The first step is speaking to a realtor to go over your plans, time frame, and what your options would be.

Once everything is figured out you then work on getting qualified on a loan with a lender. (I’m going to let Jack go over those details shortly)

Then we can start looking at homes together that meet your search criteria.

Once we find the right home. We can proceed to writing an offer on the home.

Some Important things to consider when submitting an offer on a home.
1. What’s the total price you’d like to offer?
2. Are there any appliances or other things in the home that you’d like to specifically include in the sale?
3. Do you want to ask the sellers to pay for your closing costs?
4. How much of a “Earnest Money Deposit” would you want in escrow? Typically 1% to 3% of the total purchase price.

Opening Escrow

The 3 Contingencies in Escrow
These contingencies are simply explained as “conditions that need to be met in a transaction, if not met, can give one party the right to cancel a transaction.
1. The Inspection Contingency
2. Appraisal Contingency
3. Loan Contingency

You typically have 17 days once your offer is accepted to remove all these contingencies.

For an inspection contingency, you (the buyer) will pay an inspector to give a full detailed report on the home’s condition. After receiving an inspection report, you can go back to the sellers to either remove the inspection contingency OR request the sellers to give a credit for the repairs needed or have them make repairs to the home.

The buyer will also pay an appraiser to provide an appraisal for the bank to give the loan.

Lastly, your lender will actively work on clearing all your loan’s “conditions” in order to receive full loan approval in order to fund the money for the home.

Once all contingencies are removed, and your nearing the close of your new home we do a final walk through of the home to make sure any repairs that were requested were done, and that everything is in place.