5 Steps to Buying a home

Loan Pre-approval

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.

Find a house

During this phase, it’s a good idea to 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.

Make an offer

When you 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.

Due Diligence Period / Inspections

There is a due diligence period in the contract that allows time for home inspection, termite inspections, reviewing the sellers 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.

Loan Application

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 for the home you’re buying.

This summary goes over the steps, but there is a good bit more involved with each step.  If you have questions about any of it, call Paul at 706-296-4394 or email paul@movingtoathens.com .