This Is What Closing a Deal Looks Like
Searching for a home can be a very overwhelming and exciting experience. However, some of us, though buying a home can be exciting, find it a very stressful time. This just another example of why we need to have a professional on our side. Hiring a Realtor can ensure that you have someone looking out for your best interests and who knows the process, as well as the market inside and out.
Every Little Step You Take
Once you are ready to make an offer on a home, you may be wondering: What next? What does this mean? What does that mean? There may be contingencies that have to be met by both parties before a closing can be made final. Closing costs are generally a percentage of your loan amount, but this can vary depending on your specific situation. This would be determined working with your Realtor and a mortgage broker. Here's a list of what's left to be done to close the deal on your new home:
- An offer with detailed contingencies will need to be drawn up.
- You'll submit "earnest money" or a deposit.
- A seller can then choose to accept your offer or provide a counteroffer with contingencies and possible price changes of their own.
- If you haven't already been pre-approved, you'll need to apply for a loan. (This is usually a good idea to do when you begin your home search so that you may understand how much house you can afford).
- An appraisal will need to be completed for the home.
- The home will need to be inspected by a licensed home inspector.
- And required by your lender you'll need to have a title search performed, buy title insurance, and homeowners insurance.
- All documents will need to be reviewed to ensure accuracy.
- Your down payment and closing costs will need to be paid next.
- And finalizing all documents, and now you own your new home!
Each of the steps listed above involves a varied amount of details. Having a Realtor and mortgage broker working for you can make sure the process is as thorough, quick and as easy as possible. If you need assistance right away, please feel to contact us immediately. We're here to help.
Writing for Waterfront Properties & Club Communities, gives Lisa Lambert the opportunity to help both home buyers and sellers work easily through the real estate process. Lisa writes for luxury waterfront communities like Admirals Cove in Jupiter, Florida.
The Gulfshoreslife.com Team