As a person new to the home buying process, you probably have a lot of questions.  Following is a typical purchase scenario to help you visualize what you will be doing:

If you are interested in buying a home, the first thing you should do is sit down with a mortgage consultant, such as those from TLG Mortgage . They can do the math to find how much of a home you qualify for, plus give you a pre-approval letter to help in purchase negotiations later. After discussing your finances and situation with a mortgage consultant, you are now ready to begin the process of shopping for a house.

Now it's time to see what kind of house will fit your needs. You probably already have an idea of what you want, but sitting down and looking through the MLS will let you know what is available and for what price. Once we have found what seems to be a good combination of size, specs, and price, we narrow down the field and take some time to go view the homes. One thing to remember is that pictures on a computer screen or on paper only tell so much about a property; the truth is when you walk in the door.

Once we have taken the time to look through properties and see what fits for you and what doesn't, we can decide if you have found the home you're looking for, or if it is time to wait and see what may soon be on the market. If you decide to wait, that's okay! I can set you up on an automatic email notification system that will send you listings as soon as they come on the market! Also, feel free to use my MLS Search. It's free and easy to use!

So you've found your home. What next? It's time to right an offer. We sit down and discuss what the best price to offer for the property would be. Sometimes the market will let us negotiate for a better price; other times, the market will demand the asking price. Many factors go into the decision of what to offer on a property. As a Realtor, I work in this market everyday, and am here to help you in this decision.

Now that you have signed and initialed your offer, we are ready to present it to the seller. The process of negotiation begins! The offer is given to the seller to accept, counter, or reject. If the offer is accepted, you are on your way! If the offer is countered, then we have to again sit down and decide to accept, counter, or reject their counter-offer. If the offer is rejected, then we have two choices; make the deal sweeter to the seller or start looking at different properties.

Once this process is finished, you have a mutually accepted agreement, or what we call in Realtor lingo, "a signed-around deal." You are on your way! The next step is to send the purchase agreement into the mortgage company so they can start their work, which includes ordering the appraisal, and starting the necessary title work. You also need to choose an insurance agent and policy for your new home and give that information to the lender.

Now is a good time to do an inspection. An inspector will walk with you through the house, checking the structure, appliances, roof, and many other items. The inspector will then give you a report of issues that may need to be addressed. We again negotiate for these items, so that you are buying the best house possible.

The mortgage company has been processing your loan in the meantime, and it is now time for the appraisal. The purpose of an appraisal is to let the bank know that the property they are giving you a loan on is worth what they are loaning on it. Once in a while, there is a hiccup in the process when it comes to the appraisal. As your Realtor, I work to solve the issues in your best interest.

So you've made it this far! Alright, now we are getting close to closing. The lender sends the required documents to the closer, and everything is gathered up and readied for your signature. As your Realtor, I am available during this time to answer any questions that you may have and make sure things go smoothly for you.

Once you have signed, we have just a little bit more to go. The closer sends the paperwork into the lender who then funds the loan. The closer then disburses the funds to the different parties in the transaction. Next, the deed is sent off to the county for recording in the records. Once this process has been completed, you are closed!

I now deliver your keys to you, and welcome you to your new home. Welcome home!

If you have any questions about home buying process, feel free to call, email, or stop into my office anytime. I am here to serve you.

Stephen Morgan, REALTOR©
Real Investment, Inc.
509.535.6726
morgan@investspokane.com
1627 E Trent Ave
Spokane, WA 99202