Get Pre Approved
Getting pre-approved for a mortgage helps you understand what you can afford and shows sellers that you’re f inancially qualified. When you’re ready for official approval, compare offers from different companies to get the best terms and rates. Shop with at least three lenders or mortgage brokers to increase your chances of getting a low-interest rate.
Start Looking For Houses
This is the fun part! We will set you up with automatic updates in the MLS based on your initial essential criteria. You need to see a variety of properties at the beginning, both good and bad, to help you narrow down exactly what you’re looking for. This will also help us understand your preferences better. You will receive notifications each time a new property that fits your criteria hits the market. It’s crucial to see new listings as soon as possible, as the good ones can sell in less than 24 hours.
Write An Offer
Once we find a house you want to make an offer on, we will develop the best strategy to help you write a compelling offer. Each seller is unique and has different priorities, so there is no one-size-fits-all approach to offers. We will contact their agent to understand what is important to that specific seller and create the most appealing offer possible for them.
Home Inspection
A home inspection provides an overall picture of the property’s condition, safety, and mechanical or structural issues. If significant problems are found, you might want to ask the seller for repairs, a price reduction, or even decide to back out of the deal.
Earnest Money
After the home inspection is complete and you’re ready to proceed with the purchase, we will need to collect your earnest money deposit (EMD). You can deposit the EMD using a personal check or online through “Earnnest” (instructions are sent via email). Your EMD will be held in the KW Domain Escrow account.
Appraisal
A home appraisal is an appraiser’s opinion of a home’s value. The appraisal is based on research of recent sales of comparable homes in the area and the property’s condition. The mortgage lender requires an appraisal to help gauge the risk of making a loan. The property is collateral if the borrower defaults, so the lender wants to ensure the loan is manageable compared with the property’s value. A home appraisal typically costs about $300 to $400, with a national average of $339, according to HomeAdvisor, a digital marketplace for home services. However, home appraisal quotes can start at $600 in some metropolitan areas, and fees can exceed $1,000 for larger or more complex properties.
Final Walk Through
This is your final opportunity to inspect the home before taking ownership, ensuring that the house is in relatively the same condition as it was during the home inspection. This is when we confirm that a tree hasn’t destroyed the garage or that there isn’t 4 feet of standing water in the basement—yes, unfortunately, that has happened at a final walk-through. This is precisely why we conduct these walk-throughs.
