Brace Yourself…
Although the process of purchasing a new home is fun, exciting, and rewarding, at times it can be turbulent and frustrating… here are a few things to guide you through your transaction to maintain reasonable expectations.
HGTV is NOT the best source for the truth about real estate. TV shows are scripted and planned for entertainment purposes. Real estate is all about what is happening locally, and is not really affected by what happened on last week’s episode of “House Hunters.”
How does the process work?
While each real estate transaction is unique and the requirements can be affected by a number of variables, most real estate transactions follow a basic series of events. Here is the process simplified into 10 steps:
1. The home is placed on the market.
2. The buyer makes an offer on the home.
3. Negotiations take place until there is an accepted purchase agreement between the parties, at which time the earnest money is collected from the buyer and deposited into a non interest-bearing trust account.
4.The buyer has a certain amount of time to get a home inspection done (usually 10 business days).
5. If there are any repairs that are uncovered by the inspection, the buyer may choose to request those repairs be made, and the seller can accept or decline that request.
6. The buyer’s lender will order an appraisal of the property. Depending on the results, the purchase price may need to be adjusted.
7. The seller’s agent will order title insurance on the property.
8. The buyer will need to shop around for homeowner’s insurance and decide on a policy.
9. Title work is completed and the HUD document is prepared
10. The closing date arrives, various items of paperwork is signed and distributed, outstanding balances and closing costs are paid, and keys are given to buyers if possession is at closing.
What should I look for when choosing an agent to work with?
Choosing the right agent is an important first step for either party of a real estate transaction. It might be in your best interest to contact a couple of different agents and ask them questions about how they run things, and why they would be the best choice for you. Friends, family, or acquaintances may be a good source of recommendations for particular agents. If they’ve been through the home-buying process with the help of an agent, they probably have a pretty good idea of that agent’s strengths and weaknesses. If you are considering working with one of our agents, we encourage you to take a look at our “Testimonials” page to see what other folks had to say about us. We would be honored to earn your business too.
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