you through the offer and other paperwork to ensure you thoroughly understand the documents you are signing.

Earnest Money Deposit:
Earnest money is money you give to the seller to show your good faith when making an offer to purchase the seller’s home. This amount is typically 1% of the purchase price and is credited to you at the time of the closing. If for some reason you do not make it to closing, there are circumstances where you can get your earnest money back. Some examples of when you could get the money back are if the home does not appraise, you cannot obtain loan approval or you cannot reach an agreement on the repairs that are to be made.

Negotiate and Counteroffer

This period is typically handled verbally until an agreement is reached. This process can take anywhere from a few hours to a few weeks depending upon the situation. Louise Beck Properties’ agents are strong negotiators, working in the best interest of their client.

Earnest Money Deposit

Earnest money is money you give to the seller to show your good faith when making an offer to purchase the seller’s home. This amount is typically 1% of the purchase price and is credited to you at the time of the closing. If for some reason you do not make it to closing, there are circumstances where you can get your earnest money back. Some examples of when you could get the money back are if the home does not appraise, you cannot obtain loan approval or you cannot reach an agreement on the repairs that are to be made.

Accept the Contract

Once you have reached terms agreeable to you, a final version of the contract is signed by all parties. This begins the final phase of the purchase process.

Inspections:
It is extremely important to have a home inspection on the property you wish to purchase. This is where a licensed inspector will evaluate systems and components of a home and is intended to give you a better understanding of the home’s condition. This is one of the most critical stages of buying a home. In addition to from a home inspection, it is also important to conduct both a termite inspection and a radon test. Our sales team schedules and coordinates all inspections for you so that that is one less item for you to worry about.

Complete the Mortgage Application

Once you have an executed contract it is time for you to submit a formal loan application to your lender. This typically needs to occur within five to seven days after going under contract on a home.

Credit Report:
This is a record of an individual’s past borrowing and repaying history, including information about late payments and bankruptcies. Lenders use a credit report and your credit score to help determine if you are eligible for a loan.

Appraisal:
A home appraisal is a survey of a home by a professional for their opinion of the property market value. In most cases an appraisal is done for a bank when a home is being approved for a loan for the home buyer. The home appraisal is a detailed report that looks at such items as the condition of the home, the neighborhood, what similar homes are selling for, and how quickly similar homes sell. If an appraisal comes in too low a seller may reduce their asking price or the buyer can walk away from the home.

Secure Underwriting

Underwriting is the process a lender uses to assess the eligibility of a borrower to obtain a loan. During this process you could be asked for more documentation to help secure the loan. Or there is a chance that you will be unable to obtain loan approval.

Obtain Loan Approval

This process can take anywhere from three to four weeks. Loan approval occurs after the underwriter has reviewed all of the information and documents and determines that you are eligible to receive the loan.

Survey

Obtaining a survey is optional and is scheduled by the closing attorney. We recommend having a survey done if you are unsure where the property line sits, if you are adding onto the structure, building a fence, or putting in a driveway.

Contact Closing Attorney

Louise Beck Properties schedules the closing for you and provides the attorney with the executed contract and other necessary information they will need to ensure a successful closing.

Title Exam and Title Insurance

The closing attorney has a list of title companies that they regularly work with to ensure that the title is clear on the property you are purchasing.

Close on the Property

The big day is here! After all of the inspections are completed and your loan is approved it is time for you to get the keys to your new home!