Jake Peterson Real Estate | Home Buying Process
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The Home Buying Process

The home buying process isn’t as simple as most would expect. There are many circumstances that make purchasing more like an expedition than a stroll in the park. Unexpected occasions will undoubtedly arise, which makes the adventure more of a thrill. Problem solving skills is where a great agent comes into play to help overcome the issues that may arise when purchasing a home.  In the end, when the keys are in your hand, you’ll be grateful that you embarked on the adventure and never turned back.

Determine a budget

Your home purchase adventure begins by understanding how much money you qualify for. Once you know how much you qualify for, you’ll determine how much you can spend. If you qualify for $300,000, it doesn’t mean you should buy a $300,000 home. Budget accordingly. Here’s a checklist to get you started:

  • Interview a couple lenders to get their opinions
  • Choose a lender
  • Work with lender to get pre-approved
  • Begin the house hunt

House Hunting

This is the best part of the whole process but you still need to be diligent in finding the best house for your needs. A couple things to help you track down what you’re looking for:

  • Work with Jake Peterson Real Estate, it is no cost to you as a buyer
  • Determine your home buying criteria
  • Search online listings
  • Get an up-to-date market analysis
  • If you’ve determined the home is a fit, make an offer

The Offer

The hunt is over (hopefully) and you’ve decided to make an offer on a home. Be sure you’re confident in the offer you’d like to extend.

  • Consider writing a letter to the seller – it could help if the market is competitive
  • Read seller disclosures
  • Review your good faith estimate
  • Ratifying the contract

Ratification

This part of the process can be stressful because there are many things outside of your control. Here’s what the ratification process entails:

  • Home inspection
  • Underwriting
  • Walk-through
  • Appraisal

The Close

The big day has arrived. A few things that are involved with the close.

  • Choose insurances (homeowners, moving)
  • The deed
  • Sign some documents
  • Then some more documents
  • And some more documents
  • Getting the keys
Drop us a line or text, 801-258-1705.