The Home Buying Process
It is crucial to have an agent working on your behalf when buying a home. Whether it is your first or last home purchase, having the right agent to protect your interest and guide you through the process is the first important step. We take great pride in the relationships we build and always work relentlessly on our home buyer’s behalf to help them achieve their real estate goals.
- Financing Pre-Approval – Select a lender before you begin your home search so that you know what you can afford and don’t miss out on a home. Please note that being pre-qualified and pre-approved are not the same thing. Pre-qualification is more of a guess, while pre-approval is a guarantee.
- The Home Search – Search for homes you may be interested in purchasing. Use a reliable property search and contact us to be alerted via your inbox when homes come on the market or experience price reductions. Zillow, Trulia, Realtor.com are all great places to search for homes, but are not always up to date.
- Make an Offer and Negotiate an Acceptance – we will be there every step of the way to help you get a fair and reasonable price.
- Loan Commitment - once the loan commitment is passed, the financing contingency is waived.
- Appraisal on Home – the lender will order the appraisal on the home and is a part of the loan commitment. If there is any problem with the appraisal, the lender will contact us.
- Inspections - select an inspector and schedule the home inspection. Typically all inspections must be completed within 10 calendar days from the acceptance of the contract. Inspections usually include: a general building inspection, termite inspection and radon test. There are others available and it depends on your personal choice, the age of the home and conditions. These are some inspectors that we recommend and work with on a regular basis.
- Obtain Homeowner’s Insurance - contact your insurance agent/broker to arrange for homeowners insurance on your new home.
- Title Company - if you have a preferred title company we will work with them, otherwise we have a list of title companies that we use on a regular basis. The title company will begin to research to make sure the seller can pass a clear title to you. They will also order the survey you specified and provide a copy at closing. The title company will issue the Owner’s and Lender’s policy on the new home.
- Switch Utilities - contact the utility providers for services to be put in your name as of the closing date. One Source is a free service to you that can set up most of your utilities (trash is the exception). We will contact them when you are under contract and they will contact you 10 days before closing. If they are unable to reach you, you will need to contact them. It takes 3-4 days to process. OneSource Solutions Inc. (877) 274-8632; firstname.lastname@example.org; 2258 Schuetz Rd #201 St. Louis, MO 63146
- Final Walk Thru – we will schedule a walk through of the home within 4 days of closing. This is to make all requested repairs have been made, items staying with the home are present and the home is in the same general condition.
- Closing - we will meet with the selected title company for closing. In Missouri, closings are separate for buyers and sellers. Your loan officer, if local, is usually present and will review the loan documents with you. The closer will review all other documents with you. You will be able to take possession of your new home when the seller receives their proceeds from the sale. Once all documents have been signed, money collected, verified and received by the sellers, you will receive the keys to your new home.