This step-by-step guide curated by our Defined Team provides an overview of the Home Buying Process. To assure an exceptional experience click below for your Complimentary 15-Minute Consultation with a member of our Defined Team.
Location | Style | Features | Market Conditions
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Budget | Timeline | Neighborhood
Planning requires setting a budget for all monthly housing expenses such as taxes, utilities, maintenance, homeowners insurance, and a reserve fund for a rainy day. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why it is advised to determine the monthly payment before talking to a lender.
Timeline is another factor to consider when planning your new home purchase. Certain circumstances may affect your buying timeline such as lease agreements, a new job, an out-of-state move, and so on. Envision where you see yourself living, by exploring different neighborhoods. Whether you crave city living or a suburban oasis, consider elements like your local community, transit, retailers, and schools.
Connect | Advise | Prepare
Our Defined Team will start with a personalized complimentary consultation to understand your home-buying goals and objectives. Our advisors utilize their local market knowledge, experience, and network, to plan & prepare for your successful home purchase. Our preferred network of lenders is a great resource available to our clients, providing a level of service that we support. It is always advised to obtain various mortgage companies' estimates.
Loans | Rates | Terms
A pre-approval sets you up for success. It provides key determining factors such as the type of Loan, mortgage rate and terms, and approval amount that set the framework on budget & provide legitimacy to the seller.
Before you get your heart set on a home, talk to our preferred network of lenders to find out what amount you can qualify for.
Location | Budget | Style
Our Defined Team will customize home searches based on a client's budget, location, size, and style of home desired. We then review all active market & network listings suited to each client's criteria. Tours will be scheduled to visit properties of interest with our experienced and knowledgeable agents guiding you every step of the way.
Strategy | Execution | Ratification
You found the one and you’re ready to make a winning offer. Our Defined team will advise you on the various elements of a contract and which terms will put your offer in the best position for ratification, based on market conditions, seller preferences, network connections, quality of preferred Lenders and Settlement companies.
After negotiations are completed and all parties are in agreement with the terms, the Contract is ratified once signed by all parties, and escrow is opened by the Settlement company.
Contingency | Condition | Cost Mitigation
Home inspections are recommended to provide an overview of the condition of the home and prevent potential unforeseen repairs.
A Contract may be contingent upon home inspection, which will provide the buyer an opportunity to either negotiate for repair credit or walk away from the contract if needed. In a competitive market, contracts waiving the home inspection contingency may be prioritized. Home inspections conducted before an offer is written are known as pre-inspection providing the buyer confidence to waive a home inspection.
Contingency | Loan Requirement | Home Valuation
An appraisal is an unbiased professional opinion of a home's value and is required whenever a mortgage is involved in buying, refinancing, or selling property.
A qualified appraiser creates a report based on an in-person inspection, research into recent sales of similar properties, current market trends, and the details of the home, including its size, condition, floor plan, and amenities. The borrower usually pays the appraisal fee, which averages $300 to $450. When the appraisal value is lower than expected, the difference can be negotiated or even canceled.
Document Review | Settlement | Keys!
It's almost settlement day! The lender will issue a Closing Disclosure (CD) reviewing the terms of your loan and the total cost to purchase the home. Three (3) days prior, the Settlement company provides a HUD-1 which itemizes all fees on the buyer side of the transaction.
Our Defined team will arrange everything between the lender and title companies such as preparing our clients with wire information & scheduling settlement to assure an exceptional experience.
You’re a homeowner! After popping the Champagne, it’s time to coordinate logistics such as home repairs, improvements, moving, etc. Our Defined team provides a comprehensive service with access to our network of trusted trade professionals. Subscribe to our newsletter to stay current on the latest news, trends, and more in home ownership & real estate.
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