I work with a lot of buyers. With many of them, this is the first time experiencing the home buying process, so we spend a lot of time on terminology and what to expect. Nobody likes surprises, especially when they are making probably their largest investment to date in their lives! So let’s look at the process:
When a client writes an offer to purchase property, it’s just that… an offer. It consists of an offer price, settlement date, specified financing, an earnest money deposit, what items are included (refrigerator, cooktop, window treatments, etc…), whether or not a home inspection will be performed and if the offer is contingent upon anything else (financing, 3rd party approval, the sale of another home, etc…), to name a few… Once all parties have agreed to all terms, we have what we call a ratified contract and the clock starts ticking.
The #1, most important thing that needs to happen is to get started in earnest on securing your mortgage - this means choosing the right program, locking in an interest rate and moving forward with all necessary paperwork to assist your lender to prepare your loan. As part of that process, they will also order the appraisal for your property, which has to be done within a specified time period that is written into the contract.![Images[3]](http://northernvirginiarealestate.files.wordpress.com/2007/08/images3-small.jpg)
The home inspection will be scheduled at a time mutually convenient for the purchasers, the buyers agent and home inspector. This can usually be scheduled within the first few days – by doing this on the earlier side, this will give you enough time to call for additional inspections if necessary.
A termite inspection is also ordered to ensure the property doesn’t have any pre-existing termite damage or active infestation. They usually also check for a number of other insects like carpenter bees, ants, etc…
You will also need to contact your insurance agent fairly quickly to begin the process of obtaining homeowners insurance – assuming you’re not purchasing a condominium unit, in which case part of your fees go towards the master insurance policy of the structure.
Once the financing is secured, the home inspection has been done and sellers and buyers agree to whatever action needs to be taken to remedy any deficiencies, termite is done and appraisal, there’s not much to do but pack! You will also want to be sure that you’ve contacted the appropriate utility companies to ensure that they are transferred into your name (s) as of the date of settlement. Then, a day or two prior to settlement, a walkthrough will be scheduled to check that all systems are in normal working order as required by the contract, and that any agreed upon repairs have been completed.
As your realtor, I handle MOST of these items for you, guiding you through the process at every turn. It can be very pleasant and enjoyable and an exciting time all around.
If you’re contemplating making a purchase, whether it’s your first or tenth, I’d be delighted to talk with you further.
Happy Monday!
Jennifer
