Steps In The Homebuying Process
October 26th, 2008 Categories: Buyer's Corner, First Time Buyers
I have been showing homes in Boulder Colorado to first time homebuyers. They are doing what a lot of us dream about our whole lives. Buying a home, getting married, and “settling down”. After home shopping over the weekend, they have decided that planning for their wedding (in a different state, I might add) is easier than the process of buying their first real estate. I’m not sure about the complexities of planning a wedding, but it’s my job to make homebuying a comfortable process that they will look back on for the rest of their lives. After showing them homes for several days, they are getting closer to making a decision. When we do submit an offer, I will uncomplicate their lives and educate them on the homebuying process. Which is quite easy if explained correctly and a by giving them a checklist, they can refer to it anytime while their property is under contract. Read more to learn the easy steps of homebuying.
Real estate practices vary from state to state. In Boulder Colorado, the homebuying process goes a little like this:
After deciding you want to buy and you’ve selected the ideal real estate agent, the agent then helps you determine your buying needs and purchasing power. Now you are ready to begin.
- You’ve heard it once and now you’ll hear it again. Get Pre-approved!
- Buyer reviews available properties with selling associate.
- Buyer selects a property.
- Buyer makes an offer to buy. If rejected, make a new offer.
- Terms and conditions are negotiated.
- OFFER IS ACCEPTED!
- Process the mortgage application including the appraisal, credit report, and all required verifications.
- Buyer and associate arrange for and negotiate property inspection (home inspection, radon, termites, well, septic, etc.).
- Mortgage underwriting.
- Mortgage approval.
- Purchase homeowners insurance.
- Title/Escrow company searches title. Provide HOA documents if necessary.
- Clear title requirements if necessary.
- Associate arranges settlement date.
- Pre-settlement inspections.
- Settlement!!!!
See? It’s easy if you have a step by step checklist such as this one. Any good real estate agent should provide you with one and explain each step in detail. Don’t be intimidated by the homebuying process. Instead, educate yourself, follow your deadlines in a timely manner and the rest is smooth sailing. And the very last step… enjoy living the dream!
