Congratulations! You've made the decision to buy a new home!
Kim can put you in contact with a mortgage expert so you can be pre-approved for a mortgage even before starting the house hunting process. Although the pre-approval is not a final loan commitment, the pre-approval letter will demonstrate your financial strength and ability to go through with the purchase when you are ready to make an offer.
Kim can provide detailed information on almost any property currently listed for sale. This includes Sotheby's International Realty listings as well as all other real estate broker listings on the Multiple Listing Service. In addition, Kim can also provide information on homes that you see advertised for sale in the newspaper or online. This also includes information on properties that are advertised "For Sale by Owner." Kim is the only resource you'll need.
In addition, during this initial phase of your home search, you may wish to begin the process of selecting a local Real Estate attorney to represent you once you have an accepted offer on a home. Kim can provide you with a list of local attorneys that specialize in real estate.
The next step...you've found a home and you're ready to make an offer!
The initial step will be to instruct Kim to make an offer. Typically, you will provide your agent with the following information for them to relay to the seller's associate regarding the paperwork required in their marketplace:
- The amount you are willing to pay
- Mortgage amount
- Closing and occupancy dates
- Contingencies, such as obtaining a mortgage, building inspections, and pest inspections to include where appropriate (but not limited to): termite, pest, radon, water potability, well, lead, septic, oil tank, etc.
Any personal property specifically included or excluded If the offer is not acceptable to the seller, further negotiations may be necessary to reach terms agreeable to both buyer and seller. Because counter-offers are common (any change in the offer can be considered a counter-offer) it is important that you remain in close contact with Kim during the negotiation process so that proposed changes can be reviewed and responded to quickly.
You have an Acceptable Offer!
Since the Contract writing procedure, down payments required, building inspection contingency dates, etc., Kim can inform you of the immediate action steps. Timing is critical at this stage!
What to expect at the closing
The closing is a formal process where all parties sign all of the necessary paperwork needed to complete the transaction Title so the property is transferred from the seller to you. The seller receives payment for the home, and you receive the house keys! From the amount credited to the seller, the title representative subtracts the funds to pay off the existing mortgage and other transactioncosts. Deeds, loan papers, and other documents are prepared, signed, and ultimately filed with local property record office.