The Home Buying Experience
Buying a new house is exciting, whether it's your first house or you’ve been through the process before. It can also be stressful if you don’t go about it properly. Fortunately for you, AKT Realty has the experience and knowledge to help you find your dream house. An AKT Realty agent can guide you through the process and keep you informed every step of the way so that you are a well-informed buyer. Steps in the home buying process are very time sensitive. Your agent will take the stress of these timelines off your shoulders. Your agent will keep you on track and explain the process every step of the way. Here is a summarized step by step guide:
1. Find an agent
2. Get preapproved for a mortgage (your agent can refer you to a lender). Have an understanding of what money will be needed for deposits and down payments.
3. Have an attorney ready to prepare your Purchase and Sales Agreement. This will save time when you have an accepted offer and are ready for this step.
4. Start your home search (your agent can set you up with an MLS account. MLS is the search engine used by all Realtors)
5. Have your agents make appointments to see properties of interest.
6. Find a home you would like to purchase and make an offer. Your offer is a legal binding document. A deposit will be needed with your offer. The amount depends on a few things. You can discuss this with your agent. You want to make sure your written offer is completed correctly. Having an experienced Agent that can explain the offer is very important. You don’t want to make a mistake that you can’t fix later.
7. Once an offer is accepted you will have to schedule your home inspection. A home inspection is something that is written in your offer as a contingency. You have so many days to have the property inspected by a qualified inspector to determine if there is more negotiating that needs to be done and/or if you will be going forward with your offer.
8. The next step would be the Purchase and Sales Agreement (P&S). The P&S must be done by the date indicated in your offer to purchase. Typically this would be within 10-14 days. You will need additional deposit money with the signing of your P&S.
9. Once you have a signed Purchase and Sales agreement, it is in the hands of the bank. They will ask for financial documents as they prepare their final approval for the Commitment Letter.
10. On the day of the closing (or a day/time agreed upon) you will do a final walk through to make sure the property you are purchasing is still in the same condition as when you made your offer.
11. The closing place and time will be agreed upon prior to the closing date. The sellers, the buyers, the listing agent, the buyer’s agent, the banks attorney (runs the closing) and any other attorney that may be working for either the buyers or the sellers exclusively. Finally, you are given the keys to your new home!!