begin the exciting process of finding your
next home, we will first discuss your criteria
for a house, including the number of bedrooms,
bathrooms, size, location, and any other factors.
At this time, we will discuss your finances
and mortgage options, in preparation for meeting
with a lender to make a formal application.
• Make application
with a lender and obtain a pre-approval letter.
Most lenders will charge you an application
fee which covers the credit report and appraisal
of the home you buy. Check with them to find
out if it is payable immediately or at the
• Visit available homes that meet your criteria
and select the one you wish to purchase.
• Submit an offer on the home of your choice.
• Write up contract papers and sign.
• Submit with the offer an earnest money deposit.
This is variable, but usually ranges between
$250-$2,000 depending on the value of the
home. This money will be applied to the cost
of the home at closing.
• Decide on which inspections and contingencies
- I recommend that every single purchaser
include a home inspection contingency with
• The offer will either be accepted, rejected,
or countered. If it is accepted, you are able
and obligated to purchase the house. If it
is rejected, you are then released and are
free to submit another offer on this house
or select another. If it is countered, then
you may accept the new terms, counter them,
or withdraw the offer.
• Once the contract is agreed to and signed
by all parties, the inspections begin. First
is the home inspection, which will cost around
$250 and be paid AT THE TIME OF THE INSPECTION,
which will be within fourteen (14) days of
contract acceptance. Any other inspections
you wish to have preformed will also be done
in this time frame and payment will be due
at the time of the inspection.
• Once you have the results of the inspection,
you may ask the Seller to repair or replace
items as a result. They may agree to some,
none, or all of your requests. Under most
circumstances, you may also withdraw from
the contract if the home inspection turns
up a problem that makes you no longer want
the house—a major structural flaw for example.
• The lender will hire an appraiser (the cost
is included in your lender fees) to appraise
the property and ensure that it is worth the
amount they are loaning you to buy it.
• A termite inspection of the property will
be preformed within the last 30 days prior
to closing. It usually cost around $60.00,
which you can pay at closing.
• After your offer becomes a contract, you
will need to be in touch with your insurance
agent to purchase homeowner’s insurance on
your new home. You must provide proof of this
paid insurance to your lender at closing.
• Within five (5) days prior to closing, we
will inspect the house one final time. If
there is damage to the property, the seller
must fix it prior to closing.
• At closing, you will bring a cashier’s check
or certified check for the closing costs and
down payment. You will sign the lender’s papers
and the deed transfer. You will get the keys
to the house, and it will officially be yours.