The Home Buying Process
1. Select a Realtor
a) MLS, FSBO, Builders, Open Houses
b) NO charge for representation (real estate commission is paid by seller
and written in the listing contract).
2. Obtain pre-approval (mortgage) or proof of funds (cash)
a) The paperwork lenders require can be BRUTAL!
b) This must be obtained before any showings
c) Buyer to let agent know where downpayment funds come from
3. Analyze needs and set detailed criteria in MLS Drip
a) There is NO PERFECT house! 75% of your criteria is a FIND!
4. Select properties - DRIVE BY ALL PROPERTIES FIRST! Make sure this
is a street you would like to live on by checking location, neighbors, etc.
5. Schedule Showings
a) Showing times vary and sometimes require a 24 hour notice
b) 3 showings max per day/12 showings max overall
c) Average buyer looks at 3-5 homes before writing an offer
6. Writing an offer
a) Will provide a Comparative Market Analysis (CMA). Properties are
selling from 98% to 105% of list price in today's market.
b) Must provide earnest money check upon acceptance of the offer ($500+)
c) 'TARGET' Closing date = 60 days (USDA, KHC), 45 days (Conv, FHA, VA)
d) Agents to obtain copies of the buyers drivers license
7. Negotiating Terms
a) Purchase price, closing costs, appliances, home warranty
8. Buyer and Seller come to agreement = PENDING!
9. Contingency Removal Process
a) Home Inspection - MAJOR issues only
b) Mortgage Financing
1) Appraisals, underwriting, Insurance, credit check
c) Title Search
1) Remove encumberances, obtain title insurance
10. Clear to close from lender = CLOSING TIME!!!
a) MLS, FSBO, Builders, Open Houses
b) NO charge for representation (real estate commission is paid by seller
and written in the listing contract).
2. Obtain pre-approval (mortgage) or proof of funds (cash)
a) The paperwork lenders require can be BRUTAL!
b) This must be obtained before any showings
c) Buyer to let agent know where downpayment funds come from
3. Analyze needs and set detailed criteria in MLS Drip
a) There is NO PERFECT house! 75% of your criteria is a FIND!
4. Select properties - DRIVE BY ALL PROPERTIES FIRST! Make sure this
is a street you would like to live on by checking location, neighbors, etc.
5. Schedule Showings
a) Showing times vary and sometimes require a 24 hour notice
b) 3 showings max per day/12 showings max overall
c) Average buyer looks at 3-5 homes before writing an offer
6. Writing an offer
a) Will provide a Comparative Market Analysis (CMA). Properties are
selling from 98% to 105% of list price in today's market.
b) Must provide earnest money check upon acceptance of the offer ($500+)
c) 'TARGET' Closing date = 60 days (USDA, KHC), 45 days (Conv, FHA, VA)
d) Agents to obtain copies of the buyers drivers license
7. Negotiating Terms
a) Purchase price, closing costs, appliances, home warranty
8. Buyer and Seller come to agreement = PENDING!
9. Contingency Removal Process
a) Home Inspection - MAJOR issues only
b) Mortgage Financing
1) Appraisals, underwriting, Insurance, credit check
c) Title Search
1) Remove encumberances, obtain title insurance
10. Clear to close from lender = CLOSING TIME!!!