Buying a Home

Whether you are a first-time homebuyer, up-sizing, or down-sizing, Maria can help you achieve your real estate goals. She will actively search for the “right” home for you via MLS listings, through networking with other real estate agents, and by knocking on doors.

The Home Buying Process

Step 1 – Pre-Approval

Before you seriously begin your home search it is important to consult with a mortgage lender to discuss your financial situation, and obtain pre-approval to purchase a home. Your offer will be taken more seriously by a seller if they can see your strength as a buyer. Maria would be happy to supply you with a list of three qualified mortgage brokers. They will discuss your credit and loan choices with no obligation to you.

Step 2 – Let’s go shopping!

Step 3 – The Offer

When the offer is prepared, you will need a $1,000 check known as an earnest money deposit made payable to the listing office. The offer will contain:

your offering price

additional deposit to paid when signing a Purchase and Sale Agreeement

date tor signing the Purchase and Sale Agreement

closing date

inspection contigency (s)

mortgage contingency (if any)

any other contingencies which may be appropriate for the transaction

Step 4 – The Inspections

Inspections should be done within seven days of the accepted Offer. Remember that the date included in the Offer is the deadline by which you hit put in writing any objection, request for adjustment, or rejection of the property. f the date passes without anything in writing from you, it is assumed that all inspection contingencies are satisfied. Your earnest money despot may be retained by the Seller if you do not meet these deadline, and fail to close.

Step 5 – The Purchase and Sale Agreement

The Purchase and Sale aGreement formalizes in more detail the original Offer to Purchase. It expands upon what has already been agreed, without changing the original terms unless both parties agree. It is usually “drafted” by the listing office and should be reviewed by attorney for the Buyer and Seller. Normally, when the Purchase and Sale agreement is signed, the last remaining contingency is the mortgage contingency. The date for signing a Purchase and Sale agreement is customarily about 10-14 days after the acceptance of the Offer. Remember, this is when the balance of the 5% r 10% deposit is due.

Step 6 – The Closing

The closing is generally held at the office of the bank’s attorney or at the Registry of Deeds. Ot may also be held anywhere that is mutually agreed upon. At the closing you will need funds as directed by the lender’s attorney and your personal checkbook for additional amounts due because of adjustment. You wil also need to produce your driver’s license. THere will be many, many documents for you to sign. Your attorney will review them, explain and approve them for you signature.

After approximately one-two hours and once the deed is recorded, you will be declared the proud owner(s) of your new home!

Timeline for buying a home

Day 1 – Offer

Day 2 – Offer Accepted

Day 7-10 – Home Inspection Completed

Day 10 – Hire an attorney to look at the Purchase and Sale Agreement

Day 10 – 14 Sign Purchase and Sale Agreement with additional 5% deposit

Day 16 – Submit completed mortgage application

Day 28 – 30- Lender issues mortgage commitment

1-Week Before Closing – Obtain Home Insurance Binder for closing

Day Of Closing – Final Walk-through

Day 40 – 40 Pass papers at closing (1-2 hours)