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Home Buying Process

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What is the Process of Buying a Home?

Buying a home can feel overwhelming, but it doesn’t have to be. Understanding the steps can make the process smoother and less stressful. From finding the right property to closing the deal, LifePoint Real Estate Group is here to guide you every step of the way. Let’s break down what you can expect and how we’ll help make your dream home a reality.

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 *
* Can be paid at closing

Finding Your Dream Home

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