Here’s what you need to know when searching for your dream home.
As part two of our home-buying process series, today I’ll talk about what happens when you’re searching for a home.
Initially, we will create a list of properties that meet your requirements, schedule appointments, and view homes on a particular day and time. During the viewing, we will examine everything, including siding, furnace, appliance, and windows. We will weigh the pros and cons of each property until we find the one you can envision yourself living in. Once we have found the perfect home, we will move forward with writing a purchase agreement.
The purchase agreement is electronic and comprises approximately 15 to 20 pages of legal jargon, including Minnesota State Statute details. I will inquire about the terms that matter to you, and we will negotiate the best possible deal with the seller.
Following the agreement, you will have around seven to 10 days to perform a home inspection, during which you can ask the seller to make any necessary repairs. We focus on health and safety issues during the inspection. Once it is complete, the purchase agreement is returned to your lender, who orders an appraisal to ensure that the home is worth the amount they are lending you.
Usually, everything is satisfactory, and the lender will finalize your loan with the underwriters. Before closing, a final walkthrough is conducted to verify that the requested repairs were made and the property is in good condition for you to take possession.
Finally, we head to the closing table on the date specified in the purchase agreement, where we sign the paperwork at the title company. The closing process usually takes an hour or less, and once completed, you receive your keys and can move into your new home.
If you want to learn more about the home search process or need help with your real estate needs, call or email me. I’m happy to help.