Getting Pre-qualified

It is highly recommended that before you start shopping for a new home you get pre-qualified with a Lender. By doing so you will know how much home you can afford and which loan programs you may qualify for. It also can give you an advantage when submitting an offer by showing the seller that you have been pre-approved for that price range.

To learn more about the pre-qualification process and the different loan options available please contact a Mortgage lender.

The Home Searching Process

Now that you have been pre-qualified and have chosen a REALTOR® to work with you can fully start the home buying process. Our agents at Lakewood Realty will meet with you to discuss the wants and needs important to you. Based on those we will set up a home search. When a home that comes on the market that meets your needs, you will be immediately notified via email or other form if desired.

Writing an Offer

Once you have found the right home for you it is time to submit an offer. Your Realtor® will draft an “Offer to purchase”; a legal document that once accepted by both parties is a binding agreement. An “Offer to Purchase” will typically include the purchase price, the amount of Earnest Money, the date of Closing, the Interest rate and type of financing along with the items to be included in the sale.

Keep in mind many Real estate transactions involve counter offers, a negotiation between the two parties to come to terms that are satisfactory to both Buyer and Seller.

Home Inspection

Home Inspections conducted by a certified Inspector can be a very helpful tool in purchasing a home. Defects can be found in many homes and they can be obvious or hidden, minor or major concerns.

It is a good idea to have an inspection Contingency written into your “Offer to Purchase”. By including this contingency you have the right to hire a home inspector to evaluate the home you wish to purchase. Generally you as a Buyer will attend the inspection so you can be are aware first hand of any problems that may arise, ask questions and be informed of any maintenance issues you may expect in the future.

The majority of home inspectors will cover mechanicals like electrical, pluming, heating and cooling, as well as the buildings construction including the roof and foundation.

Home Appraisal

An appraisal is an impartial third party’s estimate of what the home’s value is in the current market and is conducted by a licensed person with the experience and knowledge needed to determine the value of a home. They will study comparable sales in the area while also taking into account the location, neighborhood and condition of home.

A home appraisal is included as a part of your mortgage home application and is ordered by your lender to ensure that the property you are purchasing is justified by the sale price. Lenders will not approve a loan until it is determined that the home has sufficient value to secure the loan.

Title insurance

Title insurance is insurance against loss or damage resulting from defects or failure of title to a particular Parcel of real property. It protects you from any losses to claims made of the ownership of real estate, anything that may have happened in the past, the sudden appearance of unknown heirs, or the discovery of forgery, fraud or impersonation. In addition is protects you from any evidence of unfilled or defective legal documents and any liens for unpaid bills, assessments and taxes.

All lenders require you to have title insurance when purchasing a property. By having title insurance the parcel will research all legal records to make certain that you are receiving a Clear title. Be aware however that there are always some exceptions to each title policy.