Home Buyer Premier Process!
I will walk you through the process of buying a home in Georgia! You will find it different from other States, and even the last time you closed in Georgia. There is a whole new set of laws and responsibilities in the contract for 2007, and more coming in 2008! The following is just a brief summary of the 22 major processes, with some description of each process:
1) YOU WILL BE PROVIDED WITH MY LIST OF REPUTABLE LENDERS (ones with whom I have had a positive experience), making sure that everything they need to know is in their hands to determine if you are qualified for the home of your choice.. Most applications are filled out online by the buyer and transmitted to the loan officer. The loan officer then checks your credit and submits it to guideline underwriting. They then tell you that you are approved. WRONG! You need to sit down with the Mortgage Planner and discuss the options which best fit with your goals in owning a home in your future. You need to provide them with all your documents AND they need to look at them. Discrepancies may pop up such as the guidelines may calculate your income differently than you did when you filled out the application. Only then, should you accept a commitment from them!
2) I will coordinate with your Mortgage Planner to get your Commitment Letter. I have specific
wording for them that is most advantageous to your interests during negotiating your offer.
3) YOU MUST UNDERSTAND THE BUYER'S BROKERAGE AGREEMENT. Signing means
that I will represent your interests to the best of my abilities, AND, you will be loyal to me as
a client. Without this Agreement, I will be unable to represent your interests or assist you in
any way.
4) Now that we know how much of a home you want to purchase, it is time to document your
true needs and your 'wants.' I have a form for that. This will become your Ultimate
Scenario! Then, I will help prioritize the lists so that we know what we want to go look
for without wasting time (and my gas)! Ha!
5) The next step is to choose which homes you want to view from the list of homes that most
closely meet your criteria. Not all criteria may exist in one given home... that is why we
prioritized your list. You will choose the homes, not me. However, I may make
suggestions based on my knowledge of the area and the market conditions.
6) Once you have indicated to me which homes you want to view, we will set a time and I will
call all the owners and make appointments at each home.
7) Finally, you are ready to see the homes you have chosen! There may be some where you
do not like the neighborhood, some that you do not like the landscaping or the exterior.
It does not mean that we have to go in, but it does mean that I will need to call and cancel
the appointment and perhaps, adjust the rest of the schedule.
8) You will be provided with information to carry and review and ask questions about each
home. Once we are back in the car, you can document any items that you want on my
Property Scorecard. These Scorecards will have all your needs and wants on the list, as
well as a few other points I think you should consider. I will also take pictures of the homes
that are of particular interest to you.
9) When we stop and review all homes at the end of the day, we will review the Scorecards.
This helps to try and keep the buying process from being totally emotional. I will have taken
pictures of each home to help refresh your memory as well. Now, I must tell you that often
a buyer just falls in love with a particular home which does not meet their criteria. And, that
is fine. I only want to point out 2 things:
a) Will you still love this home 2 years from now if it does not meet your criteria?
b) You must love the home you buy! Every night, when you pull into your driveway,
you have to be able to say, "Making the payment is worth it, as I so love my house."
This applies no matter what!
10) When you have found the home that you want to make an offer on, it is time to determine the
terms and conditions of the offer and thus, the 'real' price you are willing to pay. To help you
with that decision, I will prepare an analysis of the homes in that area similar to your home of
choice, what they have sold for and under what conditions... as much as I can find out. I will
be able to know if the sellers normally paid any of the buyer's closing costs in the area, for an
example. We, together, will analyze all the factors that affect price. I will also request a copy
of the Seller's Property Disclosure to see if there are any issues you need to know about.
11) We will review the legal Georgia Purchase Agreement and put your offer in writing, including
your terms and conditions, and give the seller a time limit to respond. Now is the time you
will need to provide me with a check for the earnest money. I will attach a copy of the check
and your Commitment Letter to the offer. I also have a list of the potential terms and conditions
and special stipulations I have developed over the years which you will need to protect your
interests.
12) Now is it really time for me to go to work! I will present your offer to the listing agent, and,
when I am allowed, to the seller. I will present your offer in the best light and in your interest
to the agent, and explain your offer and why.
13) When the seller and the listing agent respond to the offer, they will either accept it or counter
your offer. Now, it is negotiation time again! You can accept the offer or make another counter
offer to the seller. This negotiation will continue until an agreement is reached and the agreement
becomes contractual. My Certificate of Expert Negotiating will come in handy. If you are
buying a foreclosure or short sale, this process can take 3 weeks. Any counter offer cancels
all other offers.
14) Now it is time for many things to happen all at once! The main ones will be to make sure that
you perform all items in the contract for which you are responsible. Of course, I am at your
side to help you do this.
a) Copies of the contract will have to be made and original signatures obtained on all copies
and then distributed to all interested parties.
b) A copy of the contract needs to get to the loan officer immediately so they can order the
appraisal and get your loan to underwriting. You may have to provide updated documents
or maybe even new documents. Remember, your loan is not 100% approved at this point
without the appraisal. This can be an issue if the property is a foreclosure... but, we will
have handled that upfront.
c) The inspection has to occur within a certain time limit and negotiated with the seller. Again,
that is where I really work for you again. I may even tell you that maybe we need to back
out and I will show you how to do that... if needed. There are different types of inspection
terms in the contract.
d) You need to arrange for your move, and all the things entailed with that! It's OK, I have a list
to help you!
e) There is so much more to help you with; such as, insurance, pick a home warranty,
coordinating the transfer of utilities, keeping everyone informed, verifying everyone is doing
their job, etc.
15) And, we have to make the closing date!
16) At the inspection, I will be at your side again to make sure the inspector checks certain things
for you and make sure that the items discussed get documented in his report. The inspector,
you, and I should agree on which items are items that the seller must do.
17) The 'move out' of the seller and your 'move-in' times will have to be coordinated, as well as
changing the utilities over. I will prepare for you a list of the utilities and phone numbers, and
make sure that the sellers call first.
18) We will review the numbers on the Closing Statement to verify that all is in order and
understood.
19) We will do a 'walk-through' on the evening before closing to make sure that everything is
"just right." If not, we will have the attorney write an amendment to survive closing.
20) AND, NOW WE CLOSE! You will need certified funds for the money that you bring to
closing and they will make a copy of your driver's license. You will receive at least ONE
key to your new home! ( I will explain this later). I, of course, will be there to help you with
all the paperwork!
21) Frankly, the list of what I do for you goes on and on... but, we are probably past the limit of
what can be included on this site! (or, what you are willing to read!)
22) And, I will continue to stay in contact with you! More often than not, I become friends with
my clients regardless of their age! I will continue to provide you with useful information
regarding homeownership.
"It all sounds so simple when put in a 'summary list,' but so many things can happen along the way. Everyone thinks it is simple until they try it... or forget just one tiny, but important, item to be done. You need a trusted, experienced professional at your side."
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