Step 1: Qualifying for a Home
Speak to a mortgage professional about being pre-qualified or pre-approved for a new home loan. Almost all sellers require this form when you submit an offer and sometimes it may take a few days to finish the pre-qualifying process. For more information check out our blog: Qualifying for a New Home.
Step 2: Find a Home
Create a wants and needs list for your new home and try to be realistic. Search for homes on our MLS search tool at TheWestValleyHomeTeam.com. Save your favorites and schedule a day to look at homes. For more information visit our blog: Finding a New Home.
Step 3: Make an Offer
It may take a few showing days before you find the right property for you. Be ready to make an offer quickly in order to not miss out on the home. Your Realtor will do a market analysis of the home and show you homes that are comparable and what they sold for or are currently listed at. Based on that information decide an offer amount and your Realtor will write up the appropriate documents for you to sign. For more information visit our blog: Making an Offer on a House.
Step 4: Inspect the Property & Appraised Value Determined
You have 10 days to inspect the property (unless otherwise agreed in the contract). After inspections are complete you can request repairs from the seller, accept the property in the current condition or cancel the contract. You will also be looking at the Seller Property Disclosure Statement, the insurance claims history report to determine the properties history. Your lender will have an appraiser go out to the home to determine the appraised value. For more information check out our blog: Inspecting the Property.
Step 5: Close on Your New Home
After the home inspection and appraisal hurdles are cleared your lender will complete the underwriting of your loan. Once complete your lender will send the loan documents and instructions to title. Title will coordinate a time for you to sign all of the necessary documents. You will bring a certified check for any down payment or closing costs that apply. After approval from your lender, your lender will wire the title company the funds and the title company can request the recordation at the county recorder. Once confirmation of recording is received you are officially the owner and will be given the keys to your new home. Check out more information on our blog: Closing on Your New Home.
