1. Financing

  • Meet with different lenders to discuss interest rate, type of loan program (Conventional, FHA, RD, VA, etc), and amount of down payment required (anywhere from 0%, 3.5%, 5%, 20%)
  • Obtain a letter from the lender stating you are prequalified to purchase a home in a specific price range

2. Meet With An Agent

  • Discuss your wish list
  • Educate you on pitfalls to look out for (i.e. crumbling foundation, outdated electrical wiring/plumbing/heating & cooling systems, windows, roofs/shingles, peeling/damaged materials on exterior–some loan programs require any peeling paint to be scraped and painted prior to closing, any cracked windows to be replaced, handrails installed on stairs, gfci outlets anywhere near a water source such as kitchens and bathrooms )
  • Explain floodplain areas
  • Price range
  • Diamond Realty offers constructive criticism
  • Sign required agreements (real estate relationship disclosure and buyer agency agreement)
  • Set-up automatic emails for new listings and price reductions so that you are always aware of changes in the market’s inventory

3. Set-Up Showings

  • Diamond Realty schedules showings for you (typically 5-6 homes per day)
  • 12-24 hour notice prior to showings for sellers/seller’s agent
  • 30 mins per home typically allowed
  • Our professional experience will guide you to find potential pitfalls in a property.  However, there will always be things that go unnoticed or are hidden. It is this reason we always encourage our buyers to get the appropriate inspections on the property to ensure you are protected.

4. Write An Offer

  • Review and sign disclosures (Seller’s Property Condition Disclosure, Lead Based Paint Disclosure, etc)
  • Multiple Offer situation (If there is more than one offer coming in on a property, the seller has the right to accept the offer they feel is best. Factors that sellers consider are: purchase price amount, contingencies–fewer contingencies are appealing to seller, closing date, earnest money amount, type of loan, etc)
  • Perform a market analysis to ensure the house is worth what they are asking
  • Decide on contingencies to protect you (i.e. home inspection, home sale, financing, appraisal, etc)
  • Pick a closing date
  • Decide on earnest money amount (earnest money shows good faith to sellers and will be credited back to you at closing)
  • Build in seller paid closing costs (this happens if buyers do not have money to put towards closing costs)
  • Bill of Sale (what personal property in the home will be left with the home at closing?)
  • Radon Test (radon levels are coming in higher than what the EPA recommends)
  • Deadlines (there are deadlines for when the home inspection needs to be done, contingencies met, etc)
  • Appraisal (the appraisal protects the buyer and lender from paying too much for a house and indicate any repairs needed prior to closing for a buyer’s specific loan program)

5. Accepted Offer

  • We will send a copy of the purchase agreement to your lender. They will get in contact with you to move forward with the financing side of the transaction

6. Contingency Process

  • Ensure all deadlines are met (home inspection typically needs to be done 10-14 business days from the time a buyer and seller reach an agreement)
  • If there is a home sale contingency, we will want to get your current house listed and advertised to put you in the best position to get an accepted offer and not lose the house you are trying to purchase!

7. Closing Process

  • Title Commitment Package review
  • Confirmation of Closing Date & Time
  • Review Closing Statement
  • Final Walk Through (ensure there is no damage to the property since last viewed or things that would have been hidden–make sure personal property left with the Bill of Sale is still there)

8. Closing Date

  • Typically takes 25-40 minutes
  • Bring two forms of ID for anyone signing paperwork (drivers license and debit/credit card/health insurance card, etc)

CONGRATULATIONS! You are now a proud homeowner! After closing you will receive any and all keys to the house and garage door controls. Let the moving begin!

Seller’s Closing Process

Seller’s Closing Process

Seller’s Closing Process