The Home Buying Process

Have you ever wondered about the steps involved in buying a home? This is a brief overview of the process I use when working with home buyers.

Buyer Interview
I like to start by learning about you, your goals, and your dreams.

Our Relationship
By law, I need to go over the two types of relationships under which we can proceed. It is your choice which is best for you.

• Buyer Agent – Agents work as fiduciaries that put your interests ahead of their own.
• Transaction Broker – Brokers work to put a deal together that is fair for both parties.

Pre-Qualify
Oddly enough, it’s best to start with money in mind. Visit with a lender to see how much you can borrow and what payment you can handle, and get a Pre-qualification Letter. This letter will come in very handy when we go to write an offer.

Showings
The fun begins! Based on what I learned from our interview, I’ll look for houses that match your criteria. Then we’ll go out and visit houses with a goal of finding “the one.”

Offers
Eventually we’ll find a house that you want to buy. After discussing the price and terms of an offer, I will write a contract and present it to the seller. It’s normal to negotiate one or more counter-offers between the seller and you. Most counter-offers revolve around price, timelines, and inclusions.

Loan & Due Diligence
Once we are officially under contract, we will work on two parallel tracks: getting a loan and conducting due diligence.

• Loan – You’ll work with your lender to secure a loan on the property. The lender will want to appraise the property to ensure its value is at least as much as how much you offered to pay the seller.
• Due Diligence – You’ll have the house inspected, make sure you have clear title, and get quotes on hazard insurance (home owner’s policy).

Closing
The final step is to attend the closing, which is a meeting between the buyer and seller. Conducted by the title company, the closing formalizes the transfer of ownership. Basically, you sign a bunch of papers, hand over your money, and get the keys to your new home!

For More Information
If you want more information than this brief overview, you have several options.

• Download an extended presentation (click here).
• Schedule a personal consultation with Gary.
• Schedule an introductory seminar for a group of people.

Gary Clark
Century 21 Humpal
970-224-1800
gary.clark@century21.com
http://www.GaryClarkC21.com