10 Steps to Buying a Home
The Typical Home Buying Process with the Barndt Agency
Often time the purchase of a home will be the largest single transaction you will make in your lifetime. Most people will tell you to not even think about going at it alone. We agree.
Below we have outlined 10 Common Steps to Buying a Home:
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Find a Real Estate Agent. Identify an experienced Real Estate Agent in the market area where you would like to purchase a home. We suggest any of our Real Estate Agents at The Barndt Agency.
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Schedule an appointment with the Agent- flexible times include nights and weekends!
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Get pre-qualified for a mortgage. It is an industry standard to have a pre-approval letter than can be submitted with your offer. If you are serious about buying your agent can help you connect with a mortgage broker to get you started.
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Pre-approval letter. Once you have your pre-approval letter you know the real numbers for purchase price you can officially begin looking for homes with the ability to make a quick offer.
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Agreement of Sale. Once you find your dream home your agent will prepare a written document called an “Agreement of Sale” with all the terms of your offer. Your real estate agent will help you put together the agreement of sale, commonly known as your offer letter.
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Submit your offer. Once the document has drafted the Agreement of Sale will be submitted to the agent that has the home listed.
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Seller feedback. At this point the seller may accept your Agreement as present or return the Agreement with a “counter offer” which are terms of the sale acceptable to them.
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Under Contract. Once both parties have agreed to the all terms in the Agreement of Sale we have an accepted contract and we proceed with the sale.
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Inspections. Once under contract you can schedule inspections (outlined in the agreement of sale) and submit a formal application of your loan with the mortgage lender.
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Settlement. Once all terms in the Agreement of Sale have been completed it is time to schedule the settlement.
Congratulations you are now homeowners…. once both parties sign on the dot
ted line!
Although this is the process of home buying – it isn’t always this black and white, which is why you will want to work with a local and experienced real estate agent.
