THE HOME BUYING PROCESS
WHAT TO EXPECT WHEN BUYING A HOME

OBTAINING A MORTGAGE PRE-APPROVAL

Before you begin your home search in earnest, we recommend that you become pre-approved for a mortgage by a reputable mortgage lender. Doing so will allow you to identify the level of properties that you can realistically consider, and move forward with confidence once you've found a home that you wish to buy. Being pre-approved will also strengthen your position when making an offer on a property.

SEARCHING FOR YOUR NEW HOME (WWW.BURNSANDEGAN.COM)

About 80% of buyers begin their search online. The reason buyers begin their search online, is due to the fact, they are able to compile and analyze important statistical data to help them better understand the market and make more informative choices about factors such as pricing, location, amenities and selecting a real estate company with whom to work.

Burns & Egan Realty Group’s website has been designed to empower you with a host of useful tools. Detailed, intelligent searches can be performed, scanning every property listed with MLS to find those that match your personal criteria. You can save your search criteria, and be notified by email every time a property comes on the market that matches your specifications. Mortgage and affordability calculators can help define the property you are focused on finding. Your Burns & Egan Realty Group sales associates can provide a tremendous advantage during your home search, combining a deep knowledge of the local marketplace with a thorough understanding of your goals.

Regardless of how you are first exposed to a property — online, in a newspaper ad, by direct mail, during a chance drive by, or at the recommendation of your sales associate — once a home has caught your attention you will want to see it in person. There is truly nothing that can compare to walking into a home, feeling it's sense of space, architectural details, floor plan, and finishes.

MAKING AN OFFER

Once you have identified a home of interest, and before you place an offer to purchase it, your sales associate will prepare a Comparative Market Analysis, to help you better understand how it compares to others on the market of similar value and features. With this information in hand, you can place an offer with a high degree of confidence that it is fair and reasonable.

After an offer on a property is accepted, a Purchase and Sale Contract is drafted to document its details. This will include the price you are offering to pay, the time frame within which you anticipate being able to complete the transaction, and any contingencies that the offer is predicated on, such as satisfactory home inspection, lender appraisal, and mortgage commitment.

Your sales associate will play a critical role in this step, overseeing the development and delivery of the Offer to Purchase Contract to the listing agent representing the seller, and then helping you with any subsequent negotiations until a final, approved agreement is reached.

HOME INSPECTIONS

Hiring licensed inspectors to examine the property prior to closing is highly recommended. In fact, it is common to make an offer to purchase contingent upon an acceptable home inspection report. Home inspectors act as independent third parties, reporting their findings in fair and impartial terms, helping to shed light on the condition of the of many elements of the property. There are a number of organizations that serve to promote the standards and practices of the home inspection industry.

OBTAINING A MORTGAGE

• Application: Submit a mortgage application to your mortgage company lender.

• Mortgage Analysis: Your mortgage consultant will analyze your financing needs, match them to available programs, and then recommend your best options for you and your specific situation.

• Appraisal: The mortgage company will then authorize a licensed appraiser for a financial evaluation of the subject property.

• Commitment Letter: Upon mortgage approval, a commitment letter will be issued by the mortgage company detailing the terms of the approval.

• Closing: A closing will be scheduled at a time and place convenient for all involved parties, at which time all paperwork is authorized and signed, and title to the property passes from seller to buyer.

CLOSING

The closing (or settlement) is an exciting time; all negotiations have been resolved, and all contingencies have been met. Often, the days leading up to the closing date are active, as both parties work to put everything in place. An experienced agent can significantly improve your closing experience.