Columbia MO Real Estate Blog
The Home Buying Process:
1) PRE-APPROVAL FOR LOAN (letter in hand from the Lender so this can be submitted with your offer). This is very important because if there are other offers the same time as yours, the Seller will select the Buyer based on knowing he is ready to go with a Lender. Without this letter, the Seller has no way of knowing if you can get a loan or not.
2) SELECTING HOMES IN YOUR PRICE RANGE (viewing online as well as choosing those you wish to make appointments on to see).
3) ACTUAL VIEWING OF HOMES
4) WRITING AN OFFER ON WHAT YOU HOPE TO BE "YOUR HOME". At this time an earnest money deposit will be made. (This money lets the Seller know you are serious and will be used toward your home purchase.)
5) REPLY FROM SELLER-YOUR RESPONSE (counter offers-negotiations back and forth for terms and price).
6) FINALIZED CONTRACT (this is the Contract Date. Timelines start from this contract date).
a) Lender complies for loan commitment
b) Title Co. completes title search for clearance of sale
c) Inspections of property
d) Inspection negotiations (Who will fix and/or pay for what)
e) Appraisal of property
f) Buyers have new homeowner's insurance policy in place
7) FINAL WALK-THRU OF PROPERTY
8) CLOSING
9) POSSESSION
10) IF ALL GOES AS PLANNED... YOUR HOME "SWEET HOME"!
PLEASE KNOW: There is a lot of time involved searching for homes that fit the Buyer's criteria. It takes time to make phone calls for appointments on showings and to confirm with everybody, and to print out MLS sheets. There is a great deal of time involved taking Buyers around in our cars to view properties. Not to mention car gas expenses that are especially high now.
If a Buyer runs to more than one Realtor, that Realtor just did all of this work for this Buyer for free. They are not paid for this time spent from their Brokers. Most all are Independent Contractors. No money is made unless a sale is made. Hence, there should be loyalty and respect for each other, the Realtor and the Buyer.
Please understand: Realtors can show and sell any listing in the Multiple List Service (MLS). This means you do NOT have to call each Company that has their sign in the yard. Again, one Realtor can show any property you desire to view and sell it too.
