Buy with MarkAnthony

The first step in the home-buying process is identifying your mortgage professional. I recommend a local broker as they don't usually operate on "banker" hours and typically have better rates. 

Touring homes is the most exciting and essential part of the buying process. Taking detailed notes of the homes toured to narrow down your top contenders is essential.

Once we identify your perfect home, we'll begin the writing process. This consists of connecting with your lender to ask them to provide an estimate sheet. This sheet will give a roundabout monthly payment and projected closing costs. If you're comfortable with the estimate, we'll formally write your offer.

During this process, you'll pay a few fees up front:

1) Earnest Money (EMD): typically 1% of the purchase price (this excludes new construction homes; they set their own values). This fee is contributed to your closing costs.

2) Option Fee (inspection contingency fee): typically $10 a day, this allows you to order your inspection, review the report, and negotiate repairs or money in lieu of. This is also the time to terminate the contract and receive your EMD back. This fee is contributed to your closing costs.

3) Inspection: typically ~$350-$450. This is a deeper look into the property to identify items to request the seller repair, as well as general "need to know" information about your new home. *note, the inspection is different than the appraisal*

4) Appraisal: typically ~$800. This determines the value of the home as well as identifies any lender required repairs. 

Think of the inspection period as your VIP access to the house. It's when we bring in a licensed inspector to give the property a top-to-bottom examination. This is the most detailed look we'll get before closing, so it's crucial!

Eyes on the Prize (and the Pipes)

While you're welcome to join the inspector during the walk-through, their expertise lies in spotting potential issues beyond the surface. Leaky pipes, foundation cracks, or electrical problems might not be readily apparent, but the inspector will be on the lookout for them.

Teamwork Makes the Dream Work

Once we receive the report, we'll tag-team to create a repair request list. I'll leverage my experience to prioritize concerns, focusing on major systems like the foundation, plumbing, roof, electrical, and HVAC. For less critical items, we'll discuss the severity and determine if repairs are necessary.

Negotiation 101: Getting What You Need

Here's where things get interesting! Within the inspection window (usually 3, 5, 7, or 10 days depending on the contract), we'll present our repair requests to the seller. This can involve requesting repairs themselves, or sometimes, asking for a credit towards closing costs to cover repairs you might choose to make yourself.

Remember, I've guided many clients through this process, and together, we'll ensure you feel comfortable and confident with the condition of the house before moving forward.

This part is crucial during the purchase process. You'll work closely with your mortgage broker and provide them with any documents and information they'll need to ensure your loan is approved.

Think of the appraisal as a professional opinion of the home's market value. The lender uses this to determine how much they're comfortable lending you.

Here's the breakdown:

• Smooth Sailing: If the appraised value meets or exceeds the purchase price, we're good to go!
• Lender-Required Repairs: Sometimes, the appraiser might identify repairs needed to secure the loan. We can work with the seller to address these before closing.
• Low Appraisal: If the appraisal comes in lower than expected, we have options. We can renegotiate with the seller, see if the lender can adjust based on additional info, or consider walking away if needed.

You'll receive your final closing disclosure from your lender that provides the accurate amount of closing costs, your monthly payment, and other items of financial importance to this transaction. 

If you are bringing money to the closing table, it's essential to wire your funds to the title company or provide a cashier's check of the funds.

You must also bring your ID (driver's licences are preferred)

Once we get funding approval, the keys are yours, and you're free to move in! Woohoo! We did it!