What to Expect when Purchasing a Home

STEP 1:  1.) Meet with your professional lender to prequalify so you know what price you can afford, unless you are paying cash.

                2.) Decide what is important to you (priorities, location, features)

                3.) Before making your final choice, tour several prosepective homes and house plans that are in your price range.

STEP 2: The initial step in buying your new home will be to get with your builder and make an offer to purchase. Your builder should help you with this process. Your contract must be in writing and you must show "Good Faith" by having an earnest money check along with your written offer. The offer that you make should include the following:

               1.) The amount that you are willing to pay

               2.) Contingencies such as obtaining of mortgage, building and pest inspections, etc.

               3.) Any personal property specially excluded or included.

In the event that the current owner does not accept your offer, further negotioations will be held in order to reach terms that are acceptable to both parties.

STEP 3: Once an agreement has been made by both parties, you must apply for financing immediately, unless you are paying cash. Make sure you take the necessary credit information to the lender. You should communicate weekly with your lender during the loan process. Your builder will be paid in increments as construction progesses.

STEP 4: This step may take 2-6 weeks to be completed, depending on the type of financing. BE PATIENT! The lender has to make arrangements for a credit report and also an appraisal of the property to begin processing of the loan.

STEP 5: CLOSING...This is where both you and the builder will meet with your lender to close the transaction. After this, the documents are filed at the courthouse. Keep in mind that Possession Date doesn't necessarily mean the Closing Date. Possession and Occupancy are discussed and agreed upon at the time the contract to purchase is agreed on.