If you're considering buying a home, it's essential to understand how the overall buying process works. Your ART of Real Estate Buyer's Agent will spend time with you to carefully explain the stages of the home buying process. Here is a quick overview for what to expect: 

Have your initial consultation with your agent to establish an agency relationship. We will need to meet to discuss your needs and wants, analyze your resources, and sign paperwork. 

Select a lender & obtain a pre-approval letter.

The lender will help us gauge your buying power. We need to make sure that we are looking at homes you are comfortable with and able to purchase. This is an essential step to the buying process and a precursor for a successful transaction.

We will show you homes based on the criteria we have established. The more precise and direct you are with us, the more successful your home search will be. 

Once you have found the home that you wish to purchase, we will do the necessary research to help you structure an effective offer. 

We will draft the Purchase Agreement for you, advising you on protective contingencies, customary practices, and local regulations. At this time you will need to provide an "earnest money" deposit, usually from 1 to 3 % of the purchase price. This process will take about an hour at our office. 

We will present your offer to the seller and/or seller's agent. The seller has three options: they can accept your offer, counter your offer, or reject your offer.

We will review the seller's response with you. Our negotiating skills and knowledge will benefit you in reaching a final agreement.

When the Purchase Agreement is accepted and signed by all parties, we will ratify the contract for you. At this time, your earnest money will be deposited and your due diligence period will begin. 

This is the time allowed per your Purchase Agreement to obtain financing, perform inspections, and satisfy any other contingencies to which your purchase is subject. Typical contingencies include:

  • Approval of the seller's Property Disclosure Statement
  • Loan approval, including an appraisal of the property
  • Physical inspections of the property
  • Pest inspection and certification
  • Approval of any other important documents (i.e. zoning, plats, HOA's, etc.)

Homeowner's Insurance:

You will coordinate between your insurance agent, lender and attorney to make sure your home insurance policy is in effect at closing. 

Down Payment Funds:

You will need cashier's check, money order or a wire made out to the closing attorney in the amount specified on the closing statement for the day of closing. 

When all conditions of the Purchase Agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs with the attorney, and your lender will deposit the balance of the purchase price. The Deed will then be signed, monies disbursed, and you will take ownership of your home. Once the deed is recorded (60-90 days), you will receive a copy of your deed and title insurance policy in the mail. 

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