The Home Buying Process With the Kreps & Tate Team
Buying your first home can be a daunting process - learn more about every step of the home buying process when working with the KT team.
Keep in mind that you as the client have the buying power. Be clear about your vision and price range so that a licensed lender can aid you in determining your financial standing to provide you with pre-approval. Pre-approval does not obligate you to a particular lender, but it does provide you with valuable information that will assist you in the home shopping process.
Searching For a Home
As you describe the vision for your future home coupled with your financial standing, the KT Team will search for homes on your behalf that fit your interests. They will then schedule a tour of the home so that you can preview the property in person.
Once an agreement is reached and your offer is accepted, you will officially be under contract; however, the purchase is not complete until closing, but this does mean that the home cannot be sold to anyone else. This is now the point in the process where you can make an earnest money deposit and secure your mortgage loan. The KT Team will continue to advise you as you work with a trusted lender to determine the best loan for you.
A licensed home inspector conducts a comprehensive evaluation of the entire property and reports any problems or damage with the home’s structure or any potential issues, such as mold or pest infestations. Depending on the agreement and any problems that arise, there may be additional rounds of negotiations in order to resolve any problems found during the inspection.
After you find a home, the KT Team will advise you to ensure you make the best possible offer while considering the purchase price, closing date, sale contingencies, and any other special stipulations you would like to include in the purchase. Next, they will draw up paperwork and submit the offer. When the seller receives the offer, they have the choice to accept, reject, or counter. If they choose to counter, your agent will meet with you to discuss your options during this negotiation period until an agreement is reached.
The Final Walk Through
Prior to officially closing on the home, you'll conduct a final walkthrough to ensure that every part of the contracted agreement was honored. This process also allows you to guarantee that the home is in the same or better condition than when the original offer was made. This is also the final opportunity to address any problems with the home before officially closing. Depending on the purchase agreement, you may have to sign a formal contract addendum that confirms the walkthrough is complete and that the condition of the home is acceptable.
Your lender will provide you with a final closing disclosure that summarizes the loan terms, monthly payments, taxes, fees, and other costs associated with closing. This is the final step to receive confirmation of closing and where you will sign all of the paperwork required to complete the purchase and loan agreement. Next, the paperwork will be signed by all parties, and your loan will be funded. And finally, you will receive the keys to your new home and be cleared to begin moving in.
The Home Appraisal
The home appraisal is important because it involves a third-party, unbiased estimate of the fair market value of the home. Your lender arranges the appraisal of your home, which allows the appraiser to confirm the value of the property to all parties involved. If the home appraises for less than the expected value, you as the client, have the option to renegotiate the purchase agreement or to terminate the contract altogether.
TIPS FOR FIRST TIME HOME BUYERS