The Buying Process

Step 1: Obtaining pre-approval can save us both a lot of time and headache. We don't want you to fall in love with a home you found on Zillow only to find out later that you can't afford it; or even worse, the seller has accepted our offer and we aren't going to be approved by underwriting for the loan. Please feel free to reach out to our trusted mortgage partners to learn more.

Step 2: This is an easy one! Hire us and we will help guide you through the entire process and make this an easy transaction. Our goal is to provide you with excellent service and help answer any questions you have! Please feel free to reach out to us if you are ready to start looking at homes - We would love to be a great resource for you and help you reach your home buying goals!

Step 3: In this step you will let us know what you are looking for! Sound good? Where do you want to live? What's your budget? How many bedrooms and bathrooms are you looking for? Do we need to look for a pool? Are hardwood floors a must have? You say the word and we will start looking for the best property!

Step 4: Have you been up late at night scrolling and saving homes on Zillow? Don't worry, we've been checking the MLS too. Now it's time to schedule those showings and view those homes in person. It's your turn to see which ones you love the most.

Step 5: Have you found THE HOME? It's now time to write an offer to purchase the property. In the offer we will decide if we want the Option Period; this is a non-refundable fee paid to the seller that gives you extra time to have the property inspected and taken off the market. If these inspections result in potential home repairs, the option period also provides time for repair estimates to be obtained and any additional contract negotiations.

Step 6: We are halfway there! This is generally the hardest part of the process. Sometimes the seller and the seller's agent will accept our offer with no problems and sometimes they will make adjustments and send it back for our approval (if we decide to continue).

Step 7: YES! The seller has accepted our offer and everyone has signed - We are now under contract! If you elected to have the option period and you are not comfortable with the condition of the property after the inspection reports we may exercise our right to terminate the contract. Your option period begins the day after the effective date. Once your lender receives the executed sales contract, they'll start the process to secure your mortgage loan. You will need to submit a lot of paperwork and it is critical to stay on top and deliver these items in time. We will do our best to stay in constant contact with the lenders and update you periodically on the loan process.

Step 8: Now it's time to write a check for the Earnest Money. The earnest money will be delivered to the tile company and held in escrow until the closing date. This is used to show the sellers that we are serious with our intent to purchase the home. Earnest money goes towards your down payment and closing costs. We will also do our due diligence and complete a home inspection, get the home appraised, conduct title search, purchase homeowners insurance and secure lending. 

Step 9: A home inspection is the first item to schedule, this is where major issues can be found and could be a deal-breaker if the seller isn't willing to make the repairs. You are about to make one of the biggest purchases of your life so it's not a bad idea to have a multiple inspections. Keep in mind that there is no such thing as a clean inspection report, even on new construction there can be defect and/or minor problems. Once the inspection reports are finished we will review the report with you and discuss what repairs the sellers need to make. If our seller refuses to negotiate on price or refuses to fix any of the major issues, then we will most likely cancel the contract under our inspection contingency. If you have any questions on contingencies please click here to learn more.

Step 10: A title search is necessary to make sure there are no legal issues such as unpaid taxes from the sellers, unknown heirs, undocumented easements, or forgeries. Once the title search is complete you will be required to buy title insurance for yourself and the lender. This is usually handled by a title insurance company or the closing attorney. It is also good practice to have a title contingency in place so if a clear title can't be produced you can back out of the contract. After the inspection and the title search are done the lender will schedule an appraisal with a third-party appraiser. The inspector makes sure everything is sound, working and in good condition while the appraiser is looking at finishes, upgrades done to the property, and other items that affect the value of the home.

They will also look at comparable homes in the area and look at quality of schools, traffic, and other conveniences that surround you. Their job is to assign an appraised value to the home to ensure the property is worth the loan amount you are requesting.

Step 11: The lender will require you to purchase homeowners insurance before closing. Shop around, you are welcome to contact your current insurance agent or feel free to reach out to our trusted insurance partners here. It might also be a good idea to purchase a home warranty during this time, we want to make  sure that we can repair or replace major systems that could fail within a year. At this point in time the seller is required to call and cancel their utility services by the closing date; it is your responsibility as the home buyer to call the utility companies two weeks in advance so they have time to process your application, receive deposits in time, and make sure you are ready to go on move-in day.

Step 12: You will have a closing date in your contract, but you still need to schedule a time at the title company or attorney's office that day. Both the sellers, buyers and their agents will be present at closing; We (the buyer's agent) will be responsible for coordinating the schedule and timing with everyone. The final walkthrough is usually done 1-2 days before the closing and we do this to make sure the seller has made all of the agreed-upon repairs and to see that the home is in the same condition as when we made an offer. This is not the time to make additional repair requests, unless something major has happened. Closing usually takes around two hours, but we would strongly advise that you don't have anything else on the calendar that day. Be prepared to sign a lot of paperwork! YOU DID IT! Congratulations! You bought a house! Buying a home can be stressful, but with KSRE Group we make it look easy!