The Porter team

Buying Process

The Buying Process

When you  buy a house there are a lot of steps.  Many time homebuyers blaze through the process and don't really know what just happened.  Here is a step by step account of the process.

1. Get a pre-approval letter from the lender

You will want to get a loan pre-approved before you look at houses.  This gets your finances in order for the right house.

2. Find the home you love

Make a list ahead of time and know what you want and what you don't want in your St George real estate.
Some first time home buyers will set out so excited about the process that they will fall in love with the first house they see.  

3. Submit an offer

Here is where having a great buyers agent is really handy.  An agent, specifically assigned to you can offer you help and information with your best interest at heart.  They will write up an offer that includes:  financing contingencies, inspection contingencies and other items, you will want to approve, before hand.  Don't sign anything until you fully understand it.

3. Wait for a reply or any counteroffers

4. Once mutually accepted and agreed upon, get an inspection

This stage can make or break the sale.  If the house is a money pit, you probably want to cancel the deal and get your earnest money back.  If the seller agrees to fix things, give you money at closing or if nothing is wrong, the deal proceeds to pending. Learn more here about home inspections.

5. Once inspections are agreed upon, there is a quiet time.

This is the time where lenders finalize the loan, escrow organizes all documents to be signed, sellers start packing and you can do the same.

6. Obtain homeowners insurance

During this quiet time buyers will either buy new homeowners insurance or transfer your old insurance to the new home.  Shop around for the best rates and coverage.

7. Signing of  the final documents.

Many buyers and seller think this is closing but it's actually not.  This is only the signing of all the documents for the buyer and seller.  Each party comes in seperately and signs all necessary papers.

8. Closing and key exchange

The closing happens a day or so after the signing.  Closing means the deed has been recorded, all parties have exchanged monies and the transfer is finalized.  Closing happen when all the parties have signed, it takes a couple days for all those documents and funds can get into the right hands or files.  Once that happens the keys are turned over to the new owners!

WELCOME to your new Home!



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