Walk This Way...

Yes, purchasing a home is a complicating process. My job as your realtor is to make certain you are aware of all your options and pitfalls. Below is a quick and dirty list of what you will encounter while you take your walk along the path of the home buying process. In today's market, with tighter lending standards enacted since the subprime problems, before we even begin looking, you will need to complete step one below.

Step 1. Getting Pre-approved

Before we begin looking at properties, you'll need to meet with a lender to determine your price range and to be pre-approved for a loan. Don't be afraid...often times people find they can afford more than they thought. If you do not know of a lender and need a recommendation, please email me as I'm happy to refer one to you!

I'll also ask you to determine your wants and needs. The worksheet below is a helpful tool in defining your wish list.
>> Home Finding Needs Worksheet

Step 2. Sit with me

This is what I call my “come to Betsy meeting”. It will most likely last 1 to 2 hours and is usually at my office, or a convenient coffee place. I learn what is on your home “wish list”, your time frame, and any other factors we need to consider in your home search. Then I walk you through the buying process and let you know what you can expect in the coming weeks. We'll also discuss what you can expect of me as your Realtor and from my company, Coldwell Banker Bain.

Step 3. Home Search

Now, we'll have some fun. I will email you listings in the areas and price ranges you are interested in. Then, your job is to let me know which listings you’d like to see, and we can arrange a time to view them. For the most part, we can view homes at your convenience. However, some properties have limited times for viewing, and require showing appointments approved by the seller.

Step 4. Making An Offer

So, you've found what you're looking for. Now what? It's time to make an offer! The offer itself is several contracts that you and the seller will sign. The contracts will typically include the Purchase and Sale agreement, Financing Condition, Inspection Contingency, Title Review and the CB Bain General Addendum.

Once you are ready to make the offer, we will meet at a convenient location where I will walk you through these contracts, and you will sign them. Signing can take up to 2 hours, depending on how much explaining you desire. Some people just want to know where to sign, and we're finished in 15 minutes! During this time too, you will give me an earnest money check to present to the seller along with the various contracts.

I will present your offer with a copy of your earnest money check to the seller and their listing agent. If all the terms of the contract meet their approval, they too will sign the contracts. At this point, congratulations, we have "mutual acceptance". Or, there may be terms of the contracts they dislike (i.e. offering price, closing date), and they will make their desired change(s) to the contracts and send them back. This is called a counteroffer. Negotiations between the buyer and seller continue until both parties agree to all terms of the contracts, to the point of mutual acceptance.
>>Tool: Estimated Closing Costs Worksheet

Step 5. Inspections

Upon mutual acceptance, the clock begins ticking as to meeting certain contingencies. One of these contingencies is the home inspection. You will want to obtain a home inspection. These typically cost between $300 and $400 depending on the size of the property. I will encourage you to attend the inspection, and, I will attend the inspection with you.
>>Article: Why Do I Need A Home Inspection?

Step 6. Closing Process

All of the contracts and funds are held by escrow, a neutral third party in the transaction. About 3 days before closing, you will go to a signing appointment with an escrow representative. Signing usually takes an hour or two.

On the day of close, the funds are transferred and the deed is recorded. When this is completed, escrow will contact me, and I will then contact you. I will also arrange a time to deliver the keys to you and you are ready to move in!