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| The Homebuying Process |
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| HOW TO BEGIN |
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| Make a list of your wants and needs, i.e. bedrooms, bathrooms, garage, square footage, monthly payment. |
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| CHOOSING YOUR REALTOR |
Benefits of using a REALTOR include:
- Realtors can help you negotiate things like price,
financing, terms, date of possession, and often the inclusion or exclusion
of repairs and furnishings or equipment. The purchase agreement should
also provide a period of time for you to complete appropriate inspections
and investigations of the property before you are bound to complete the
purchase. Your agent can advise you as to which investigations and inspections
are recommended or required, as well as be there to help while you are
busy at work or play.
- As soon as you are reasonably sure the property is
right for you, the process of obtaining financing begins. Your agent
can help you in understanding different financing options and in identifying
qualified lenders.
- The REALTOR can also help you in the closing, by helping
to guide you through the process and making sure everything flows together
smoothly.
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| LOAN QUALIFICATION |
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- Have a contract for the home you want
to purchase.
- Bring your original statements for the past two months
from each bank, credit union, or other financial institution where you
have an account.
- Prepare a list of all loan account numbers and addresses
(car loans, personal loans, student loans, other loans, etc.). Include
loans you may have co-signed.
- Have your employment history ready. Names and addresses
of employers. W-2 forms for the past two years. Tax returns for the past
two years. Most recent pay stubs.
- Have your Residence history prepared (name and address
of current landlord, or mortgage company, list of where you have lived
for the past two years).
- Miscellaneous information may include divorce decree,
court orders, bankruptcy discharge papers, etc.
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| VIEW THE PROPERTY |
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- Finding your property. REALTORS have
access to information on properties that may be for sale that are not advertised.
They use a Multiple Listing Service or MLS provided to them by the professional
associations they are members of. This system lists thousands of properties
that are for sale in your area. Your dream home could be just around the
corner, and you wouldn't know it.
- REALTORS can assist you with local community information
on utilities, zoning, schools, etc.
- REALTORS can provide you with information to help
you decide if you will be able to resell the home when you want.
- REALTORS can help you to evaluate the property. Depending
on the area and property, this could include inspections for termites,
dry rot, asbestos, faulty structure, roof condition, septic tank and
well tests, just to name a few.
- Your REALTOR can help you negotiate the price you
will pay for your home by providing you with Comparative Market Analysis
to let you evaluate if you are paying a fair price for the home you want
to buy.
- Your agent can assist you in finding qualified responsible
professionals to do most of these investigations and provide you with
written reports.
- You will also want to see a preliminary report on
the title of the property. Title indicates ownership of property and
can be mired in confusing status of past owners or rights of access.
The title to most properties will have some limitations; for example,
easements (access rights) for utilities. Your agent can help you resolve
issues that might cause problems at a later date.
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| MAKE THE OFFER |
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| Here are a few things the REALTOR does
for you: |
- Helping you with the offer to purchase.
- Assisting with Lead Based Paint inspections and laws.
- Assisting with Radon requirements and testing and laws.
- Formulating the Offer to Purchase.
- Scheduling Inspections (Home, Termite, HVAC, Lead Based
Paint, Radon, etc.).
- Negotiate repairs if needed.
- Mortgage Application.
- Credit Reports.
- Appraisals.
- Survey.
- Title Search.
- Underwriting.
- VA Eligibility issues.
- Loan Approval.
- Preparation of documents.
- Final Inspection before closing.
- Changing utilities to your name.
- Changing your address.
- Going to closing, and taking possession issues.
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