🤔Are you seriously thinking of purchasing a home in the Rochester Area?
💥We are here to help!💥
The thought of purchasing a home can be overwhelming and intimidating. Below, you will find a step-by-step guide to the process, which will alleviate your concerns, thereby creating a fun and efficient home-buying process!🏡🔑🚪
✅ Step 1 - contact a market expert📱☎️ - it takes an expert to seamlessly guide you through the process, from beginning to closing. This includes effective communication, providing a list of reputable lenders, setting up listing alerts, and answering your questions.
✅ Step 2 - schedule an appointment with a reputable mortgage lender (If paying cash, skip to Step 3)⏰ - the mortgage lender for your home purchase can either make or break any deal. It is important to find someone who communicates effectively, answers questions and meets deadlines. Request a list of reputable lenders from your Las Cruces Real Estate professional REALTOR .
🔎The lender will run a credit check, then review income, debt, tax and employment documentation. This process is called Pre-Qualification. (The seller of your dream home will want to know up-front that you are financially able to purchase, and this pre-qualification process is the necessary first step in order for negotiations.) During this meeting, the lender will tell you how much home you can afford, as well as your required down payment and closing costs.
✅ Step 3 - schedule an appointment with your REALTOR to start your home search🚙🕵 - this is when the fun begins! Based upon your budget, your REALTOR will assist you with finding the best home to meet your needs, within your budget. There is no such thing as 'the perfect home,' so it is important to prioritize what is important. Choose the three or four most important criteria, such as location, number of beds & baths, square footage, size of yard, etc., and relay this information to your REALTOR. There is no such thing as 'the perfect home,' so it is important to prioritize what is important. Choose the three or four most important criteria, such as location, number of beds & baths, square footage, size of yard, etc., and relay this information to your REALTOR. Click here to schedule.
If you have a list of homes you would like to see, pass that information to your REALTOR before meeting, so he/she can schedule a route and make appointments, for those that are still occupied by the seller.
✅ Step 4 - once you find the dream home, make an offer, with your REALTOR's help📝 - this offer will initiate the negotiations process, until a 'meeting of the minds' occurs, and a purchase agreement is created.🗂 Once this purchase agreement is signed by all parties (i.e. executed), a legal agreement has been forged, subject to the due diligence activities (inspections, appraisals, surveys, etc.). This is also known as 'going under-contract.'
✅ Step 5 - notify your lender that you found a home, and made an offer. Make another appointment with him/her (if paying cash, skip to Step 6)📣 - at this point, you will meet with your lender and submit the remaining required documentation, including a copy of the executed purchase agreement. The lender will issue a pre-qualification letter, which will be given to your REALTOR, and in-turn submitted to the seller.
✅ Step 6 - due diligence and negotiate repairs, if needed🛠 - depending upon what was initially agreed upon in the purchase agreement, and what is found in the due-diligence period, now is the time to negotiate repairs. Lenders will seriously limit cash allowances, so this is the time to ask the seller to either make the repairs before closing, or negotiate a small allowance (limited by the amount of closing costs).
✅ Step 7 - schedule your appointment with the title company to sign closing paperwork📝📑 - you are almost there!🙌 After all parties have signed paperwork, the entire 'closing package' is returned to the lender, who will review everything for accuracy, then funds will be transferred to the title company. Once the title agent has access to the funds, the property will be recorded in your name at the county, and the funds will be disbursed to the seller. This entire process can take up to 24-hours, which can push into the next business day.
✅ Step 8 - pick up your keys and move into your new home!🔑🏡🛁🛏🖼🎁💜