THE FOUR PHASES OF BUYING YOUR HOME

BullsEyeCalendarIn our effort to educate you on the home buying process, we have summarized the entire process into four distinct phases.

STEP 1: PRE-SELECTION

Initial Meeting
  • Define your goals & objectives
  • Overview of Multiple Listing Service (MLS) areas, statistics, and maps
  • Discuss qualities of “blue chip” properties
  • Loan pre-approval
  • Create plan of action
Finances
  • Meet with mortgage representative and submit application
  • Verify purchase price
  • Estimate timeline to closing
  • Liquefy necessary funds
  • Receive pre-approval
Insurance
  • Meet with broker
  • Verify availability of insurance
  • Determine specific information/actions needed by broker to issue insurance
Contract
  • Review contracts
  • Clarify questions with Jeff or Steve
  • Write letter of introduction

STEP 2: SELECTION

Search
  • Narrow options for MLS areas, home type, and price range
  • Establish MLS auto-search
  • Tour neighborhoods and begin process of elimination
  • Visit open homes within price range
  • Tour properties with Jeff or Steve
  • Move quickly when a winner is identified – call Jeff or Steve
Confirmation
  • Tour property with Jeff or Steve
  • Determine offer date and time
  • Drive and walk around neighborhood
  • Review disclosure documents
  • Verify school districts (if appropriate)

STEP 3: CONTRACT NEGOTIATIONS

Offer
  • Meet with Jeff or Steve to write offer
  • Tender deposit check
  • Deliver letter of introduction
Counter-Offer Strategies
  • Make the other person walk away
  • Look for trade-offs
  • Seek a win-win solution
  • Determine if new inspections and/or a walk-through are needed
  • Negotiate any newly discovered fix-its
  • Verify appraisal and ability to close of escrow on agreed-upon date
  • Remove contingencies

STEP 4: ESCROW MANAGEMENT

Details Handled by the Stricker/TenBroeck Team

  • Generate buyer’s file
  • Meet appraiser at property
  • Submit deposit to escrow
  • Submit contract to lender
  • Monitor loan process closely
  • Meet with inspectors (if any)
  • Review all reports and disclosures
  • Review final settlement statement
  • Accompany you to escrow sign-off
  • Final walk-through checklist
  • Verify possession from seller
  • Final review and update of buyer’s file