Buying a home can be an overwhelming process. From financing to negotiating to closing, there are a lot of moving pieces that can leave homebuyers bewildered.
I will help guide you through each step of the buying process, offering sound advice along the way.
Here are some of the key areas to buying your home:
Getting pre-approved by a lender
When you make an offer you must also submit a pre-approval letter or a statement of sufficient funds if you are paying cash. I will connect you with a reputable lender if you are not already working with someone. The lender will then go over your financing options, what monthly payment amount you can afford, and what you can expect for down payment requirements and closing costs. I will set you up with an online personalized search based on the price point of the home you want to purchase and the key criteria you want in a home like 2 story or ranch, main floor master or master on the 2nd floor, amount of bedrooms and bathrooms, acreage or zero lot line. I listen to your goals and customize your search based on your individual needs and wants.
Choosing a home
For most buyers, choosing a home is an emotional process. My goal is to offer objective information about each property you look at. From local community information like schools and zoning to home-specific details like condition and amenities.
You will receive homes once a day in the morning. You can place a heart next to your favorites, light bulb next to your possibilities, and trash can next to the homes that do not work for you. When you see a home you like call or text me at 317-995-1128. It will take approximately 30 days to close on a home.
Making an offer
Once you’ve found the home of your dreams, I will research recent comparable sales of similar homes in the area to help determine a fair selling price. Based on those comparable sales I will then help you structure an offer and negotiate to get the very best deal possible. It will take approximately 30 days to close on a home.
You will want to have your prequalification letter when you write an offer. You will also need to deliver earnest money within 2 days of an accepted offer. Earnest money is generally 1% of the purchase price and applied to your down payment.
What Happens Next
Every state has different laws. In Indiana, the next step is to have an inspection. That generally occurs within 14 days after your offer is accepted. If you don’t know an inspector, I will connect you with 2 to 3 reputable inspectors that my recent clients have used and recommended. This is the next phase of the negotiation. You will submit and inspection response based on the inspection report and reach an agreement with the seller on those safety and habitability items that need to be repaired/replaced.
During this window of time the title company is researching the title of the property to make sure there are no outstanding lienns and the lender is only asking you for the necessary information/paperwork to ensure your loan gets funded. If you are a a cash buyer you just need to have the statement of funds from your financial institution and make sure the funds can be wired the day before closing.
I will help guide you through each step of the buying process, offering sound advice along the way and keep track of all the moving pieces.
3 days prior to closing you will receive a closing disclosure statement from your lender. You must sign this in order to start the clock (required by the government) so that you can close. This 3 day window allows you to review your loan to ensure it is accurate. Shortly before closing the title company will generate a settlement statement that have all the same financial information as the closing disclosure statement. I will send this to you for your review. The week before closing you will make sure all utilities are in your name, the day before closing you will wire your funds, on or before the day of closing your lender will wire funds and you will have a final walkthrough.
I will help guide you through each step of the buying process to ensure that everything goes smoothly.
A few tips:
- Don’t make large purchases when you are buying a home.
- Don’t quit your job.
- Stay in constant contact with your Lender and Realtor.
- In Indiana property tax is around 1% of the house assessed value and we pay taxes 1 year in arrears so on your settlement statement at closing you will receive a tax credit.
- Make sure you reach out to your county for a receipt for the homesteads and mortgage exemptions filed at the closing table. If the title company doesn’t file them for you, you will file them before December 31st
- Call me 🙂 to help you purchase your next home!
I am detailed and help walk my clients through each step so they can easily reach their goals. Prior to moving to Indiana 13 years ago I moved 10 times in a 15 year span ultimately moving from California back to Indiana so I know how important it is to make the transitions as seamless and easy as possible. I am passionate about my business. Invested in education, mine and yours. It is my goal for you to confident, secure, and informed at every turn.