Steps to Buying a Home

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1) What do you want?

Consider where you want to live, what type of house do you want, what features are absolutely necessary to you. Take some time and put together your “wish list” on paper.

2) Loan Preparation – Pre-Approval

There are key factors that you will need to consider when determining how much home you can afford.

a) Your ability to qualify for a mortgage

b) The down payment

c) Closing costs associated with your transaction

You will sit down with a loan officer to share your timeline and some of your expectations. Based upon your income, debt, and savings, they will be able to provide a pre-approval letter.

3) Choosing the right agent & team

The McMichael Team will be there to advocate on your behalf. By picking the right team, you will have a team of experts looking out for your interests throughout the process.

4) Starting your search

Now comes the fun part. Based upon your wish list that you created earlier, your buyer’s agent and you will put together a list of homes that look like good candidates and start looking at homes. This will include any listed properties and for sale by owners. (We will make all the arrangements.)

5) Making An Offer – Negotiations

Your McMichael Realtor will take you step-by-step through the purchase contract. We can also do a market analysis to help you get a feel for the value. This contract is designed to protect the buyer and should be negotiated properly.

There are a few main items that can be negotiated. Some are:

a) Price

b) Terms – closing date, inspections, home warranty

c) Possession

d) Contingencies

6) Inspections

As the buyer you will have time period that was negotiated in the offer to order any inspections you would like to complete.

You will receive a detailed report which can lead to a second round of negotiations.

7) Final Walkthrough

Prior to closing on you new home your Realtor will set up a time for you to walk back through the home to make sure everything looks like it did at the time you made the offer and any repairs that was agreed to have been completed.

8) Closing

Congratulations! You have made it to the final step. You have obtained your insurance, made arrangements with all the utility companies to get them all transferred into your name, and now ready to sign the final paperwork. (Don’t forget to take you identification with you.)

Time to enjoy your new home!!

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Doreen McCormick

McMichael Realty, 369 S Summit Drive, Holts Summit, MO, 65043