Feeling a Little Cramped?   |   Ownership vs. Rental   |   The Buying Process

The Buying Process

You’re excited and perhaps even a little apprehensive. It’s time to purchase a home... maybe for the first time or maybe for the fourth time. You need information, and lots of it. Information on market conditions, financing, schools, neighborhoods and home inspections. Where does the process begin? The choice of a realty firm and a professional residential specialist will provide you the information and support you require now and throughout the transaction and continue forward through the years to come. Roy Wheeler Realty Co. is the firm of choice. The high caliber of our Agents makes this decision an easy one and a sound choice as well. You and your Agent can now proceed with all the steps that follow:

Discuss financial aspects and needs
You and your Agent will determine the price range of homes that will fulfill your requirements. In many cases your Agent can recommend local lending institutions which offer "pre-qualification" letters. This means that through a review of your own particular financial goals the mortgage company will issue a letter indicating the approximate loan amount that you will qualify for. Armed with such documentation you and your Agent can best negotiate the offer on your "dream house"... the seller knows you are serious and will be more inclined to consider the offer your Agent presents vs. that of a less qualified purchaser.

Some prospective buyers may not think themselves likely home owners due to any number of financial considerations. Your Agent may be able to help. Take advantage of their resources. They know the lending institutions and the many varied programs offered, one of which may be just right for you.

Inspect homes that meet your needs
You may know exactly the home you’re looking for in exactly the neighborhood you’ve decided on... but more often than not prospective purchasers want to examine current real estate market conditions in a variety of different communities. Your Agent can provide you with up-to-the- minute information and review a large variety of properties with you even before you "take to the roads".

Select the home
Your Agent found "IT". The perfect home, the right location... everything. It’s time to begin the paperwork. Your Agent will write the offer along with any contingencies involved (such as a home inspection or water test, if appropriate). The Agent now presents the offer through the selling Realtor. There may, or may not be further negotiating until your offer is accepted. Your Agent will be working with you throughout this process.

Contingencies
Your Agent will be working for you as the home inspection is completed, water, septic and termite certifications are obtained and any other contingencies are met. All this information can become confusing, your Agent is there to give you all necessary explanations and follow through with the required paperwork.

Mortgage application
It is at this stage of the transaction that the purchaser makes their mortgage application. The lender orders a credit report. Your Agent will arrange for the lender’s appraiser to gain access to the property. Upon receipt of the appraisal the lender will make their final determination on the loan application and issue a letter of commitment for the mortgage.

The buyer’s attorney or title company will order a title search and a survey of the property. You’re on the "home stretch". Upon receipt of the title report and survey a closing will be arranged with you, the mortgage company and your attorney (or title company).

Your Agent will arrange a final walk-through of your new home just prior to the closing. The buyer will make sure the property is being delivered in the condition that was promised by the seller.

It’s closing time
You will be signing many documents and writing a number of checks. Your Agent will make sure that you are aware of all the final costs prior to the closing and understand these final steps in the purchase of your new home. And, finally, the last step... you won’t be able to access your new home without the keys. Congratulations!

Please feel free to contact your Agent with any questions or problems that arise after the closing. They will be in touch with you in the months that follow as well, and when the need arises will consult with you on the sale and purchase of your next new home.