Ten Steps to Buying
Take a look at your finances, including your credit score and credit report. You can get an idea of what kind of home you’ll be able to afford by using our mortgage calculator. This will help you begin your home search.
Now that you have a ball park or price range of what homes to consider, do a preliminary search to get an idea of the housing market. Search our listings. You can specify the search criteria and save homes. Should you find a home that sparks your interest, you’ll have the opportunity to contact one of our REALTORS®.
Your real estate agent will be an invaluable source of knowledge in your home buying journey. Our REALTORS® are licensed and trained real estate professionals. Your RealtySouth REALTOR will be your biggest ally in finding the home that meets your needs. Because we are a full-service real estate agency, our REALTORS are connected to mortgage, insurance, title, warranty and relocation sources.
Getting pre-approved for a mortgage gives you an advantage in the home search journey. You will have an idea of the terms of your loan, the amount you’re pre-approved for and lets sellers know that you’re a serious buyer.
Once you find your right home, you will want to make an offer. Your REALTOR® will work with you to craft an offer to the seller, taking the listing price and local housing market into account. You will sign a purchase agreement and pay earnest money, likely towards the down payment on the home, to seal the deal. If your offer is accepted (sometimes with contingencies), determine a date you wish to close.
After the offer has been accepted, have the home inspected to ensure there's nothing seriously wrong with the property. Your RealtySouth REALTOR® will help you coordinate the home inspection. You and the seller will receive a report of the findings. At the point, you can ask the seller to fix anything on the property before closing on the home. It’s also a good idea to get homeowner’s insurance to protect yourself against any unforeseen calamity. If everything checks out, the next step is getting your mortgage finalized.
Notify your loan officer about the property you’ve made an offer on so they can begin the appraisal and title process. You will lock in your interest rate also. Your loan officer will send you a new good faith estimate which shows your monthly mortgage payment as well as your estimated cash needed for closing.
Before the settlement is made, perform a final walk-through of the home in the seller’s presence. This is your opportunity to look over everything and ensure the property is in the condition in which you agreed to buy. Check that repairs have been made, if any, and that nothing has drastically changed since you last saw the home. Now you’re closer to closing.
This is one of the most important steps – closing on your new home. You will sign all of the required paperwork and loan documents to complete your purchase. You will be guided by your RealtySouth REALTOR®, loan officer, your attorney and others to help your home buying transaction. Once the purchase is complete, you will receive the keys to your new home – congratulations!
Notify your phone company, utilities such as water and sewer, post office and change your mailing address. Now it’s time to move into your new home!