For the Buyer:
You are about to embark on one of the most important and exciting decisions in your lifetime, the selection and purchase of a home. Stephanie Pratt, can help you find your new home, efficiently and quickly. Here are some pointers to help guide you through the process.
- Get pre-approved for a loan. Your lender or mortgage broker can help you evaluate how much you can afford to pay for a home. They will present different financial scenarios to help you decide what best works for you.
- Choose a licensed realtor that is knowledgeable, experienced and pleasant to work with. It is important that you trust and like your realtor, as you will be spending a lot of time together.
- Go house hunting! It is important that you become familiar with the areas that you would like to live in. Figure out the type of house that you like and your wants and needs. It helps to write a “wish list” to share with your realtor.
- Once you find the house, make an offer. Your realtor will explain the terms of the contract and help advise you on what the offer should be. Certain contingencies will be built into the contract, such as financing and inspection of the property. These are for your protection to insure that you approve of the condition of the house and that the lender can complete your loan, prior to close of escrow.
- If your offer is accepted, you will need to make an earnest money deposit that will be held in a special trust account, or escrow account, until the sale is closed or the contract is broken. This money is applied to your down payment.
- During the escrow period, a Preliminary Title Report will be completed to insure that the property is clear of any claims or liens and that the seller does in fact own the property. This is done by the Title Company.
- During the contingency period, any inspections that you would like should be completed. If any issues arise that are of concern to you, negotiations can be done with the seller. Your realtor can be a great asset in negotiating these issues.
After all of the contingencies have been lifted and your loan has been funded, the escrow will close. You will sign closing papers and your loan documents at the Title Company with your Realtor. Now you are a new homeowner!!