decide-buy

1. Decide to Buy

Contact the seasoned professionals at the Selby Team. We will personally speak with you regarding what you are looking for in a house – number of stories, location, bedrooms, lot size and price.


consult

2. Consult a Home Mortgage Loan Officer

Ask loan officer for a pre-approval. Evaluate payment and provide documentation to the loan officer such as tax returns and pay stubs. Keep this information together; you will be asked for it multiple times. Speak with a loan officer about your real estate needs. Your loan officer will help you determine how much house you can afford. They will then provide you with a pre-approval letter.


regroup

3. Regroup with Your Realtor

Once you speak with the loan officer, you will need to speak to your agent again. Please submit your pre-approval letter to your agent.


select-properties

4. Select Properties

Depending on what you’re looking for, your agent will set you up on an online search. When you receive a listing for a house you want to view, contact your agent to schedule a showing.


visit

5. Visit

Once you schedule a showing with your agent, feel free to take notes on each property you visit. We recommend no more than 5 showings a day. Your agent will point out the pros and cons of each property. Their professional advice will help you make the best decisions on your purchase.


offer

1. Offers

We will verify the home is priced correctly, and will advise you on the best offer price. We will then go over all the details of the contract with you, and answer all of your questions. You will be asked to review and then sign the contract either in person or via Docusign.


offer-nego

2. Offer Negotiations

We will submit your offer to the listing agent. The listing agent will come back with an acceptance or a counter offer. This is a crucial time to have our team of expert negotiators get the deal done. Once all the parties agree to the terms of the contract, the contract will be executed, and you will be in “option pending.”


option-pending

3. Option Pending (OP)

Once your contract is executed, you will pay an option fee somewhere between $100-$200, and earnest money (1% of purchase price). The option fee buys you a time period (usually 10 days) to inspect the property, and allows you to terminate the purchase contract for any reason. If you terminate during the option period you will get your earnest money back, but will not get the option fee back. You need to schedule an inspection of the property within a few days (day 1-4) of entering the OP phase. We will review the repairs, if needed, and negotiate the repairs with you and the seller. If an agreement is reached, you will continue to the pending period. An agreement must be reached within your option period. Once an agreement is reached, you will continue to pending.


pending

4. Pending

During your pending phase, the house will have an appraisal done by the morgage company you are getting your home loan through. If you are paying cash, then an appraisal is not mandatory. Towards the end of your pending period, you will schedule a time to close with the title company. The title company will check to make sure your loan conforms and will give you a clear to close.


closing

5. Closing

We will be sure to let you know of any additional information that the title company would like you to bring to the closing. Someone from our team will attend the closing with you.