No matter where we're at in this process, remember I'm only a phone call or text away for any and all questions.
The Home Buying Process
• STEP #1: Choose Diversified Realty Consultants LLC as your Boutique Brokerage. The MOSS Team at DRC has a team of agents ready to help you find your dream home.
• STEP #2: Get pre-approved for a mortgage. This will give us a better idea of the price range we need to be looking in. Leanna can help you find the right lender for your personal needs.
• STEP #3: Narrow down your Wish List. How many bedrooms and baths do you need? What area would you like to be in? Do you need acreage? We will set up a personalized property search based on the information you provide. "The Portal" will send you homes that fit your criteria as soon as they hit the market, so you'll always be in the know!
• STEP #4: Find the perfect house and submit an offer. Your agent will submit a written offer on your behalf to the listing agent.
-In this step, you will need to determine if you would like to purchase an option period -usually 10 days and typically around $100-$400, depending on the amount of the offer. During an option period, you have the ability to back out of the contract for any reason. This is when inspections should be completed. Typically, an Option Fee is credited back to the buyer at closing.
- Also in this step, you will need to determine how much earnest money you would like to put down. Earnest money is "good faith" money. Almost like a promise to buy. Usually this is about 1% of the offer price.
**NO MONEY IS REQUIRED UNTIL WE HAVE AN ACCEPTED OFFER**
• STEP #5: Acceptance of offer. Your DRC agent will now collect your earnest and option money checks (personal checks or money orders) and deliver them to title and seller.
• STEP #6: Inspections and Negotiations. During your option period you will need to order a home inspection. This will be an out-of-pocket expense and will not be credited back at closing. Your DRC agent will be able to refer you inspectors, roofers, plumbers, and other Preferred Vendors you may need. After you have determined what needs to be fixed, your DRC agent will negotiate on your behalf.
• STEP #7: Finalize your loan. To finalize your loan, the lender will require a credit check, survey (if not already existing, paid out of pocket by who was specified in the contract - usually around $500) and an appraisal (also paid out of pocket and not credited back at closing - usually around $500).
• STEP #8: Pre-Closing. Before closing you may need to choose your home warranty company, switch your utilities and change your address to the new address.
• STEP #9: CLOSING. You will meet your DRC agent at the title company the day of closing. You will need to bring a government-issued ID and a cashier's check or arrange for wired funds in order to pay for closing costs as determined by your lender. Title to the property will transfer immediately upon closing and funding.
• STEP #10: Recommend your DRC agent. Leanna Moss Bowles will work hard to achieve your real estate goals. So we humbly ask for your personal referrals and online reviews once your purchase has successfully closed.
How much money do you need to buy a house (out-of-pocket expenses)?
• Earnest Money (1% of offer price)
• Option Money (between $100-$400)
• Survey (around $500 - according to contract)
• Title policy (based on sales price - could be paid by seller according to contract)
• Appraisal (usually around $500)
• Loan down payment (determined by lender)
What money gets credited back at closing?
• Earnest Money
• Option Money
*This is intended to be an illustration of a typical home buying process. ALL COSTS AND OTHER REPRESENTATIONS ARE ESTIMATES ONLY AND ARE SUBJECT TO CHANGE. It is imperitive that you remain in communication with your agent, lender, and title company to establish the details of your specific transaction.