10 Step Home Buying Guide Presented by Team Randy Thomas Powered by Murney Associates Realtors
Buying Your Dream Home Purchasing a home is a big decision. Our goal is to guide you through your home search while educating you about the home buying process and the real estate market in your area. Whether it’s your first home, your tenth home, a retirement home, or an investment property, we will work hard to make sure you have a positive home buying experience!
Step One: Research • Start your search by viewing real estate listings online, in the newspaper, and if you can, by driving around the neighborhoods you’re most interested in. • Make note of particular homes you’re interested in. • This will give you a good sense of what is available and market trends in certain areas.
Step Two: Hiring the Right Real Estate Agent • Hiring the right real estate agent is an important piece to the home buying puzzle. • A buyer’s agent represents you as the homebuyer and has your best interests in mind through the entire home buying process. • While a listing agent’s job is to represent the seller of the home, a buyer’s agent works directly with you to search for homes, set up showings, complete market analyses for homes you’re interested in, submit your offer, negotiate your offer, and communicate with your real estate team (lender, title co., etc.) to ensure you get to the closing with as little stress as possible. • Hiring a buyer’s agent, the seller of the home pays the commission for your real estate agent!
Step Three: Get Pre-Approved For Your Mortgage Pre-approval provides real benefit. Here are several reasons to consider getting pre-approved early in your home buying process: • Confidence: Knowing that you are pre-approved for home financing allows you to search for properties with confidence, having eliminated financing issues. • Credibility: Providing a pre-approval letter increases the credibility of your offer in the eyes of homeowners who often have several offers to consider. • Agility: Knowing your financing capacity allows you to respond quickly. • Focus: Getting pre-approved early in your home buying process allows you to focus on the most important goal: finding the perfect home.
Step Four: Start Shopping For Your New Home • Once you’re pre-approved for your mortgage, you can start touring homes in your price range with your real estate agent. We have several local mortgage lenders that we can recommend. The key words are LOCAL LENDERS! • Your real estate agent will set up private showings for each home you want to see. Be sure to walk around the entire interior and exterior of each home. • Taking notes during your showings can be helpful, and don’t hesitate to ask your real estate agent any questions you have about the home! • Once you find the right home, you’re ready for the next step…
Step Five: Make an Offer • Once you find the right home, you will work with your real estate agent to decide a fair offer based on the condition of the home and the comparable home sales in the neighborhood. • Your real estate agent will write up the offer and negotiate the price on your behalf.
• Once you and the seller reach an agreement on price, the purchase and sale contract is signed by both parties, and your earnest money deposit will be deposited into an escrow account until the closing.
Step Six: Begin Your Mortgage Application Applying for a mortgage is an important transitional phase in the process. • You have already become pre-approved with your lender - now, you are ready to formalize the process.
• Your lender will help you: 1. Identify all required documentation regarding your income, assets, and liabilities. 2. Determine the most comfortable loan amount and appropriate loan programs to meet your needs. 3. Prepare your loan application for underwriting.
Step Seven: The Home Inspection • The sale of the home is typically contingent on a home inspection of the property to check for any major issues with the home. • Your real estate agent can recommend several licensed home inspectors and can help you coordinate the home inspection. • The home inspection is paid for by the buyer, and both you and your real estate agent will receive a copy of the detailed home inspection once it is completed. • If there are any structural defects or safety issues found during the home inspection, you will have the opportunity to re-negotiate with the seller and ask for repairs to be made prior to closing or credits for repairs to be granted at closing.
Step Eight: The Appraisal • Your lender will arrange for an appraiser to provide an independent estimate of the home you are purchasing. • The appraiser is a part of a third party company, not directly associated with the mortgage company. • The appraisal will let all parties involved know if a fair price is being paid for the home.
Step Nine: Title Search and Document Preparation • Your closing Title Co. will gather and examine copies of documents from various public records: deeds, deeds of trust, various assessments and matters of probate, heirship, divorce, and bankruptcy. • Your Title Co. will ensure all appropriate forms are prepared for conveyance and settlement.
Step Ten: Final Walk-Through and Closing • Right before the closing, you will do a final walk-through of the home with your real estate agent. At this time you’ll confirm that any agreed upon repairs have been done. • At the closing, you will meet with the Title Co. to sign all of the paperwork required to complete the purchase. You will bring a bank or cashier’s check to the closing for the remainder of your down payment and closing costs. • Once the documents are signed and the check from your mortgage company is given to the Title Co., you will get the keys to your new home and you are ready to move in!
Questions? We look forward to meeting with you when you’re ready to discuss your home search in detail and help you find the perfect home! Please feel free to contact us with any questions.
Team Randy Thomas Murney Associates Realtors 1625 E Primrose Springfield, MO 65804 Phone: 417-575-1291 Randy: 417-894-9093 Website: Team-Thomas.com
Jennifer Laney Ryan Armstrong Craig Long Jolene Parham Emily Blink Jeanie Kendrick Luke Thomas Jenny and Randy Thomas