8 STEPS TO BUYING YOUR FIRST HOME
This is the final step of the home buying process and your agent will take care of most of it for you. The stages of this process include:
Appraisal - Your lender will send out an appraiser to assure the home is worth what you're paying for it, or at least what you're asking to borrow for it.
Title search - A title search will be performed to assure the seller has a right to sell the home and that no one else claims to own the property.
Final credit and finance check - Your credit and financing will be looked at one final time to assure everything is in order. It is important you don't make any major purchases (car, new furniture) during the home buying process.
Your agent will keep you notified of each step and how the process is advancing. Even though most of this stage is in your agent's hands, you will have a small list of pre-closing responsibilities you should be on top of.
1. Stay in control of your finances. As I mentioned above, this is not the time for any major purchases, it could result in you losing the home of your dreams.
2. Return all phone calls and paperwork promptly. There are time deadlines during this stage that everyone is trying to meet, don't be the one who keeps the party waiting!
3. Communicate with your agent at least once a week. Send them a text, email. or give them a call to find out how things are going and if you need to do anything.
4. Confirm with your agent your documents are in order. This should be done several days before closing. Sometimes documents can be misplaced in the mountains of paperwork and emails, so it's best to double check.
5. Do a final walk-through - A few days before closing you and your agent should do one last walk-through of the property to ensure it's in the same shape it was when you agreed to purchase it, and that all appliances included in the deal have remained.
On closing day you will be guided through the process of signing by a closing agent and your own agent. The documents you sign will:
1. Finalize your mortgage.
2. Pay the seller.
3. Pay your closing costs.
4. Transfer the title from the seller to you.
5. Make arrangements to legally record the transaction as a public record.
With these clear expectations, and if you follow directions given to you by your agent, closing should be the exciting end to your home-buying journey!