Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. Remember, if you have any questions about the process, I'm only a phone call or email away!
KNOW WHAT YOU CAN AFFORD
Choose a lender and get pre-approved.
Ask your lender about the different types of loans you may qualify for and which loan would be best for you.
WHAT ARE YOUR NEEDS
Choose a price range that you are comfortable with.
Then choose an area that meets your needs.
Now determine the amount of square footage, # of bedrooms, # of bathrooms, and any other “must haves” that you would like.
Then consider things that you would like but not necessary (ex. High ceilings, corner lot, etc.).
OTHER THINGS TO CONSIDER
Schools, playgrounds, and churches.
Commute time.
Flood zones and quotes.
Homeowners insurance quotes.
Estimated yearly taxes.
Average cost of bills per month.
NOW YOU CAN BEGIN YOUR SEARCH FOR HOMES! ONCE YOU HAVE FOUND A HOME THAT YOU LIKE WE BEGIN WITH THE…
PURCHASE AGREEMENT
Determine an offer price.
Financing type, rate, and term.
Loan approval deadline.
Amount of security deposit to be held by listing broker.
Choose date to close.
Choose title company to close with.
Inspection period. (usually 10-15 days)
Decide if you would like a home warranty.
Property disclosure signed.
Lead base paint disclosure signed.
Agency disclosure signed.
ACCEPTANCE OF CONTRACT
Have security deposit ready to be held by listing broker.
Inspection period begins.
Choose and hire inspectors. (home, plumbing, termite, pool, etc.)
Be there during inspections.
Receive a written report on inspections.
Follow-up inspections if needed.
Inspection response before inspection period deadline.
Negotiate repairs or dollar amount.
APPRAISALS
Order an appraisal after inspections are complete.
Check with lender to be updated.
INSURANCES
Choose an insurance agent to work with.
Obtain a copy of the MLS sheet from Jonathan.
Ask Jonathan if he could get a copy of flood elevation certificate.
Give lender copy of MLS sheet for quotes.
Get quotes on homeowners and flood insurances.
Shop around with other companies for quotes.
TITLE COMPANY
Schedule a time and date with title company.
Jonathan will open escrows with title company.
Title company will run abstract and title search.
Obtain info about title insurance.
Jonathan will inform title company about insurances and lender.
Obtain HUD-1 statement a few days before closing.
FINAL WALK THROUGH
Walk through home within 5 days of closing to see if home is still in satisfying condition.
Check to see if repairs requested have been completed.
CLOSING
Bring photo ID.
Bring certified funds.
Week before closing schedule a transfer of utilities for the day of the act of sale.
All parties must be present unless POA (power of attorney) has been given to another.
AFTER CLOSING
Get all locks on home re-keyed.
Contact Jonathan and let him know how things are going.
JONATHAN PHAN, SRS, e-PRO 