So you want to buy a home, but don’t know where to begin. Many prospective homebuyers call an agent to see a property before figuring out what they really want in a home and also before the other crucial first step — getting pre-qualified.
Buyers should sit down and decide on where they want to live, how much they can afford each month in a payment and the style and size of a house they need. Also before viewing homes, buyers need to contact a knowledgeable, local lender and acquire a pre-approval. The lender will be able to interview prospective buyers over the phone, and after checking credit score can provide buyers with a purchase price maximum, or what they qualify for.
After you have a pre-qualification in hand, the process of viewing homes can begin. It is rare that you will find the perfect home out of the gate, and viewing homes is more of a process of elimination. Once you find the home you think will fit your needs, the contract process will take place. With the help of your Realtor, you will decide on an offer price and various terms such as closing cost assistance, home inspection timeframes, settlement date, amount of earnest money deposit, etc. Buyers should feel free to ask their Realtor for a copy of a blank contract to review ahead of time, so that you can be prepared to ask questions when signing the document.
Steps along the way during the 30-45 days it normally takes to settle on a home are: home inspection, quoting homeowners insurance and/or flood insurance, receiving loan commitment from the lender, and establishing utilities in your name for day of settlement. You will also do a final walk through of the property you are purchasing the day before or the day of settlement, which allows you to re-inspect the property to ensure it is in acceptable condition and that all of the items that were to convey with the property are present.
On settlement day, buyers are required to bring a copy of their driver’s license and certified funds to settlement. After you finish signing, which may leave you with a cramped hand, transfer of ownership has occurred and you receive your keys/garage door openers and it's time to move in!
Lauren Bunting is a licensed REALTOR®with Bunting Realty, Inc. in Berlin, MD.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
