Home Buying Process
Buying a Home: Your Local Experts
If you are buying a home in Central Ohio, working with LOCAL experts only makes sense. At LifePoint Real Estate, our Buyer Specialists have their thumb on the pulse of the local real estate market in order to provide you with information to make the best buying decisions possible. The buying process can seem daunting, but we are here to guide you every step of the way!
Steps to Buying a Home
1. BUYING VERSUS RENTING
- Investing in real estate
- Investing in your future
2. HIRE LIFEPOINT REAL ESTATE
- Role of a buyer specialist
- Power of a team
3. ANALYZE YOUR NEEDS
- Wants & needs
- Realistic expectations
4. GET PRE-APPROVED
- Lending options
- Importance of a lender letter
5. SELECT & VIEW PROPERTIES
- Accurate online property information
- Touring etiquette & audio/video surveillance
6. PRESENT PURCHASE OFFER
- Determining property value
- Elements of a strong purchase offer
7. NEGOTIATE OFFER
- Offering with negotiation in mind
- Having realistic Expectation
8. ACCEPT CONTRACT
- When is a contract “accepted”?
- When is earnest money due?
9. INSPECTION PERIOD
- Types of home inspections
- Purpose of inspections
10. REQUEST TO REMEDY PERIOD
- Negotiating repairs – life, health, safety, structural
- What about “as is” properties?
11. APPRAISAL & MORTGAGE
APPROVAL
- Role of an appraiser
- Loan underwriting process
12. FINAL WALKTHROUGH
- Assess property condition
- Check remedy repair
13. CLOSING
- Role of the title company
- Wire Fraud Precautions
14. POSSESSION
- When do I get the keys?
- What should I expect after closing?
Home Buying Financial Checklist
DOWN PAYMENT
Down payment amounts vary depending on your loan type. Down payment assistance and grant programs may be available.
CLOSING COSTS
The cost charged by your lender and the title company to process the loan and closing. This includes escrowed taxes and insurance.
EARNEST MONEY
This is your “good faith” deposit and is typically credited back at closing.
INSURANCE
Depending on your loan type, you may have mortgage insurance included in your monthly mortgage payment. Homeowners insurance is also required.
| COSTS TO PLAN FOR |
|---|
| Earnest Money |
| Home Inspection |
| Termite Inspection * |
| Radon Inspection |
| Well/Septic Inspection |
| Loan Application / Appraisal |
| Insurance * |