Buyers Roadmap

At The Crowley Realty Group, we are experts in our industry and we are committed to assisting you through the entire home buying process. Our attention to detail and extensive market knowledge make us the perfect resource for the home buying process.

Purchasing a property is most likely the largest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.

Why Do You Want To Buy?

Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord's? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.

Has Your Income Grown?

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

Let's Take a Drive.

You and your agent will get to know the neighborhoods, complexes, or subdivisions, which interest you and get a feel for what it would be like to own a property in the area. The goal is to begin getting a sense of the properties, neighborhoods and community in the area.

Financial Pre-Approval

Financial Pre-Approval

Its important to know what price point you and your realtor should be looking at and this brings us to the pre-approval process. During the pre-approval process the lending institution gathers all the information it requires to offer you a loan; they check your credit and you may be charged a fee for this at the time of the appointment. You'll need to bring some items with you to document your identity and your assets:

  • A copy of your most recent bank statements (this includes your daily checking account as well as any money market, savings or other accounts)
  • Your most recent W-2 (or entire tax return if you're self-employed)
  • Proof of IRAs or retirement accounts and their current balances
  • Any stocks or mutual funds you own outside of retirement accounts
  • Your driver's license
  • The most recent month's paystub(s) from your job
  • An application fee (this depends on the lender)
Pre-approval does not mean the bank guarantees you the loan. It just means that you're approved to get loan - unless something goes wrong. Commitment to the loan generally comes after the bank has had the house in question appraised to make sure the price you're paying isn't higher than the home's market value.

Narrow Your Search.

You and your agent will selectthe properties that interest you and make appointments to visit them. We will discuss the benefits of each propertyand potential long term resale value of the properties you are considering.

Time to Buy

Once you have picked out the property you want to purchase, you and your agent will make an offer based on comparable homes in the area that have sold. Your agent will investigate the potential costs and expenses associated with the new property. If there are multiple offers on the property, your agent will discuss options to help you draft your offer in a way that gives you the advantage over competing offer.

Offer & Acceptance

Once you and your relator determine a purchase price you will sit down and sign a purchase agreement (or binder). The binder outlines the purchase price, home inspection dates, signing of contract and closing date. The binder also outlines any contingencies and exclusions/inclusions. The binder is submitted to the sellers agent and the offer is either accepted or negotiated.

Inspection

Once the offer has been accepted and the purchase agreement (or binder) is signed, it's time for the home inspection by a licensed and trained home inspector. This is an important part of the home buying process as it gives you insight as to how the home was cared for over the years and what repairs may need to be negotiated into the transaction. A home inspection should include examination of all major systems, including the plumbing, heating, air conditioning, electrical, and appliance systems. Also, the home inspector will look at the structural components such as the roof, foundation, basement, exterior and interior walls, chimney, doors, and windows. Once the home inspection is complete, you and your agent will sit down and go over the inspectors report and develop a reasonable list of repairs to present to the sellers.

Repairs & Credits

After the inspection your realtor will work diligently to make sure all repairs are completed. If a certain repair cannot be completed or the seller does not want to repair something a credit towards the cost of the repair can be negotiated and given to the buyer at closing.

Signing The Contract

After the purchase offer (or binder) is entered into, the next step is for the Seller's attorney to draft a formal contract of sale. This contract is sent to the Buyer's attorney. It describes the property and contains the necessary terms of sale in order to provide a valid and enforceable contract. Moreover, the Buyer is normally required to pay further deposit monies at the signing of the contract. A total of ten percent of the purchase price is the standard (but not required) down payment and will be due upon contract signing. These funds will be held in the attorneys escrow account. Any repairs or credits from the home inspection will be included in the contract.

Bank Commitment Letter

Once the contract is signed your bank begins working on the At the same time your bank is working on the funding the loan. Receiving a commitment letter from your bank or mortgage broker starts you on the road to closing solidifies a lender's pledge toward a home loan. Almost every commitment letter contains conditions that must be met before a closing can occur. For instance, a title report must be provided to the lender and reviewed to see if there are any issues with the property that need to be resolved.

Final Walk-Through Inspection.

More of a formality than anything else, the final inspection takes place a day before, or the day of the closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.

Closing.

The attorney will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the attorney, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent.

Home Services and Utilities.

We will provide a list of useful numbers for the activation of home services and utilities after the closing occurs.