STEPS IN THE HOME BUYING PROCESS
OBTAIN PRE-APPROVAL LETTER - Determine down payment, closing costs, and NEW monthly payment
- Begin making that payment now into a savings account to be sure you can handle your future new payment
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PRIORITIZE WISH LIST |
WORK WITH BUYERS AGENT - No cost to you to work with buyers agent
- They represent YOUR interests
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MAKE AN OFFER - Include dates for Purchase & Sale, mortgage application, bank commitment letter, home inspection, and closing
- Include contingencies and possible additional terms, and how much will be financed
- Include deposit check to bind the offer (usually $1000 held in escrow)
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WITHIN 10 DAYS OF ACCEPTED OFFER - Conduct professional home inspection - usually 2-3 hrs long and $500-800
- Apply for mortgage
- Review P&S with your attorney
- Sign P&S and provide 2nd deposit (usually 3-5% of sales price)
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AFTER P&S - Appraisal gets ordered
- Provide required documents to lender
- Lender provides Mortgage Commitment Letter
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THE CLOSING - Final walk-through to make sure house is in same condition as when offer was made
- Sign lots of paperwork
- Deed gets recorded at Registry of Deeds
- You receive keys and take possession!!
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*Heads Up - At some point in the home buying process, there will be a "hiccup", something that happens that was not expected. Take a deep breath and it will get worked out.
