Process of Buying a House
Hey everyone, Edna Wilson here, your hometown realtor as hometown as apple pie. In today's blog, I will be going over the process of buying a house! It’s a little crazy but I listed what we’re going to be talking about.
- Looking for a dream home
- Contract
- Escrow
- Applying for a mortgage
- Inspection
- Appraisal
- Walkthrough and close
Its super important to have a great buyers agent to help you through the process. So let's get started.
First things first what is your dream home? Do you want a 3 car garage? Do you want a 2 car garage? Do you want a carport? How many bathrooms? Bedrooms? There area so many questions but we will sit down together and we figure out what it is you actually want. Then when its time to actually go ahead and buy the house we put in an offer.
Sometimes the offer can take 24-48 hours to hear back. Whether they accept your offer, sometimes you can play a little bit of a game of tennis, where its like no 265 , no 259. Its crazy. So we go back and fourth a few times until everyone settles on the price and on the terms of the contract.
After we agree you’ll typically have 3 days to get that money. That good faith money we’ve talked about, into the title company. Typically that’s around a thousand, unless there’s just something weird with the contract.
Then you’ll have 5 days. Only 5 days. To apply for a mortgage with your favorite lender. This is a great time and you should take those 5 days to shop around and find the best rates, find the best fees and make sure you have a great lender whos going to work hard for you. I highly suggest you use local lenders, as they’re so much easier to work with and they know the local economy
Then we’re going to hire an inspector. Well, when I say we I really mean you. You are going to hire an inspector to go out to the property and look at the four big thing which I have posted about in a pervious blog. Once we get the inspection report back there might be something that has to be fixed. Now we’re only looking for things that have safety issues to them. Not things that are just cosmetic. So, we’re looking at is there working smoke detectors, does a door have wood rot, is the roof actively leaking, these are the things that we would go back and ask the seller, listen we need these things fixed and that’s actually another round of negotiations the we have to go though. Typically your buyers agent will help you get through that very seamlessly and get the issues resolved.
After all of that is settled, your lender hires an appraiser. They go out to the property and make sure that if you are paying 235 for that house, that it is truly worth 235. Sometimes the appraisals come in high sometimes they come in low and so we kind of work through the negotiations. If they come In low then we’re going to solve that.
Lastly is pie day! That’s right, we go to the closing table. You get to pick out what kind of pie you want and you’re going to pick up your keys. Its just that simple, and we all celebrate. If you have any questions I put together a book and its called “The ultimate homebuyers guide” I can either mail this to you or send you the pdf. Just give me a call and I will make sure you get a copy, because it really is chock full of great information.
Well, that's it for how to buy a house. Its super simple, and when you’re ready please give me a call.
