There are a lot of steps when it comes to purchasing a house, townhouse, land, or any other type of property. That's why it's important that you have an experienced, competent REALTOR working for you. Rest assured that Drew will guide and advise you at every step along the way. You won't be passed off to an administrative assistant after you enter in to a contract. Have a question about this process or want to meet with Drew to talk about buying a home or property in greater detail? Contact Drew.
1 // Initial Meeting With Drew
Get to know each other. This can be over the phone, although a face-to-face meeting is typically ideal when possible! Discuss your goals and moving timeline. If you are moving from a previous house, bring some pictures to give Drew an idea of what your ideal style and layout looks like. Are there any must-haves for your next house such as space for an antique dining room set? Take this time to tell Drew what your specific needs/wants are. Establish an official client/Realtor relationship. Get your questions about the buying process answered. Drew puts a big emphasis on client education. Understanding the process and what it entails is the foundation in a successful purchase!
2 // Get Pre-Approved With Mortgage Lender
Talk to a few mortgage lenders to find out what type of mortgage may be the best for you. Shop around and make sure you’re comfortable with the lender. A good mortgage lender can make or break the deal! Not sure who to call? Drew has a list of several local lenders who have provided exceptional service, rates, and attention to detail for previous clients. Whoever you choose to use as a lender, Drew will be happy to work with them to ensure a smooth process. It’s important to have a pre-approval letter from a reputable lender in hand before moving on to step three. Many sellers won’t entertain an offer from a buyer unless a pre-approval letter accompanies the offer.
3 // House Hunting
This is where the rubber meets the road. Get out and look at houses with Drew that meet your wants and needs which were discussed in the initial meeting. Drew can do all of the leg-work in finding and showing you homes that meet your needs. If you’re a person who likes to look at listings online in your free time, Drew has some great resources which will provide the most reliable and up-to-date listings available! You’re always welcome to ask about listings you see online.
4 // Make An Offer
You’ve found a house that you love. It’s time to make an offer! Drew will prepare the paperwork while making sure you’re comfortable with all the details that go into an offer. No two properties are the same and neither are their offers. Drew has the experience to identify and capitalize on property-specific opportunities that may strengthen your position as a buyer. Drew will walk you through this process and present your offer to the seller or seller's agent with the highest level of professionalism. How an offer is presented can go a long way in affecting how a seller perceives an offer.
5 // Binding Agreement (your offer has been accepted!)
Congrats! You and the seller have agreed on a contract and you have a now have a legally binding agreement. You’re done with house-hunting and now it’s time to complete the following contract-to-closing activities.
6 // Submit Earnest Money
Write the earnest money check for the amount you negotiated in the offer. This goes towards showing the seller that you’re, you guessed it, earnest in moving forward with the purchase of the property. Earnest money is applied towards the cost of the home at the closing. If the earnest money paid is more than the final cash you need to close, then you will receive the balance back in the form of a check at closing.
7 // Apply For Your Mortgage
You have the pre-approval from step two, but now it’s time to officially apply and obtain the mortgage now that you are under contract on a house. Work with the lender to provide the documents they request (tax returns, employer pay stubs, etc). You’ll also choose your homeowners insurance provider during this time. The lender will also order an appraisal on the property to ensure that the lender’s valuation of the property is equal to or higher than the purchase price. Smaller items from this step continue to take place until closing. In other words, it happens simultaneously with the remaining steps.
8 // Home Inspection
It’s always a good idea (Drew highly recommends it!) to have an inspection done on the property you’re purchasing. An inspection consists of a licensed inspector visiting the home and going over all it in great detail. The inspector will provide a list of items that may need to be repaired or replaced on a house which, depending on the inspection findings, can be used to negotiate items that the seller would need to fix or replace before you purchase the property. Don’t worry if you don’t have a favorite home inspector that you want to use. Just like mortgage lenders, Drew has a list of several inspectors who have provided exceptional service and great communication for previous clients.
9 // Title Work
The title company of your choice will work to prepare the title (aka official ownership of the property) to be transferred to your name at closing. If you don’t have a favorite title company, again, Drew has several great companies which have provided exceptional service for previous clients. There’s not much for the buyer to do during this step, but it’s important that the buyer knows the legal paperwork and closing documents are being prepared correctly. Just like a lender, a good title company can make or break the sale.
10 // Final Walk-Through
This is also known as the final walk-through. You and Drew will go back to the property the day before closing or the day of closing to make sure that the condition of the house hasn’t changed since the original inspection.
11 // Closing
Final stop in the buying process. Time to sign documents to legally transfer ownership to your name, sign the mortgage paperwork, and transfer your funds to close. Closing takes about an hour on average. You, Drew, the title attorney, and sometimes the lender will be there for closing to ensure it goes off without a hitch. Usually, you won’t meet the seller during the closing or at any other time in the process, for that matter.
12 // Possession
This is more of a final milestone in the buying process. Once both the buyer and seller have closed (which can happen at different times of the day), and all of the funds have been transferred to appropriate companies and bank accounts, the house is officially yours and you’re ready to move!