Whether you are a first-time home buyer or a seasoned expert, purchasing a home can be a complex process. For this very reason, KP Edgestone Realty is here to assist you every step of the way. Throughout each important stage, our Realtor® Associates will help you to navigate the ever-changing housing market and lead you to your dream home.
Not sure what you’re looking for? Our understanding of market trends and local neighborhoods allows KP Edgestone agents to give sound, proven advice to match you with your ideal house.
The Buying Process
The more informed you are, the better your experience will be. We have the resources to guide you through the process by providing you with everything from detailed property searches to neighborhood information.
Below, you’ll find a step-by-step list to help explain the home buying process. Some of these stages may seem confusing, but remember, we are here to answer any questions and explain each step to you so you can make informed decisions. And we stay by your side and help get you to your closing!
1. Determining your needs and budget
Before the search begins, it’s a good idea to define what type of house, neighborhood, and location best suits your needs and lifestyle. Have fun with this! Have you always wanted a wood-burning fireplace? Is a large yard important to you? We recommend imagining your dream home, while also taking into account your financial considerations.
Once you share these details with your KP Edgestone agent, they can offer feedback and advice to help develop a plan and goal moving forward. You may want to prioritize what specifications you are looking for in a new home to offer some flexibility when scouting for houses.
2. Get pre-approved for a loan
First, meet with a loan officer. Sharing income and financial information will give you a price range for which you are qualified. Your KP Edgestone agent can recommend a lender to speak with, and that lender will go over your financials with you to determine your “buying power”.
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. Home search
With your specifications in mind, your KP Edgestone agent will use their resources to scout the marketplace on your behalf. When we find homes that meet your criteria, we can review them and schedule a tour at your convenience. Don’t take too long though, as another buyer might beat you to it!
Visit the homes you like and help your KP Edgestone agent to understand what you like and dislike about each one.
Always be candid–it will help us understand your particular needs. We learn more about your housing needs every time we show you a new home.
4. Preparing an offer
Once we have found the home of your dreams, your KP Edgestone agent will help you to determine an appropriate offer price by reviewing market trends and recent similar home sales. With your input, we will 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, each side should hire a Real Estate Attorney to review the contract. We can refer you to trusted attorneys who we have worked with.
We will go through the contract with you and complete your offer
If negotiations are necessary, we will work to ensure that you and the seller agree on all terms
A seller has three options when reviewing your offer
Accept it (our preferred result)
Counter it (if the offer is decent, but a little low for the seller, they may ask you to come up to a number they are more comfortable with)
Reject it (if it’s too low, the seller may reject, and you’d need to come back with a new, higher offer)
5. Accepted Offer: What’s Next?
Once you have an accepted offer, you will start the ball rolling on a few items.
Mortgage Process & Appraisal: Give your loan officer a copy of the contract and apply for the loan.
Home Inspection: You should hire a licensed Home Inspector who will go through the house with you and point out anything you need to know prior to making your purchase. Your inspector will provide you with a full report that you will send to your attorney. We’ll go over the report and discuss your options for making repair requests of the seller.
Depending on the property and location, we can also provide information about other environmental assessments.
6. Appraisal and survey of property
The lender and title company will make arrangements for the property appraisal and survey.
Buyer will be provided a copy of the Title Commitment Letter.
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.
Buyer receives a copy of the closing statement for review prior to closing.
A closing date and time are scheduled with the buyer and title company.
Buyer does a final walk-through inspection of the property.
Buyer brings a cashier’s check for all closing costs and the balance of the down payment. Your attorney will provide full instructions.
On the closing day you will sign all documents. The seller will be paid and you will receive the keys.