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Understanding the Home Buying Process

Your Journey to Homeownership

01

Step-by-Step Guide

Buying a home doesn’t have to be overwhelming. Our proven process breaks it into manageable steps, starting with financial preparation and ending with you holding the keys to your dream home.

02

Timeline Expectations

From searching for the perfect home to closing the deal, the process typically takes 30–60 days, depending on market conditions.

03

Role of Your Agent

Your Century 21 Masters agent will be by your side every step of the way, ensuring a smooth and stress-free experience.

Getting Your Finances in Order

Budget Assessment

Evaluate your income, expenses, and savings to determine a comfortable budget for your new home.

Credit Score Check

Your credit score impacts the mortgage options available to you. Need help? Our team can guide you on how to improve your score.

Savings Goals

Plan for upfront costs, including your down payment (typically 3-20%), closing costs (around 2-5%), and reserves for unexpected expenses.

The Right Home for You

The single biggest reason most people buy a home is the simple desire to own a home of their own.1 But how do you find the home that’s right for you?

1 2010 National Association of REALTORS® Profile of Home Buyers and Sellers

What’s the Right Home For You?

It’s a good idea to create a prioritized list of features and “must-haves” for your new home and use this list as your search guide. It’s good to consider the future, for example if you’re newly married, you might want to consider school districts.

Remember location is just as important as features. CENTURY 21® professionals can help their clients narrow their choices by sharing market trends and local expertise.

Some other important considerations are:

  • How much you can afford? Review your income, savings, and debt to figure out how much home you can afford.
  • Which neighborhood do you wish to live in? Evaluating a neighborhood and surrounding areas thoroughly is essential.
  • Do you need to sell an existing home? Buying a home while selling an existing home has its own set of considerations.

A CENTURY 21® Agent can help you shop for a home, compare homes, and compile your unique wishlist to find the perfect home for you. Your CENTURY 21® professional can also guide you through with the financial and contractual side of the purchase process.

Buying Your Home

CENTURY 21® Agent’s experience and knowledge to make a successful home buying offer.

Making a Home Buying Offer

  • Purchase contracts vary in length and terms from state to state, and sometimes in a state.
  • Multiple offers on the same home are not uncommon.
  • Your real estate professional is often best placed to present the offer and help with negotiation and strategy.
  • Your CENTURY 21® real estate professional can help you find out what other homes have sold for in the area, required repairs or renovations.
  • You should consider the condition of the house and the market.
  • Know your ceiling, it’s advisable to have credit pre-approval.

TIP: The value or disadvantage of certain features can help or hurt resale. In some areas, a swimming pool actually detracts from a home’s value, and makes it harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may affect the home sale and future value.

Applying for a loan

Purchase contracts vary in length and terms from state to state, and sometimes in a state. Here are the high-level loan application steps:

Prepare required documents:

  • Two years of employment history, current employment status and salary are needed. Employment letters can be used to explain gaps in employment.
  • Two years of W-2s (this does not apply if self-employed) and tax returns allow the lender to be sure that your salary is high enough to make the mortgage payments every month.
  • Most recent pay stubs for the last 30 days tell the lender that you’re still earning money similar to the amount on your tax returns. (This does not apply if self-employed, but the lender will likely require a profit and loss statement.)
  • List of assets, including bank statements, let the lender know that you have the money to cover the down payment, closing costs and a reasonable emergency.

Get pre-approved in as little as 24 hours

  • Once your loan application is submitted, you should receive your pre-qualification in as little as 24 hours. Peak Finance Company have the expertise, tools and programs to turn you into a homeowner.

There is also the option to buy a home with cash.

Beyond Closing

Buying a property is a big step involving a substantial long-term financial commitment, so it requires a thorough assessment of what you can afford.

  • A lease option may be available (an arrangement between the buyer and the seller to purchase a house after renting it for a specific period of time).
  • We recommend hiring a professional home inspector to help you avoid costly home buying mistakes.
  • We recommend taking out Homeowners’ Insurance to protect your new asset.

Ownership

Ownership of the home is officially transferred to you at the closing meeting. Closing can also be referred to as settlement or escrow. Your CENTURY 21® Agent will guide you through the closing process, as local/state laws vary. Before you officially own your own home, here is what needs to happen:

  • In advance, a title company is usually hired to conduct a search for any recorded documents that affect the deed to the property. Examples include easements, liens, tax assessments, covenants, conditions and restrictions, and homeowner association bylaws. The buyer and lender must approve the preliminary title report prior to closing.
  • Once the conditions of sale have been met and the preliminary title report has been approved, all parties will agree to sign closing documents. The preliminary title report then becomes the final title report, on which any applicable title insurance is based.
  • If everyone agrees that the papers are in order, the buyer submits payment to cover the closing. If the lender will be paying your annual property taxes and homeowners’ insurance for you, a new escrow account (or reserve) is established at this point.
  • Finally (and here’s the best part) you receive the keys to your new home! You just have to move in.

TIP: After the documents have been signed, notarized copies will be forwarded to the lender, funds will be released, and the sale will be recorded at the local recorder’s office. This legal transfer of the property may take a few days. It is at the point of deed recordation that you become the official owner of the home.

Moving Tips & Checklist

Our home moving checklist can help you make your move much easier.

6 to 8 weeks prior:

  • Purchase or rent moving supplies: tape, markers, scissors, pocketknife, newspaper, blankets, moving pads, plastic storage bins, rope and a hand truck. Free boxes can usually be obtained at a local supermarket, but consider purchasing wardrobe boxes for clothes.
  • Have a garage sale to clear out unwanted items and plan accordingly. Consider donating unwanted items.
  • Keep a detailed record of all moving expenses. Your costs (and donations) may be tax deductible depending on the reasons for your move.

2 weeks prior:

  • Hire a reputable mover or rent a moving truck. Be sure to get referrals or references, check with the Better Business Bureau, get estimates and purchase moving insurance.
  • Two weeks before moving day, contact your telephone, electric, gas, cable/satellite, refuse and water companies to set a specific date when service will be discontinued. Contact utilities companies in your new town about service start dates, including Internet and telephone services.
  • Notify healthcare professionals (doctors, dentists, veterinarians) of your move and ask for referrals and record transfers.
  • Register children for school and ask for school records to be transferred.
  • Notify lawn service, cleaning and security companies when service should be terminated.
  • Advise the post office, publications and correspondents of change of address and date of move.
  • Check your homeowners’ insurance and make arrangements for new coverage.

Moving day:

  • Have tools handy for breaking down beds and appliances.
  • Give every room a final once over. Don’t forget to check the basement, yards, attic, garage and closets.
  • Have the final payment for the movers and money for a tip.
  • Don’t forget to check in with your local CENTURY 21® Agent – he or she may be able to provide useful local advice and/or referrals.

TIP: Move valuables (jewelry, legal documents, family photos and collections) yourself – don’t send them with the moving company. Make sure you have a complete home inventory of all your possessions.

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