What’s involved in the process of buying a home?
Before getting too far along with house hunting, it’s a good idea to get pre-approved for a loan. This lets you know that you can qualify and the amount you can borrow to purchase your new home.
During this phase, you should check out areas and homes that you receive through the automated listing service. Driving by the houses can be beneficial in deciding if you like the neighborhoods. Sometimes, by expanding your search by a few miles, you can find many more homes to consider.
After we find the home you want, it’s time to make an offer. This process starts with a signed Purchase & Sale Agreement, a standard contract approved by the GA Real Estate Commission. If the initial offer is accepted, the offer is signed. If not, it’s usual for counter-offers to be made verbally until an agreement is reached. Then a counter offer will be signed by all parties and the contract is considered binding.
There is a due diligence period in the contract that allows time for home inspection, termite inspections, reviewing the seller’s disclosure statement and checking any of issues that may be of concern. This period is typically 10 days but can be more or less, depending on the needs of the buyer and seller.
As soon as possible, after the binding agreement date, the home inspection needs to be scheduled and the loan application submitted. The loan officer will review all requirements necessary for loan approval. Information needed will includes 2 years tax returns, 2 months bank statements, a list of all debts, verification of employment and an appraisal of the home you’re buying.
Buying a house is exciting and can be stressful. Making sure you’re prepared will make the difference in getting to the closing table successfully.
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