Our Real Estate Professionals will help you through the entire process of buying your home. Here's an overview of what that process will look like:

1. Lender Selection - If you'll need financing, the first step is getting pre-approved! Our incredible mortgage lenders at Essex Mortgage can help with establishing financing, but you are welcome to choose any lender you'd like. You will be working closely with your lender throughout the process, so make sure that you select someone you feel comfortable asking questions to and discussing details with. It is crucial for you, as a buyer, to understand what you can qualify for before finding a house that you love. The lender will request information such as paycheck stubs, recent bank statements, W-2’s, and copies of other information. Once the lender has received this information, he/she will be able to pull your credit report and tell you what you can afford to pay for a house.
2. Create Your Wish List - Creating your wish list and sharing it with your Real Estate Professional will help them figure out exactly what you're looking for in your dream home. Narrow down must-haves such as; location, number of bedrooms/baths, square footage, type of home, etc.
3. Start Your Home Search - Once you're pre-approved and know your budget as well as your must-haves, beginning your home search will be that much easier. Your Buyer's Agent will help you find potential homes and schedule showings to see them in person.
4. Make an Offer - Once you've found your dream home, it's time to make an offer! Your Buyer's Agent will help you write up a competitive offer to submit to the sellers specifying things such as the purchase price you're offering, any contingencies such as inspection, appraisal, or financing, and a close date.
5. Inspections/Appraisal - Once you're offer is accepted, if you've chosen to get your home inspected and appraised, your Buyer's Agent will assist in setting up these appointments by deadlines specified in your contract.
6. Negotiate Repairs - If your inspection report comes back and you want to negotiate repairs to have a few things fixed and paid for by the seller of the home, your Buyer's Agent can assist in negotiating exactly what you want done to your future home.
7. Close on Your NEW Home! - Once you finally make it to closing day, you will sit down with a title company, we highly recommend 615 Title (615title.com), to CLOSE on your new home! On closing day, the property changes possession on paper, although this may not be the day you actually take possession. Sometimes the seller will request a short time frame to move from the property after closing, especially if they are doing another closing of their own on the same day. They may need to receive the proceeds from the sale of the home before they can purchase a new one and move! Be prepared to take possession a few days after closing, however, keep in mind that closing and moving days may also be negotiated as part of your contract.

PREPARING TO MOVE

You will be responsible for choosing a Homeowner’s Insurance Company to handle your needs for your new home. Once you have selected that company and the Affiliate Broker, please contact your lender with that information, including their telephone number. Also, you will need to start contacting the local utility companies to have the services transferred to your name on the date you are scheduled to take possession. Begin to pack, but please make sure you keep any important forms you would need prior to moving handy – JUST IN CASE!

YOUR BIG MOVE

Important packing tips:

• Cushion the bottom and sides of the boxes first
• Packed items should not exceed 30 pounds
• When packing, go room by room
• Begin your packing as early in the moving process as you can
• Label all boxes by their contents and where in your new home they should be placed
• Pack heavy items in smaller boxes and light items in larger boxes
• Thoroughly wrap your breakable items in newspaper, paper towels, or clothes and place them in dresser drawers, containers with lids, large cans, etc.
• Fill your refrigerator and washer/dryer with clothes, linens, and other light objects
• Tape cords underneath all electrical appliances
• Don’t tape furniture, doors, and drawers, as tape can damage surfaces; use rope or elastic bands instead to secure furniture
• If you have children, let them feel a part of the process by helping them pack their toys

• How long will it take until we close?

A standard transaction with a conventional mortgage is roughly 30 days. A cash transaction can close in around 10 days. If financing is FHA or VA, a transaction may take longer than 30 days to complete.

• What is Earnest Money Deposit?

The Earnest Money Deposit (EMD) is essentially a security deposit that is due after a contract is accepted. The EMD is generally between 1-3% of the purchase price, but can be any agreed-upon amount. The EMD is held in a trust account throughout a transaction and is then rolled into your closing costs. If the transaction isn’t able to be closed the EMD can be disbursed back to the buyer or the seller, depending on the contingency timelines.

• What inspections do I need?

Your inspection period is agreed upon by the buyer and seller when the initial offer is made. During this period, the buyer is able to perform any inspections they wish. There are general inspections, termite inspections, pest inspections, random inspections, and more specialized inspections if there are specific concerns (ex. mold, pool, roof). All inspections are optional, but we recommend scheduling any inspections that will provide you peace of mind and help you learn more about your new house. If financing with an FHA or VA loan, a home inspection may be required by your lender.

• What happens if the home doesn't appraise at the agreed-upon sales price?

If a home doesn’t appraise at the agreed upon sales price, there are a few options: 1. The Seller drops the sales price to the appraised value. 2. The Buyer brings additional cash to cover the gap between the appraised value and the sales price. 3. A combination of options 1 and 2. 4. In rare occurrences, if the appraisal report seems to have missed accurate comparables and has inaccurate information on the subject property, an appraisal can be contested or reordered.

• What is a closing attorney?

A closing attorney or a title company is needed for several reasons. A title company performs a background check on the home to look for any outstanding liens and determine if a property can be transferred. They also issue a lender's policy and seller's policy at closing. The seller's policy insures the buyer if there are any concerns with the home’s title after closing. This cost is generally paid by the seller. In transactions where there is a loan, there is also a requirement to have a lender's policy. The lender's policy covers the lender and the loan if there are any problems with the title after closing. The lender's policy is generally paid for by the buyer, but at times can be negotiated. The closing attorney will also walk you through all of the required documents at closing.

• How much do I need for a down payment?

Your down payment will vary based on the purchase price and financing type. Your lender will be able to help guide you and give you a better idea of what will be expected at closing. We recommend having this conversation with your lender prior to writing an offer on a home.

CLOSING

On closing day, the property changes possession on paper, although this may not be the day you actually take possession. Sometimes the seller will request a short time frame to move from the property after closing. Especially if they are doing another closing of their own on the same day. They may need to receive the proceeds from the sale of the home before they can purchase a new one and move! Be prepared to take possession a few days after closing, however, keep in mind that closing and moving days may also be negotiated as part of your contract.