Get Pre-Qualified. Contact your lender or your mortgage broker. They will pre-qualify you and let you know how much money you can borrow, what your down payment will be, and how much your monthly payment will be. If you don’t have a lender or mortgage broker call us, we can recommend a good one for you. We will need a pre-qual letter from your lender when we get ready to write up and present an offer. Most real estate listing agents will not accept an offer without a pre-qual letter attached. If you are paying cash we will need a “proof of funds letter” from your bank. Again most real estate listing agents will not accept a cash offer without “proof of funds”. Real estate agents are advised not to show properties to prospective clients that have not been pre-qualified.
Find a Home. With pre-qual letter in hand you are ready to begin the home finding process. Contact your real estate agent or go to their website and start shopping for your dream home. Your agent will set the appointments for you to see the inside of the property or properties that you have selected. When you have found the perfect property your agent will write up a purchase contract that you will sign, and submit it to the listing agent.
Making an offer. The contract will be negotiated between you and the seller, through the agents. Once the contract is agreed upon and executed, inspections can be ordered as well as the lender ordering an appraisal. If everything checks out ok closing can be scheduled.
Closing. Closing is the process of going to the title company and signing the necessary papers, deed, note, settlement statement, etc. upon funding the property belongs to the buyer.
Determine the Market Value of your home. Contact your real estate agent and have them prepare a Comparative Market Analysis on your home. Your agent will have access to the MLS and can compile a list of the recent home sales in your neighborhood. This data will assist in determining a fair market value on your home.
List your home. Your agent will provide the necessary paperwork to list your home. Agent will then take pictures of the home, put a sign in the yard, lockbox on the door, and add the listing to the MLS. Your home will be “on the market”.
Prepare your home for showings. Once you are on the market prospective buyers and their agent will be coming over to view your house. Try to keep it neat, clean and de-cluttered. Some prospective buyers cannot see past bold colored walls and family portraits, it is usually wise to re-paint with neutral colors and to remove family pictures. Offensive odors (cigarette smoke, cat and dog odors) turn most buyers away, so shampoo carpets and deodorizing are essential.
Negotiate the Offer. Buyers that are interested in the property will submit a purchase contract that you and your agent will look over. Once accepted by both parties a closing will be scheduled. The seller then goes to closing signing the necessary papers to convey the property to the buyer, and collect any funds due.