Do you want to live closer to work and commute less? Is your family expanding and do you need more room? Are you currently renting and looking to reduce your monthly house payments? Then, let GEO Real Estate show you how.
Our experienced agents will help you every step of the way. Whether you are a first-time buyer or an experienced homeowner, we will find you the home that you want.
For your reference, below is a helpful guide to assist you in the buying process:
Step 1: Credit Reports & Savings
The first step in the home buying process is to review your credit reports for accuracy and make sure that all your accounts are correct. If you see an error on one or more report, you will need to contact each agency (Experian, Equifax and TransUnion) to correct the errors. It is also very important to save money for a down payment and to cover the closing costs. The more money you are able to put down on your home, the more favorable your loan terms will be.
Step 2: Mortgage
Before you look at house, find out how much you can borrow. The best way to do that is to get prequalified by a lender. A good lender will be with you every step of the way, just like your realtor, to make sure you are getting the best loan for your new home. Or if you plan to pay with cash, you will need to request a “Verification of Funds” letter from your bank.
Step 3: Real Estate Agent
Selecting the right realtor is equally as important as selecting the right lender. They both work as your teammate during the entire home purchasing process. Our job at GEO Real Estate is to partner with you to make your real estate transaction as easy as possible.
Step 4: Search
Once you have selected a lender and a real estate agent, you will need to start thinking about the home you would like to buy. You and your agent will work together to determine what homes are available in your price range and the availability in the market. It is crucial to narrow your search and determine what is most important to you in your new home (I.e. location, size, and amenities).
Step 5: Offer
Once you have identified a home you want to purchase, your real estate agent will assist with negotiating an offer based on fair market values. Your agent will negotiate on your behalf to finalize the terms in the contract. Once both the buyer and the seller agree to terms, both parties will sign the purchase contract and any applicable addendum’s.
Step 6: Opening Escrow
When you open escrow, this means that a title company has received a signed purchase contract and an earnest money deposit for your real estate transaction. Shortly after opening escrow, the escrow officer will order a title report for the property. This report will confirm the ownership of the property and show any liens that might be on the property.
Step 7: Inspections and Appraisal
Throughout the inspection period, you will conduct inspections and order an appraisal on the property. Once complete, the results will be shared with all parties and, if needed, contract modifications may be considered or reviewed.
Step 8: Closing Disclosure
At the end of the escrow process, the Closing Disclosure will be delivered to all parties to review. This form is a statement of the loan terms and all the closing costs. You will have three full days to review the document and then the transaction will be scheduled to close.
Step 9: Close of Escrow
During your review period, the escrow officer will schedule a time for you to sign all the applicable closing documents. Then, after the review period is up, the transaction will close and the deed will be recorded in the county.
Step 10: Keys
Once all the documents have been recorded in the county, the funds will be disbursed and the final closing packages will be ready to be delivered to all parties. At this time, you will receive the keys to your new home and you can start moving in.
Contact GEO Real Estate to help you find your new home. Finding you the right home is our specialty and we will be your partner throughout the entire transaction.
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