Buyer's Guide to Homeownership
- An experienced REALTOR® can consult with you on your needs, priorities, and location, identify a timeline, and provide you with property search tools. You can plan on having out-of-pocket expenses that will be needed before you close on a property. These expenses may include earnest money, inspection costs, and bank and lawyer fees (if applicable).
- If you will be obtaining a mortgage, you will want to contact a loan officer at the bank of your choice and get pre-approved. If you would like to use a local lender, we can recommend several of them. Use this time to shop for the best rates, loan terms, and banker responsiveness. RE-adjust your expectations if you need to based on the financial information you receive from the banker. By providing a pre-approval letter with your offer, you are proving to the sellers you are serious about purchasing their property and potentially setting you ahead of any other offers. If you will be buying a property with cash, be prepared to supply proof of funds from your financial institution with the offer.
- Continue to explore the area and the quaint towns the Northwoods offers, maybe you’ll find you can expand your search area this way. Keep your REALTOR® in the loop with what you like/don’t like and we can update your search area if needed.
- Your REALTOR® will lead you through the offer-to-purchase process. The offer will contain the proposed offer price, closing date, and any contingencies you choose to have; including inspections, financing, appraisal, etc and more.
- After the offer is accepted, your REALTOR® will work with you to ensure all contingencies are met within the timelines dictated by the contract.
- After weeks or months of hard work, you have made it to closing day! Upon obtaining a clear to close from the lender’s underwriter, the title company has permission to go ahead with the closing paperwork. Congratulations- you are now a homeowner!