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Shopping For A Home
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Shopping For A Home

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The home buying proccess, simplified

The home buying proccess, simplified


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  • 1. Realizing the American Dream
    • Shopping
    • for a
    • Home
  • 2.
    • Real Estate Agent
    • Lender
    • Attorney
    • Escrow Officer
    • Title Insurance Officer
    • Housing Inspector
    • Appraiser
    • Surveyor
    • Insurance Agent
  • 3.
    • Listing Agent
    • has a contract with a seller to advertise property and represent seller when offer is made
    • Buyer’s Agent
    • enters contract with the buyer and usually gets paid through split commission
  • 4.
    • Listens to what you want and need
    • Helps you get prequalified
    • Researches homes available in your price range
    • Helps determine how much homes are worth
    • Helps write and negotiate a contract for the sale
    • Explains all legal paperwork
    • Coordinates home inspection, final walk through and other important deadlines
    • Refers you to other professionals
    • Supports you at the Closing
  • 5.
    • Ask friends and relatives for recommendation
    • Drive through neighborhood and look on ‘for sale’ signs
    • Check with a national referral service
    • Call your local Association of Realtors ®
  • 6.
    • Read newspaper real estate sections
    • Check real estate shopping guides
    • Visit open houses
    • Visit new home subdivisions
    • Look for foreclosed homes
    • Attend auctions
    • Contact nonprofit organizations
    • Look at homes for sale by owner
  • 7.
    • Single-Family
    • Duplex, Triplex, Fourplex
    • Planned Unit Development (PUD)
    • Condominium
    • Cooperative
    • Land Lease
  • 8.
    • Sole and Separate
    • Joint Tenancy
    • Tenancy in Common
  • 9.
    • Price of comparable or similar homes
    • Features your home has that others do not
    • Relative price per square foot of your home
  • 10. The Offer
    • List of property seller is to leave with house
    • All contingencies
    • Breakdown of fees and who pays
    • Time limit for seller acceptance
  • 11.
    • Price
    • Amount of earnest money
    • Legal names of buyers and sellers
    • Address and legal description of house
    • Closing date and all other important dates
    • Financing
  • 12.
    • Selling present home
    • Seller buying another home
    • Seller living in property after closing date
    • Satisfactory home inspection
    • Clean termite report
  • 13.
    • Accept
    • Reject
    • Counteroffer
  • 14. The Lender
    • Pre-approval
      • Apply for loan before you find a house
      • Acts as a guarantee that lender will loan you a fixed amount within a certain period of time
      • No fee
  • 15.
    • Prequalification=
    • calculations using housing affordability ratios:
      • how much money the lender will loan you
      • what price home you can afford
      • how much down payment you need
      • how much your monthly payments will be
    This is not a guarantee
  • 16.
    • Loans where house is security
    • Easements or unusable land areas
    • Amount of taxes and if paid
    • Any deed or zoning restrictions
    • If property is part of homeowners association
  • 17.
    • Foundation
    • Roof
    • Doors
    • Windows
    • Ceilings
    • Walls
    • Floors
    • Plumbing
    • Electrical Systems
    • Heating
    • Air Conditioning
    • Insulation
    • Ventilation
    • Septic Systems
  • 18.
    • Loan application
    • Appraisal
    • Survey
    • Inspections
    • Insurance
  • 19.
    • is a an independent person who works for buyer and seller
    • keeps original purchase contract and other documents
    • holds earnest money
    • is paid a fee usually split between buyer and seller
  • 20.
    • Homeowner’s insurance
    • Title insurance
    • Mortgage insurance
    • Mortgage life insurance
    • Home warranty policy
  • 21.
    • Do a final walk-through inspection
    • Get a copy of settlement statement
    • Get a cashier’s check
    • Meet with lender to sign mortgage papers
    • Transfer utilities into your name
    • Receive deed to property

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