Whether the first time home buyer or seasoned expert, purchasing a home can be a complex process. For this very reason, The EZ Sales Team is here to assist every buyer each step of the way. Throughout various important stages in the buying process, we will help you navigate the ever-changing housing market! Our detailed understanding of market trends, local neighborhoods, and financial tidbits allows us to give sound, proven advice to match buyers with the ideal home.
The Buying Process
To begin with, The EZ Sales Team believes that the more informed the buyer is, the better the experience will be. We have the resources to guide through the home finding process, providing clients with everything from detailed property searches to neighborhood information. Included below is a general step-by-step list to help explain the home buying process! Some of these stages may seem confusing, but, remember, The EZ Sales Team is here to answer all questions!
1. DETERMINE YOUR NEEDS AND BUDGET
Before the search begins, its a good idea to define what type of house, neighborhood, and location best suits needs and lifestyle. Have fun with this! Imagine the beautiful gas fireplace with a TV mounted above! Imagine the large garage with ample amounts of space to work on projects and have extra storage! Imagine the master bathroom with dual sinks and a steam shower! Buyers should take the time to imagine every aspect desired while also taking into account financial considerations. Once the important details have been decided, we can offer feedback and advice to help develop a plan and goal moving forward!
2. GET PRE-APPROVED FOR A LOAN
First, meet with a loan officer. Sharing income and financial information will provide buyers with a price range and pre-approval.
- Get Pre-qualified
- Obtain a pre-approval letter
- Obtain a “Truth in Lending” letter explaining the costs of borrowing money
- Learn about the many loans available to buyers in today’s market
- Learn about closing costs
3. HOUSE SEARCH!
With specifications in mind, we will use resources to scout the marketplace and tailor the search to meet criteria. Buyers can then review a list of homes and schedule a tour to officially start the search!
- When possible, all decision-makers should visit the various homes
- Always be candid–it will help the agent understand particular needs
4. PREPARE THE OFFER
Once a home has been decided on, an agent will help determine an appropriate offer price by reviewing market trends and similar home sales. With the buyer’s input, the agent will then draft a written offer that outlines the price as well as the responsibilities of both parties in preparation for the transaction. If the seller accepts the offer, it becomes a binding contract. It is imperative the buyer carefully review the contract and communicate any aspects not clear to the representing agent prior to offering!
- Agent reviews the contract with the buyer and complete an offer
- If negotiations are necessary, the agent will work to ensure that buyer and seller agree on all terms
- All documents will be sent to the title company where a file will be opened, and title commitment and property tax information ordered
5. COMPLETE THE LOAN APPLICATION
- Give the loan officer a copy of the contract and apply for the loan
6. INSPECT THE PROPERTY
In order to ensure the buyers safety and the value of this exciting investment, it is important to have the proper personnel thoroughly inspect the house after the offer and loan terms have been finalized.
- Select an inspector and arrange for both a general inspection and comprehensive pest inspection
- Depending on the property and location, agents can also provide information about other environmental assessments
7. APPRAISAL AND SURVEY OF PROPERTY
- The lender and title company will make arrangements for the property appraisal and survey
- The buyer will be provided a copy of the Title Commitment Letter
- The buyer will make arrangements for homeowner’s (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company
8. SELLER’S CLOSING IS ALSO ARRANGED
- Buyer receives a copy of the closing statement for review prior to closing
- Buyer does a final walk-through inspection of the property
- The REALTOR arranges a closing date and time with the buyer and title company. Seller’s closing is also arranged
- Buyer brings a cashiers check for all closing costs and the balance of the down payment
9. AFTER CLOSING
The agent will prepare the necessary documents required for closing such as title examination, payoff statements and deed. The buyer will sign all documents on the day of closing. The seller will be paid and the buyer will receive keys to a new home!