This is the final installment of my 3 part blog series on helping renters/first time home buyers learn about the process of buying a home. I’ve gone over many of the major steps of the home buying process in my previous two posts. In this post I’ll share the final steps involved in getting to the closing table.
If you read my two previous posts I’ve been going through the basic steps of going from renting a property to becoming a first time home buyer. I’ve tried to touch on some really important points such as why you should consider buying instead of renting if at all possible and the first steps to take towards finding out if you are able to purchase a home. I hope that the main take away from that post was how truly important it is to get pre-approved by a lender. The next post focused on the importance of hiring a terrific REALTOR® that you feel comfortable working with. I also wanted to show why it is so important to sign a buyer’s agency agreement and get full free representation from your agent. Remember, the seller pays the commission-not you!
You’ve done the steps mentioned in my previous 2 blogs. It’s time to move ahead with your home search aided by the help of your REALTOR®.
You and your agent will go over in detail the things that are most important to you in a home. A great agent will begin to compile a list of properties based on listening to your needs and wants. Communication between you and your agent is the key component to quickly finding the best home for you. I always encourage my clients to tell me about any homes they may have driven by or have found online that they are curious about. That way, before we choose to actually view a property we can see if it fits within their budget and if it is a serious contender to be a home they would really want to purchase. Often the agent is able to provide additional information on a property that may move a property to the top or take it off the list of potential homes before having to physically view it. Something that makes an agent outstanding is their ability to eliminate wasting your time by viewing properties that don’t remotely meet your needs. While viewings are very important, you shouldn’t have to view 30+ homes to find the one that is the perfect fit. By listening and going over all properties of interest beforehand, an agent can schedule appointments to see the best choices. As you view homes on a well compiled list, it will become easy for you to narrow down what is most important to you and still within your budget.
Once you have found the home you want to buy, you and your agent will go over what constitutes a compelling offer by looking at comparable properties that have recently sold and crafting a negotiation strategy. When you have decided what amount to you feel comfortable with, your agent will submit the carefully written offer to purchase and you’ll provide an earnest money check to show you are submitting the offer in good faith. Throughout the offer process negotiations between your agent and the seller’s agent will take place and if the offer is accepted you move towards the final steps of the closing process. The details of your financing will be gone over between you and your lender. You will need to select a closing attorney, get title insurance, choose a home inspector, etc. and your agent will stay on top of all of these things every step of the way. I am happy to give my clients lists of qualified people who can provide these services.
Finally, you’ll head to the closing table and your agent should provide you with a checklist to make sure you have everything you need before you get there. You should know to the penny what amount if any you are to bring to the closing table. After everything is signed and all money has been paid you will get the keys to your new home!
I hope these series of blogs have been helpful to you. I am always happy to answer any questions. Please call me if you are looking to buy or sell a home in the Auburn / Opelika area. 334-332-7698 If you feel more comfortable contacting me via email my address is firstname.lastname@example.org I can also be emailed at email@example.com
I look forward to hearing from you!
—Meg Fullington, REALTOR®