Buyer's Guide

The first step in the buying process is to obtain a pre-
approval letter from your preferred lender. The lender can

provide answers to questions about interest rates, closing
costs, type of loan, down payment requirements, and
monthly payment expectations. Referrals for mortgage
lenders can be provided if needed.
If you are purchasing the home with cash, Proof of Funds is
needed. This can be a current bank statement (with the
account number erased) or a signed letter from your bank
stating funds are available.

IMPORTANT:
DO NOT make any “big ticket” purchases or open any new
lines of credit
DO NOT cosign a loan for anyone
DO NOT change jobs during this process

Whether you are buying your first home, upgrading or
downsizing, it is a good idea to think about what type of
home best fits your needs and what minimum requirements
are necessary for your lifestyle.

• Where do you want to live?
• What type of home are you looking for?
• What size home do you need?
• Is the school district important to you?
• What is your time frame?

We will create a custom home search where we identify all homes that fit your criteria. By using the Compass search tools available on the site and in the app, we can collaborate with each other about the homes and we can even offer a sneak peak of homes not yet on the market. We will send you an invitation to get started on Compass.com as well as a link to download our mobile app to keep your collected search in one place!

We recommend you start making a list of your “Must Haves” and “Like to Haves.”

Together we will identify the right home for you. This is when the fun starts! After selecting a group of homes from the Collection that interest you, we will set up appointments to view them at your earliest convenience. Plan on a couple of hours the first time out. On this day, you’ll get a feel for the marketplace as well as the community.

Congratulations – You have a contract on a home! Once we have reached an agreement with the seller on the purchase price and other negotiated terms, we will revise the Contract and send a copy to the Seller for counter-signature. Once the contract is fully executed, there are several critical things we’ll need to get done right away.

There are 5 business days after contract acceptance to complete your home inspection, radon test, and issue our initial attorney review letter. The home inspector will help you identify any major deficiencies in the home (i.e. problems with the roof, furnace, central air conditioning, appliances, electrical, plumbing, etc). The home inspection contingency in the contract only covers major components of the home. A major component is deemed to be in operating condition if it performs the function for which it is intended, regardless of age, and does not constitute a threat to health or safety. If any major deficiencies are discovered, we will contact your attorney and they will address your concerns during attorney review. Attorney review is concluded once all parties to the contract are in agreement.

“Buyer agrees minor repairs and routine maintenance items are not a part of this contingency.”

Home inspections typically cost between $350-$800, depending on the size and location of the home. There may be an additional charge for a radon test or termite inspection (if needed) and payment for services will be due at the time of the inspection.

You will need to obtain home insurance as part of the loan approval process. Now is a good time to re-evaluate all your insurance policies. Most insurance companies will offer savings if you bundle policies like home and auto together. If the property is located within a flood zone, flood insurance will be required.

Before closing, there will be a final walk through of your future home. The purpose of the walk-through is to make sure the sellers made any repairs agreed to, all appliances and fixtures negotiated were left behind and are in working order, and that the sellers didn’t accidentally damage the home when moving out./p>

This is the last step of your home buying experience. Closing day is where all the excitement happens and ownership of the property is transferred to you! The closing typically occurs at an office of the title company where title services were ordered. The Sellers are rarely present at closing, so it will be you, your attorney and a representative of the title company. Closing usually takes 1-2 hours to complete and you will have a substantial amount of paperwork to sign before you get the keys. The bulk of the closing package will be loan documentation which provides the money you’ll need to buy the home, as well as a few items from the attorneys and title company. We will explain each document you are asked to sign, many of which were previously researched, approved and prepared during the weeks leading up to closing. If you have any questions, please ask at that time. While we all work very hard to ensure a smooth transaction, from time to time a hiccup could arise at the closing table. Don’t panic! There are a large number of moving pieces in a real estate transaction and we’ll be there every step of the way to help you navigate any problems and ensure the transaction concludes with as little stress to you as possible.