Buyers
Buyers Process

You Have Decided To Buy

The primary advantage of becoming a home owner is the opportunity to build equity. You can expect the value of your home to appreciate steadily during the time in which you live in it because of your own property improvement measures, the strength of the economy and many other factors. As a homeowner you also will realize substantial savings through federal income tax deduction on property taxes and mortgage interest. These tax savings are not available to you if you are renting.

Steps of the Buying Process

  1. Get pre-approved with a lender
    1. Shop around and see what different packages each lender offers
  2. Sit down and determine what your needs are in a home
    1. Location
    2. Number of bedrooms and bathrooms
    3. Public Transportation or Parking
    4. Schools, Parks, etc.
  3. View and compare homes on the market
    1. Take notes and compare the pros and cons of each home you like.
    2. Do not be afraid to take pictures
  4. Writing an offer (Be Sure to consider all the factors before deciding on a price)
    1. The condition of the home
    2. The amount of interest in the property by other people
    3. Number of days the property was on the market
    4. General market condition
    5. Number of Contingencies
  5. Home Inspection
    1. Make sure to get a knowledgeable inspector
  6. The Purchase and Sale Agreement
    1. Consider getting an attorney to review it before signing
    2. Make sure your lender gets a signed copy to proceed with the loan documents.
  7. Appraisal and Commitment letter
    1. The bank will send out an appraisal to verify the value of the home
    2. Once the appraisal is completed the bank will send out a commitment letter finalizing your loan
  8. Closing