5 Step Tranditional Home Buying Process

Step 1- Pre-Approval Letter: You are going to need W2’s, Bank Statements and Tax Returns

Tips

1. Save and submit all future pay stubs

2. save and submit all future bank statements

3. keep copies of documents submitted

4. continue to pay off loans and debts on time

Common mistakes

1. don’t make cash deposits

2. don’t make large purchases on credit cards

3. don’t co-sign loans for anyone

4. don’t change bank accounts

5. don’t apply for new credit

Cash on hand you’ll probably need

In addition to the down payment which is anywhere between 3-20% of the purchase price, you will also need an additional 2-5% of the purchase price for closing costs, which include inspection fee, appraisal fee, transfer taxes, title insurance and settlement fees, etc.

You as the buyer make the decision of whether or not you pay the Realtor’s commission. In most cases buyers do not want to or simply don’t have enough to pay a commission. This is perfectly fine we simply negotiate this into the offer, more often than not sellers are willing to pay this fee.

Step 2 Find a Home: Access your wants and needs. View properties with your realtor.

Note: If possible let your Realtor know before you attend an Open House

Step 3- Make an Offer- Review and sign your contract with your Realtor and attorney. Once your offer is accepted turn in the earnest money and schedule the inspection and appraisal