The Home Buying Process
My job as a Real Estate Broker is multi-faceted. I am here to to provide you with all the information you need to buy, sell, or invest in Sun Valley real estate.
The Loan Process
The very first step in the home buying process is getting pre-qualified for a loan. Don't worry - it's not as scary as it sounds. I will put you in touch with two or three lenders who have been tested by the market and who have successfully closed deals for me.
Looking at Listings
Next we will sit down and talk about your expectations for your new home. My next job is to provide you with all of the listings which satisfy your "perfect world" criteria. Then comes the fun part - looking at homes that fit your lifestyle and budget.
The Offer
By the time you make an offer, we will have looked at enough homes so that you will have a feel for value in the current market. My website has charts (see the Market Trends tab) that depict real estate trends for single-family homes, condos & townhouses and vacant land for all areas of the Sun Valley MLS. The charts look at average price trends, median price trends, price per square foot, inventory levels, pending deals, number of sold transactions and more. I update the charts on the first of every month.
Once you've found the perfect home, I will facilitate the negotiation of an offer, including price, closing date, terms, contingencies and more.
The Next Step
My goal is to keep you informed of every "next step" in the home buying process. I will keep you apprised of critical dates, such as the inspection contingency release date or the financing contingency release date.
Service Providers
We may need help during the home buying process from various service providers such as insurance agents, water testers, inspectors, radon mitigation companies,or other personal who can help you make an informed decision about a specific property. I have a data base of reliable service provider that I will share with you.
Good Advice
If you are a first time home buyer, I would advise you to ask your lender, inspector, and appraiser a ton of questions - we are all are here to help you have a successful experience. And definately don't make any major purchases before you close on your new home. The banks just don't like that!
The Typical Home Buying Process
Below is a chart that will help guide you through the typical home buying process. And I'm here to answer any questions you might have. If I don't have the right answer, I will find the person who does.
Keep reading below for more detailed information about the home buying process.
The Mortgage and Loan Process
Funding Your Home Purchase
1. Financial pre-qualification or pre-approval
• Application and interview
• Buyer provides pertinent documentation including verification of employment
• Credit report is requested
• Appraisal scheduled for current home owned, if any.
2. Underwriting
• Loan package is submitted to underwriter for approval
3. Loan approval
• Parties are notified of approval
• Loan documents are completed and sent to title
4. Title company
• Title exam, insurance and title survey conducted
• Borrowers come in for final signatures
5. Funding
• Lender reviews the loan package
• Funds are transferred by wire
Why pre-qualify?
• We recommend our buyers get pre-qualified before beginning their home search.
• Knowing exactly how much you can comfortably spend on a home reduces the potential frustration of looking at homes beyond your means.
Making an Offer
Once you have found the property you want, we will write a purchase agreement. While much of the agreement is standard, there are a few areas that we can negotiate:
The Price
What you offer on a property depends on a number of factors including its condition, length of time on the market, buyer activity, and the urgency of the seller. While some buyers want to make a low offer just to see if the seller accepts, this often isn't a smart choice, because the seller may be insulted and decide not to negotiate at all.
The Move-in Date
If you can be flexible on the possession date, the seller will be more apt to choose your offer over others.
Additional Property
Often, the seller plans on leaving major appliances in the home; however, which items stay or go is often a matter of negotiation.
Presenting the Offer
Typically, you will not be present at the offer presentation – we will present it to the listing agent and/or seller. The seller will then do one of the following:
• Accept the offer
• Reject the offer
• Counter the offer with changes
By far the most common is the counteroffer. In these cases, my experience and negotiating skills become powerful in representing your best interests.
When a counteroffer is presented, you and I will work together to review each specific area of it, making sure that we move forward with your goals in mind and ensuring that we negotiate the best possible price and terms on your behalf.
Closing 101
Closing day marks the end of your home-buying process and the beginning of your new life! To make sure your closing goes smoothly, you should bring the following to the title company:
- A certified check for closing costs and down payment. Or the title company may ask you to wire-transfer the funds in advance of closing.
- Photo IDs
Transfer of title moves ownership of the property from the seller to you. The two events that make this happen are:
Delivery of the buyer's funds
This is the check or wire funds provided by your lender in the amount of the loan.
Delivery of the deed
A deed is the document that transfers ownership of real estate. The deed names the seller and buyer, gives a legal description of the property, and contains the notarized signatures of the seller and witnesses.
At the end of closing, the deed will be taken and recorded at the county clerk's office. It will be sent to you after processing.
That's it! You own your new home!
I love helping buyers find their first home in Sun Valley, whether it's their first home ever or their first vacation home. I also like helping sellers "move up" to their next home.
Call me and let's get started.
Respectfully submitted,
Sheila Liermann | Sun Valley Real Estate Broker | 208.481.0450
