Step One: Attend a Path2Buy seminar or an in-office buyer consultation. During the seminar or your one-on-one session, you will learn about the buying process and the steps to take in order to plant yourself on the path toward home ownership.
Step Two: Work with our preferred mortgage officer, or one of your choosing, in order to get pre-qualified for a loan amount. It’s important to get pre-approved in order to find out how much buying power you have.
Step Three: Go property shopping! A buyer’s agent will keep your pre-approved amount and property desires in mind when hunting for properties to show you. Click here to be directed to a blog post on the role of your buyer’s agent.
Step Four: Make an offer. Your real estate agent can suggest a purchase price that a seller might accept while keeping your financial interests in mind. Real estate agents consider a number of factors when suggesting a purchase price, such as days on the market, how many offers have been presented for the property, and similar nearby properties that are currently under contract.
Step Five: Continue to make offers on properties until a seller accepts and a ratified contract is formed. Multiple offer situations are pretty common in our market now, so it’s possible that the first offer you make won’t get accepted by the seller. Don’t get discouraged! Continue to hunt and make offers on properties that you like until an offer is accepted.
Step Six: Once there is a ratified contract, a formal mortgage application is completed with a mortgage officer.
Step Seven: Home Inspection? Appraisal? Condo Doc? The home inpection and condo document review are time sensitive tasks that affect the purchasers decision to finalize the purchase. Depending on the result of a home inspection, a buyer can ask the seller to make repairs, make repairs themselves (if required by financing), or walk away from the property. “Condo docs” are the bylaws of the condominium community. They detail how condo fees are allocated. Your agent will make sure that you these tasks are completed in time to make an informed decision.
Step Eight: Chain of title? Liens? The prelimenary title search your agent conducts should reveal any liens on the property. It’s important to establish how these liens will be resolved before closing.
Step Nine: Closing table. Welcome home.
This list is extremely abbreviated, but it’s important to remain focused on the overall process when details bog you down. This process is explained in depth during the one-on-one consultation.