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Whether you are a first-time home buyer or an experienced investor, the experts at The Street Group can help you find the perfect property in your ideal location, and will negotiate fiercely on your behalf to win the bid at the lowest effective price. Nothing on the market that you like? We aren't afraid of knocking on doors and pursuing those elusive homes for you- in fact, many of the homes we sell are off-market properties! Buying a home can be a overwhelming process, but we will simplify it for you by recommending the right mortgage professionals, home inspectors, and contractors, and guiding you through the process from start to finish. And the best part is- using a real estate agent to represent you as Buyer doesn't cost you a thing! Send us a message to to set up an appointment today, and let us help you climb the property ladder.
Steps to buying a home
Buying a home can be a complicated process, but that's why we're here! We want the process to be fun and exciting- we will handle the rest.
1. Meet with a member of our team to discuss your needs. We will go over what you are looking for in terms of neighborhood, size, amenities, etc., and can recommend mortgage professionals who can assist you with financing. We will also tell you a bit about the home buying process and show you some of the important documents so that you can familiarize yourself with them.
2. Get pre-approved by a lender. Unless you are planning to pay for a property out of pocket, you will need a to speak to a mortgage professional to see if you qualify for a loan. The lender will ask you for some financial information (typically tax returns, W-2s, and paystubs) and they will run your credit. Based on this information, they will tell you how much they can lend you, which will determine your budget for buying a home. They will issue you what is called a "pre-approval letter" which will state the terms and amount of the loan, and if you decide to submit an offer on a property, a copy of this letter must be provided as well, to show the seller that you are financially able to buy.
3. Start searching for houses! This is the fun part- your Realtor will begin showing you different homes that are on the market in your price range. Once you find the perfect place, you're ready to submit an offer. Be sure to bring your checkbook with you to all showings so that you can submit your offer right away!
4. Submit an offer. Just because the seller is asking for a certain price, doesn't mean you have to pay it! Your Realtor will help you analyze the value of the property to determine if the price is reasonable, and once you decide on an amount to offer, they will prepare the paperwork for you. In the offer, you have the opportunity to ask for certain inspections. Typically, buyers choose to have a general home inspection, a wood destroying insect inspection, and a radon inspection. These are done for your protection- if the inspector finds defects in the property, you have a certain amount of time to cancel the contract, ask the seller for repairs, or ask the seller for a credit so that you can have repairs done after settlement. Along with your offer, you will also have to give what's called a "good faith deposit". Typically, the first deposit is for $1000 and is due as soon as your offer is accepted. This deposit is applied to the sale price at the time of settlement, but it is the seller's insurance that you won't back out of the deal. A second deposit is typically due following the outcome of the inspections.
5. If your offer is accepted, the first step is to contact your lender to let them know so they can get started on the loan process. Throughout this time, they may ask you for more financial information. Be sure to provide any documents in a timely manner to make sure that you are able to close on time.
6. Choose a title company. The title company researches the property to make sure that it is free and clear when it is transferred to your name, and provides insurance to you should any disputes arise. They are in charge of filing and recording all of the paperwork on your behalf to legally transfer the title into your name at closing. Since they need to have time to research the property, it is important to send them the contract right away. The price for title insurance is based on the purchase price of the property, so it should not vary from one title company to the next. Space & Company has an in-house title company, 2200 Closing Services, LLC for your convenience, however if you prefer, our team members can recommend other title companies as well.
7. Do your inspections. In your contract, you will have a certain period of time to do inspections (generally about ten days). During this time, a home inspector will come to the property to make a report listing any defects that he or she can find. Keep in mind that a home inspection is not a guarantee that a property is in perfect shape (since inspectors cannot see inside the walls!) but it can give you a pretty good idea if there are major defects and also can be a great way tolearn about your house. Our team members can recommend many reputable home inspection companies for you to choose from. Once you receive the inspection report, you can accept the property in its current condition, ask the seller to make repairs or give you a credit, or cancel the contract if you find that the property has too many defects.
8. Give the seller your second deposit. After you reach an agreement with the seller regarding the inspections, it's time to give your second deposit. Just like the first, it will be applied to the sale price at closing. Your Realtor will determine a reasonable amount based on the specifics of the sale.
9. Wire your funds to the title company. A few days before settlement, your title company and lender will provide you with an amount to bring to settlement to cover your down payment and closing costs. You will need to wire this amount to the title company ahead of settlement.
10. Do your final walk-through and head to the settlement table! If there are repairs to be done, you may want to do a preliminary walk-through before the day of settlement to make sure that they were completed to your satisfaction. You will also want to walk through the property the day of settlement to make sure that everything is it the same condition. Also, at this time, your Realtor will take water and gas meter readings. When you head to settlement, be sure to bring two forms of photo ID, your social security number, and a blank check (just in case there are any minor adjustments).