Buying a Home from Contract to Close
November 19, 2024 | Buying
Buying a home is not as complicated as you may think. If you break the process into phases, each step is very attainable! Here are the three distinct phases of the buying timeline. We’re here to help you every step of the way!
PRE – SEARCH
Define your goals and research your options. You can think of this as your wish list! For instance:
- What type of home are you interested in purchasing – a Single-Family Home, Townhouse or Condo?
- How many bedrooms and bathrooms would you like to have
- What counties/towns do you want to live in?
- How close do you want your home to be to your work location?
- Are schools important in your considerations?
Contact a Real Estate Agent and establish your timeline. This is especially important if you have many factors to calculate like most do during a PCS move.
Contact a Mortgage Lender and get Pre-approved. This step cannot be missed! While google searching homes for sale in your new city is fun, getting preapproved lets you determine what you can afford and clarifies your search tremendously.
*Pro Tip! At this stag,e we can set you up with a custom search within your desired location and price range so you can start to see what’s out there and what you like. We can always refine your search as needed!
- Conventional loans are mortgages not guaranteed by the federal government. They offer low minimum down payments but have more stringent qualifications.
- FHA loans are mortgages backed by the Federal Housing Administration. These are generally easier to qualify for than conventional loans but have stricter requirements for mortgage insurance.
- VA loans from the Department of Veterans Affairs are for active or former service members and eligible spouses. VA purchase loans allow you to make no down payment.
- Jumbo loans are mortgages for houses that are more expensive than standard lending limits. These usually require larger down payments and higher credit scores. (Kate Wood, NerdWallet)
THE SEARCH
Explore specific neighborhoods online, and in person if able. Keep in mind it can be typical to rely on your agent if you are living far from your new city. It is important to work with someone who understands the unique challenges of the military lifestyle and someone ready to step in on your behalf.
- View Homes and Go to Open Houses. Again, your agent can view homes for you and give you the ins and outs of each property, sharing videos and pictures.
- Select THE ONE home you plan to make an offer on.
- Negotiate terms with the sellers. From contingencies to escalation clauses, having someone on your side to help negotiate for you is key. The right person representing you at this stage, can save you money and hours of hassle.
CONTRACT TO CLOSE
- Do your Home Inspection. This is where a qualified inspector walks through the home and evaluates it to ensure proper function.
- Secure your Financing and Title Search.
- Do Your Final Walk – Through
- Close the Deal at Settlement. This is where all parties sign and the purchase becomes official.
- Get the Keys
Thinking about buying a home? I would love to connect and walk you through this process. Give me a call at (202) 217-1652 or email me directly at [email protected].
