Home Buyer’s Guide

More than a house, it's where love, laughter, and cherished memories thrive. It's home.

Buying a home is a big deal for most people and probably the biggest investment they'll make. But it’s not just about the money. It's about finding a place that's all yours, where you can be yourself and feel at home. It's where you can set down roots, be yourself, build a family, and create beautiful memories that'll stay with you forever. It's about finding your own special place that speaks to your heart.

This guide will help you navigate this journey with all the details and insights you need, from prepping to purchase through the day you receive the keys to your new home!

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Real Estate

Buying Process:

Step 12:

Step 13:

APPRAISAL

HOLD TIGHT!

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Step 11:

Step 14:

MORTGAGE APPROVAL

LOAN

APPLICATION

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Step 1:

Step 15:

Step 10:

FINAL WALKTHROUGH

COMPLETE INSPECTIONS & REMEDY

PREPARING

TO BUY

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DEPOSIT EARNEST MONEY

CHOOSE YOUR BHHS PROFESIONAL REALTY AGENT

TIME TO SIGN - CLOSING DAY!

Step 9:

Step 2:

Step 16:

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OFFER

ACCEPTED

TAKE OWNERSHIP OF YOUR NEW HOME

PRE-QUALIFY FOR A MORTGAGE

Step 8:

Step 17:

Step 3:

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3

IDENTIFY

YOUR NEEDS

Step 7:

Step 4:

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HOME SEARCH

Step 6:

Step 5:

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Typical

Parties Involved:

3

Other Parties:

Escrow Agent

Documents

Purchase basics

• Buyer Agency Agreement
  
• Pre-Approval Letter
• Purchase Agreement / Contract
• Addendums
  

Required by state law

• Consumer Guide to Agency
  
• Agency Disclosure
• Residential Property Disclosure
  

Required for Pre-1978 Homes

• Lead Based Paint Disclosure
  
• Protect Your Family From Lead Based Paint Brochure
  

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BEFORE YOU START THE SEARCH

FOR YOUR NEW HOME

Do you qualify for a mortgage?

Before you trying to buy a home, make sure your money matters are sorted out by doing a financial wellness check. If you're like the majority of people, you'll need a mortgage to buy a home. Obtain a credit report and reach out to one or more reputable lenders about what is needed to qualify for a loan. A good lender will review with you how to get in the best possible financial position to qualify for a mortgage. They may advise you to pay off outstanding credit card balances right away or not to make large purchases, like a car, until after closing.

When is a good time to buy?

If owning a home is your dream, it's crucial to have a solid down payment, access to funding, confidence in your ability to meet your monthly financial obligations, and a reliable real estate professional by your side. Then, when the time feels right, you'll be ready to make that leap. An experienced agent will evaluate the local market conditions and provide valuable insights into your options.

THE PATH TO HOMEOWNERSHIP

Prepare

If it's been several months or more since you communicated with a lender, now's the time to check in. You'll need to know if you're able to qualify for a mortgage and the amount. Ask your lender for a pre-approval letter, which will indicate to sellers that you are a serious buyer.

Plan

Before you start to looking at properties, it's a good idea to get in touch with your agent and discuss what you're looking for in a home. Are there certain features you can't live without? Are there specific areas that you'd like to focus your search on? Talk to your agent and make sure you're on the same page.

How to pick your Pro!

Buying a home is no cakewalk, but with the right real estate professional, it can become a much smoother journey. Having a trusted agent by your side will make all the difference. They'll provide invaluable support, guiding you through every step—from finding the perfect property and helping to secure financing to skillful negotiations and successful closing.

A professional agent brings expertise to the table, helping you navigate potential pitfalls. A great agent will take the time to listen to your wants and needs. It's essential to find someone who understands the nuances of the area and has a proven ability to deliver results.

Ask your friends, family, and coworkers whom they have used and whether or not they would recommend them. Online reviews can also help you find a respected agent. When you're ready to dive into the homebuying process, a Berkshire Hathaway HomeServices Professional Realty agent is ready to help! With our guidance, you'll have the peace of mind and confidence to make informed decisions along the way. Get in touch today and embark on this exciting adventure with a skilled agent by your side.

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HOW TO FIND THE

PERFECT HOME FOR YOU

It takes teamwork!

True, websites and apps are invaluable when searching for a home. They provide info, photos, video tours, and more to help you find your perfect place. Your agent can set up alerts for suitable properties. Still, nothing beats visiting in person to see layout, design, and craftsmanship. Trust your agent's insights to uncover hidden details. Together, you'll find your dream home.

Teamwork makes this journey rewarding!

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THE OFFER:

You found your dream home!

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SIGNED PURCHASE CONTRACT - NEXT STEPS

Secure your financing

Alright, you're getting close! Time to go back to your lender to nail down the mortgage specifics. This means filling out the application, finalizing the down payment, interest rate, payment schedule, and other financial conditions outlined in the purchase agreement.

Earnest money deposit

If one of the conditions of the purchase contract was an earnest money deposit, it's usually due within a couple of days after the contract is signed. Your agent will make sure to collect and deposit your earnest money in accordance with the terms of the contract.

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SIGNED PURCHASE CONTRACT - NEXT STEPS

Home inspection

Now that the contract is signed, it's time to schedule a home inspection if it was requested as a condition of the purchase. An inspector will assess the property, identifying any potential issues, ensuring your peace of mind as you move forward with the purchase.

Purpose

A home inspection's purpose is to evaluate the property's condition. While not a negotiation opportunity, it may uncover defects that warrant a discussion on remedies between buyers and sellers. It empowers informed decisions and ensures transparency in the transaction process.

Your real estate agent will assist you in navigating the home inspection results and guide you through the next steps.

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THE WAITING PERIOD

Appraisal

If you've applied for a mortgage, the lender will most likely require an appraisal.

A home appraisal is an assessment of a property's value conducted by a professional. Lenders require it to ensure the property's worth matches the loan amount, reducing risk and safeguarding their investment.

Title work

The title company's work also begins now. The title company makes sure that the property's title is legit, meaning that the ownership of the property is legally valid and free from any undisclosed claims, liens, or issues that could affect your rights as the buyer.

TIP

While waiting, reach out to the local utility providers for information. When you have a closing date, schedule the utilities to transfer to you on the date of closing or the timeframe specified in the purchase contract. Your agent can help you find the necessary resources!

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COUNTDOWN TO KEYS!

Clear to close

"Clear to close" means you're all set to finalize your mortgage. Your lender has reviewed your documents and confirmed that you meet the requirements for the loan you want. It's like getting the go-ahead to move ahead and seal the deal!

The title company has also concluded the title search and can issue a clear title. "Clear title" means there are no legal issues or claims on the property, giving you full ownership rights.

Final walkthrough

The purchase contract you signed may contain a condition that allows you to take a look at the home one last time to ensure it’s in the same condition as when you signed the sale so that there are no surprises when you take ownership.

CLOSING DAY!

What you'll need for closing day

Every transaction is different, but some of the most common items you'll need to bring with you to closing are:

• Funds - your agent will tell you in what form the funds should be and the final amount
  
• Drivers license - or other form of identification
• Proof of insurance - if you are getting a mortgage, it's required.

Check with your agent to find out what you need.

The closing

The location of the closing will be determined by you, the seller, and your agents. On closing day, there will be a LOT of documents that require your signature. The title/escrow rep will explain each. Once both you and the sellers have signed, the transaction is almost complete. The only thing left is for the funding to complete, which may be immediate or may take up to a couple of days.

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CONGRATULATIONS!

You're a homeowner!

Welcome to your new home! Whether you

received the keys at the closing or will get them soon, you are a homeowner! Now the fun begins!

Real Estate

Vocabulary

to know

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What's the difference between a mortgage

pre-qualification and a pre-approval?

Mortgage pre-qualification is an estimate based on info provided by the borrower, while pre-approval involves a thorough review and verification process. A pre-approval carries more weight.

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Home search worksheet

Must haves:

Price range: _______________________________________

Area: ____________________________________________

Detached/Attached: __________________________________

House style(s): ____________________________________

Age of property: ____________________________________

Lot size: _____________________________________________

Square footage: _______________________________________

Number of bedrooms: ___________________________________

Number of bathrooms: ___________________________________

Garage: ______________________________________________

Like to haves:

(e.g., waterfront, view, large lot, pool, fireplace, basement, garage size, distance to school, additional room preferences, etc.): ____________________________________________________________________________________________________

____________________________________________________________________________________________________

Additional comments:

____________________________________________________________________________________________________

____________________________________________________________________________________________________

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This information contained herein is deemed reliable but is not guaranteed and is not intended to constitute professional advice. For such advice, please consult professional advisors.