Century21PowerTeam

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Buying Process                      

*Loan pre-approval: The first step in buying a home starts with your lender. Even before you look at homes on the internet. You need to find out not only ‘if’ you can get a loan but what price range you should be looking in. And remember, once you do write an offer on a home, a pre-approval letter must accompany all offers. So you can start with the bank you currently are using or click on our ‘Lender’ icon for more lender info.

*Find an experienced agent: An experienced agent can literally save you thousands of dollars. Buying your first home is setting the stage for your financial future. Don’t take this lightly. If need be, interview several agents that are willing to work for you and your future.

*Buyer Agency: Most agents, especially in Wisconsin, represent and negotiate in the sellers behalf. It only makes sense to work with an agent who is looking out for you and your best interests. The way to do that is, after you have found an experienced agent you not only like but trust, sign a buyer agency contract with him/her. This insures they will be looking out for you and your best interests.

*Home viewing: There are plenty of homes on the market today. Make sure you look at as many that is needed to help you form a good perspective of what your money can buy.

*Other Company Listings: With the MLS (Multiple Listing Service) Realtors can show you any house in the area they are licensed. That means they don’t only have to show you ‘their companies listings’ but EVERY companies listings. A good agent will show you the best homes suited for you in your price range no matter whose listing it is.

*Be patient: This is the most important purchase of your life. As well as the most expensive. Don’t settle! Be 100% sure this is the house for you!

*Writing an Offer: Once you have finally found your dream home, now its time to write your offer. This is where your agents experience really pays off. Even though this may be your first offer on your first house, this is probably just one of hundreds your experienced agent has written. He/she has been in the situation many, many times.

*Earnest Money: Once your offer has finally been accepted, the earnest money you negotiated in the offer is due. This is usually within 3 to 5 days after acceptance. Earnest money is the first money you are putting towards the home. It is deposited in the listing brokers trust account within 24 hours of acceptance.

*Home Inspection: One of the negotiating points of an offer is the home inspection contingency. What this means is that the offer is contingent upon the buyer, at buyers cost ($300.00), having a home inspection performed by a licensed/certified home inspector of choice. NEVER purchase a house without one!!! My rule of thumb: ‘Why not spend three hundred dollars to make sure you are spending your one hundred thousand wisely!?’

*Appraisal: The next step is that your lender will order an appraisal to be done. This costs the buyer on average approximately $300 - $500. The lender will schedule the appraisal with an appraiser who is going to determine the value of the property for the bank before they lend it to you.

*Loan Commitment: This is when all your lenders contingencies for lending you the money for your home, have been met.

*Closing: The last and most important part of the process is the closing. Closing is when you meet at a Title Company or bank and sign all your documents, including deed and mortgage and loan docs, transferring ownership over to you. In most cases, this is when you get the keys to your new home.

 

Note: Typically the process of acquiring a loan unto obtaining an accepted offer and through closing, spans on average, of 30 days.


*For More Information on buying a home, selling a home,
setting up a showing or finding a lender, call us
at 608.289.2241 or email us at chartc21@yahoo.com
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