The Process of Buying A Home
Your One Metro Place agent will meet with you at a time and place convenient for you to find out the must-have and the nice-to-have features of your future home.
Here are some of the most important criteria:
- Geographic area of interest
- School district, if applicable
- Proximity to public transportation, parks, shopping, restaurants, etc.
- Single family home, vs. condominium, or a townhome
- Single level home vs. 1.5 or 2 story home
- Minimum number of bedrooms and bathrooms
- Traditional or contemporary style
- Principal residence vs. investment property
These are only a few of the criteria that you may want to think about before you meet with your agent. The more detailed your requirements and needs, the easier it is to find the perfect home for you.
Getting Pre-Qualified for A Loan
If you are thinking of financing the purchase of your new home and have not already contacted a lender, your One Metro Place agent will help you get in touch with one. The loan you get prequalified for will determine the maximum price of the home you can afford, not the maximum price you are willing to pay. Getting pre-qualified is also essential because a lender pre-qualification letter will accompany any offer you make, if the Seller is to consider your offer.
Partnering with One Metro Place
Partnering with a One Metro Place agent to represent you as a Buyer is formally acknowledged by signing an Exclusive Buyer Brokerage Agreement— but first, both you and your agent need to make sure that trust and rapport are mutual. This is of crucial importance for any successful real estate transaction.
The Home Search
The home search is fun, as during that period, you may discover that your pre-search concepts may have changed or been modified. Your One Metro Place agent will start the search and email you the homes that match the must-have’s.
At the end of your first and second trip, your agent will ask you about the homes you have seen, ask you to short-list them and explain in detail your ranking, so that a more in-depth understanding of your tastes and preferences is gleaned. This feedback allows your agent to narrow down the search and not waste your time on future home hunting trips.
Finding The Home
You found the home, and have reviewed the neighborhood, the school district ratings, the crime stats and all other facts that are important to you. You have also reviewed the recent sales of homes in the area, which your One Metro Place agent will provide you with to enable you to make informed decisions. Now your agent will advise you on every aspect of the offer, explain every paragraph of the contract in detail and answer any questions you may have.
Your offer has been successfully negotiated. You and the Seller(s) have reached a meeting of the minds and all parties have signed and dated the contract. The date the contract is accepted, The Binding Agreement Date, is the date the clock starts ticking on all time periods specified in the contract.
- You will need to deposit the Earnest Money check agreed upon within the time period specified in the contract.
- Schedule an inspection which will take place at least 3 days before the Due Diligence Period specified in the contract expires. Once the Inspection Report is received, you and your agent will discuss what items on the report need to be addressed by the Seller. All negotiations should be completed before the Due Diligence Period specified in the contract expires.
- You will need to diligently and in good faith provide your Lender with all required documentation as soon as physically possible and within the the financing contingency period specified in the contract.
- You will need to start shopping for Homeowners Insurance, which is required by the Lender
- Lender will order an Appraisal of the property. If the property appraises for less than the price negotiated in the contract You have the right, but are not obligated to: (A) terminate the contract, (B) pay the difference between the contract price and the appraisal, (C) renegotiate the price with Seller(s) to match the appraised price. All steps need to be accomplished within the time period specified in the contract.
- Once your personal financial information has gone through an underwriting process and all lender requirements have been met, you will get approved for the loan and are ready to close.
Your agent will advise you on all important dates in the contract, keep you on track and ensure that you comply in order to protect your earnest money.
Once all contingencies listed above have been satisfied, you are ready to close. The day before closing, or at a date and time convenient for you, you and your agent will do a final walk-through. The purpose of the walk-through is to determine that the property is in the same condition it was on the date you made the offer.
The Closing takes place at the closing attorney’s office specified in the contract. Once the attorney has all documents signed by Buyer and Seller, the loan funded and received all the moneys you owe, the transaction is completed. Remember: *Wire Fraud is Real*. Before wiring any money, call the intended recipient at a number you know is valid to confirm the instructions.
Congratulations! You are now the proud owner of a new home. Get the moving truck ready and let your interior design imagination fly.
And don’t forget, we will ask for your references and referrals.
Your referrals are the only acknowledgement for the quality service we provide.
We save the marketing dollars for One Metro Place to reward YOU!