Here are a few important guidelines that can help you when purchasing a home. Understanding each aspect of the buying process a little more can help the entire experience go more smoothly.

Qualifying
For your benefit, it is essential that your realtor ask questions to understand your needs, wants and ability to purchase.

Showing Process
Feel free to inspect all facets of a home during its showing. It’s a good idea to note any comments you have about each home so your realtor can provide you with the best service possible.

Suggested Number of Homes to View Daily
Your realtor will assist you in selecting homes for viewing in accordance with your family’s needs. To avoid confusion, they will show you only 5 to 8 homes at one time.

Communications with Sales Associates
Feedback is essential in to get the best results from your search. Specific comments about each home will help your realtor determine exactly what you are seeking.

Purchase Agreement
As a result of good communication, many buyers find a home in a short period of time. Making an offer begins your official buying process and decreases the chance of losing that home.

Presenting the Offer
After an offer is written, your realtor will contact the listing agent and deliver the offer to them as soon as possible. After receiving the purchase agreement, the sellers have the following alternatives:

1. Accept the offer as presented.
2. Reject the offer.
3. Counter (a change in price, date, personal property, etc). If a counter is made, you have the same three alternatives – accept, reject, or counter.

Contract Acceptance
Once a contract is accepted, your realtor will notify you immediately.

Mortgage Application
If you desire, your realtor will assist you in making contact with a lending institution. It is extremely important that you apply for a mortgage according to the terms of the Purchase Agreement. Some lending institutions may require fees (to be paid at the time of application) for a credit check and appraisal of the home. The lending institution will require information concerning current income and obligations (bank account and charge account numbers). They will then verify the information and have the home appraised.

Processing of Loan
Make sure any information required by the lending institution is supplied immediately. This will prevent delays in obtaining a mortgage commitment. Please allow approximately 30 days for processing a conventional loan. In the case of FHA, VA or a loan requiring private mortgage insurance, more time must be allowed. You will be contacted immediately by your lender upon notification of approval.

Time and Place of Closing
A date of closing is specified in the purchase contract, but the lending institution and the attorneys or title company are responsible for determining the actual time and place of closing.

Prior to Closing

1. You will have the opportunity to make a final inspection of the home according to the Purchase Agreement.
2. A paid, one-year homeowner’s insurance policy and receipt must be brought to closing.
3. A couple of days before closing you will be notified of the closing cost figures. A certified check, cashier’s check, or cash must be presented at closing. Personal checks are not acceptable.