Buyer's Guide

A Step-by-Step Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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1) Educate

Responsible Party: Buyer & Agent

Learn expectations for the entire buying process.
Get pre-approved for a mortgage to see what you can afford and determine how much you want to afford as monthly payments.

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2) Shop

Responsible Party: Buyer & Agent

Develop search parameters for your desired property. Receive daily e-mails of properties to determine what you want/like. Get in the car and go see the property.

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3) Offer

Responsible Party: Buyer & Agent

Once you find a property you like and want, make an offer based on market value, interest level, and list price.

 

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4) Negotiate

Responsible Party: Buyer & Agent

If there are multiple offers or a lower offer, we may need to adjust the offer accordingly.

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5) Execute Contract

Responsible Party: Buyer & Agent

Once your offer has been accepted, execute (signed by all parties: Buyer and Seller) the FR-BAR contract, which I have provided during the education process.

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5A) Apply for Financing

Up to 5 days after executed contract.

Responsible Party:
Buyer & Mortgage Agent


You've already been pre-approved, now it's time to officially apply for your mortgage, which must be completed 5 days after executing the contract. Contact your lender and they will walk you through this process.

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5B) Earnest Money Deposit(EMD)

$1,000 - $5,000+ depending on variables (cash vs. financing and/or how aggressive do you want to be, etc...) Buyer Expense - 3 days after executed contract.

Responsible Party: Buyer

Goes towards closing cost and/or purchase price. Buyer must wire money to title company designated no later than the 3rd day after fully executing the contract. EMD is determined by the Buyer when writing the contract. EMD is 100% refundable during the inspection period.

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5C) Inspection Period (10-15 days)

Responsible Party: Buyer & Agent

15-calendar days from the executed date is on contract, BUT today’s industry-standard is 7-10 calendar days.

  • Home inspection – Estimated Cost: $350+ Depending on the size of the property.
  • 4-Point Inspection – Roof, HVAC, Electrical, Plumbing – Estimated Cost: $75-$100.
  • Wind Mitigation – Estimated Cost: $75-$100/>.

Once the inspection has been completed and we are moving forward with the transaction, begin getting Homeowner’s Insurance quotes. The insurance company will be requesting a copy of the 4-Point Inspection and Wind Mitigation results.


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6) Make a Decision on Inspection

Responsible Party: Buyer

Look over all the inspection results to determine if the property is in good standings or requires any repairs.

Proceed, Cancel, Reduce/Terminate

Responsible Party: Buyer & Agent

After review, we can proceed with the initial offer and terms, cancel the contract and receive your EMD back, or ask for a credit or reduction in purchase price due to possible unseen issues when the offer was made.

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7) Follow Up With Title

Responsible Party:  Agent & Title Agent

I will be in contact with the title company to make sure there are no issues.

The role of a title company is to verify that the title to the real estate is legitimately given to the home buyer. Essentially, they make sure that a seller has the right to sell the property and that there are no liens on the property.

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8) Follow Up With Mortgage Lender

(appraisal upfront cost estimated at $495)

Responsible Party: 
Buyer & Agent & Mortgage Agent

Buyer to prepay for appraisal.

Appraisal ordered by the Lender if getting a Mortgage.

  • Estimated Cost: $400-$600 and pre-paid once it’s been ordered.
  • Determines the value of the property for the Bank/Lender.

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9) To Do List Prior to Closing

Turn on Utilities: Electric, Water, Sewage, Trash, Cable, Internet.

Forward mail to the new address.

Update address on shipping services: Amazon, Chewy, eBay, Target, etc.

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10) Final Walk-Through

(24 hours prior to closing)

Responsible Party:
Buyer & Agent

Buyer and Agent walk the property 1 day prior to or day of closing to ensure the property is in the same condition and/or to ensure any repairs were completed when we executed the addendum after the inspection period.

Wire remaining Funds (down payment and closing costs) to the Title company.

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11) Go to Close

Responsible Party: Buyer/Agent/Mortgage

Go to the title company and sign all paperwork. The process should take less than an hour. Once all paperwork is signed, you'll receive the keys to your NEW HOME! CONGRATULATIONS!!

Contact Us to Learn More about This Offer.

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Work With Chris

Chris will bring all his experience and knowledge to assist you successfully through your real estate transaction and will do it with a level of professionalism and high standards that you should expect from a full-time professional real estate advisor.

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