Recently I sold a home to a friend I’ve known a long time. Great family – first time homebuyers. It was the perfect house for them with a great backyard, completely fenced. Plus - oversized 2 car garage all in their budget!
During the approval process, everything worked great. The seller was super nice, fixing a couple of things that had to be fixed and providing seller help at closing.
The buyers told me several times that I made it so easy for them. I guess like many people my friends had heard horror stories about delays and problems and drama that sometimes comes with buying or selling a house.
We had none of that! We had a great lender that made sure the loan requirements were completely met – early. We settled or closed on the house on time – with no issues!
This made me think – If I were not a Realtor and I were buying a house for the first time – what would I want to know?
There are several essential steps in home buying:
1) Know what your budget is. How much can you afford? How to find this out – talk with a lender.
2) Know what you are looking for – if know where you want to be and what you need in a house – you are way ahead of the game.
3) Find the right Realtor & find the right Home.
4) Talk with your Realtor about what the appropriate offer would be – this can be tricky – but make an offer.
5) Once your offer is accepted and completely signed, it becomes an executed contract.
6) Next you will probably want to do a Home Inspection and possibly several other inspections.
7) Once inspections are complete – you have to create a Reply to Inspection and get it to the Sellers.
8) Sellers must review the Reply to Inspection and return it to Buyers.
9) For an FHA loan, USDA, VA or conventional loan (okay any loan)– you must have an appraisal. Here is where things can get complicated.
10) One appraisal is settled, appraiser submits to the lender and the loan is ready to go to underwriting.
11) After underwriting approves the loan they issue the Clear to Close!
12) 3 days following Clear to Close – we can settle/close on the house. That is the day you get your set of keys & you can move in to your new home!
It is a process. To help you through the process it totally helps to have an experienced drama free Realtor. We’ll expand more on each of these steps in future posts.
Thanks for reading & keep the dream alive!