1) GET A PRE-APPROVED MORTGAGE
It’s important to know how much you can afford and a pre-approval lets sellers’ know you have the finances lined up and ready to go.
The first step in getting pre-approved is to complete a loan application. You’ll need to submit documentation of your financial history, including income, assets, debts and more.
2) HAVE YOUR AGENT FIND PROPERTIES WITHIN YOUR CRITERIA
It is important to talk to your agent about your needs and wants, budget, location, size, functionality and storage.
Be careful to separate needs and wants. There maybe compromises that need to be made. The perfect house doesn’t exist. But we can get close!
3) MAKE AN OFFER/PURCHASE CONTRACT
Once you have found the right property it is time to write an offer. Two types of offers are primarily given, conditional and non-conditional offers.
4) CONTRACT CONDITIONS
Once both parties sign a purchase contract, the buyer has a preapproved amount of time to satisfy these conditions and exit the agreement without a monetary penalty.
5) WAIVING CONDITIONS ON CONDITION DAY
Condition day is the date agreed upon by Buyer and Seller to have all the Buyer’s conditions satisfied. If satisfied the deal is firm. If the Buyer isn’t satisfied with one or more of the conditions than the Purchase Contract can be terminated without any monetary loss to the Buyer.
6) FIRM SALE
Once Conditions are waived a deal is considered firm. If previously agreed, a second deposit maybe required.
At this point if the Buyer terminates the purchase than the Buyer’s deposit(s) would be forfeited to the Sellers.
7) COMPLETION DAY
A final walk-through of the property is completed. To the satisfaction of the buyer’s, lawyers are given approval to release the remainder of funds owing. Ownership is than transitioned over to the buyers and move-in can begin!
