The Home Buying Process
When you are ready to buy your next home, a strong understanding of the home buying process and the real estate market, in the area you plan to purchase, result in an easier and streamlined home search. Once you find the perfect home, a specially trained Murray & Co. Realtor will walk you through writing a competitive offer and ensuring it is submitted to the seller’s agent immediately. For many buyers, this will be what sets you apart from everyone else, and in many cases, it is the reason our client’s offers get accepted over the competition.
The Process Step-by-Step
- Find a Realtor- If you are reading this, you can cross #1 off of your to do list!
- Pre-Qualification- During this meeting, buyers provide their lender the needed documentation to run your credit, look at your income history, and determine how much you are eligible to borrow for the purchase of a home.
- Buyer Consultation- During this consultation, you and your Murray & Co. Realtor will review the entire home buying process from start to finish.
- Showings- Once a list of properties you are interested is put together, you and your Realtor will view each property, to determine if it meets your needs in a new home. If it does, then the next step is writing the offer.
- Writing the Offer- Your Realtor will look into the listing’s activity and generate a comprehensive market analysis (CMA) of the recent comparable homes sold in the area. This information will help you determine the right offer price. Once an offer price is determined, your Realtor will walk you through your offer and help you to determine the specifics details. Once complete, your Realtor will send the offer to the listing agent along with the strengths of your offer.
- Negotiations- The negotiation process varies from property to property. Your Realtor will work with you through the process and manage the negotiations on your behalf.
- Offer Accepted- Once both the buyer and seller come to terms on the offer, both will sign the updated offer, putting you officially under contract!
- Inspections- Allow buyers to take a close look at the property with an inspector to determine the true condition of the property and any needed repairs. The needed repairs are generally the last round of negotiations.
- HUD Paperwork- For buyers using a loan to purchase their home, your lender is required to provide you a copy of your HUD document three full days before your closing date. This document, outlines each monetary component of your loan so there are no surprises.
- Settlement- At the closing, both the buyer and seller meet with the buyer’s chosen title company. This is where the official paperwork transitioning the ownership from the seller to the buyer is signed. The final signatures on the paperwork bring the selling process to a close, and you are now a new homeowner!
If you are ready to get started on the purchase of your next home, give us a call, shoot us a text, send an email, or complete the contact form on this page and a Murray & Co. Realtor will call to schedule a time to meet and discuss the purchase of your new home.