Whether you’re a first-time home buyer or someone who has purchased before, the timeline of events can often be confusing. We’re here to help! Our simple infographic outlines the entire process of purchasing a home in seven steps, with a full description explaining the process in-depth below.
1. Determine your objectives. Make a list of your needs, wants and wishes, and determine what is most important to you and your family in your new home. Not sure where to start? Contact a Shorewest real estate agent to help you categorize what homes will be a good fit for your lifestyle. Read more on our featured Ask an Agent post about determining your housing needs
2. Financial qualification. It is important to determine your mortgage loan options as you begin your home search. A Shorewest real estate agent can help determine if you may be a good potential home buyer, but it’s even more important to get pre-approved by a qualified lender like Wisconsin Mortgage Corporation. To determine if you qualify for a home loan, a loan officer will want to look at your credit report and discuss your current financial situation. For an in-depth description of the pre-approval process, read My Best Advice to Homebuyers, an article from Wisconsin Mortgage Corporation Vice President John Inzeo.
3. Tour and select a property. Here comes the fun part — touring and finding your next dream home! Your real estate agent can help you locate homes with your desired traits from step one of this series. Innovative tools like myShorewest help our agents create custom searches based on your housing criteria, plus buyers receive email alerts as soon as new qualified properties hit the market. You can also set target prices for various properties and get recommendations direct from your agent. Once you have found your next home, you and your agent will make an offer to purchase the property. Then, you’ll negotiate with the seller until your offer has been approved. This third step in the home buying process seems simple, but it can take time to find a home that is perfect for you. Working with a real estate agent is the best way to explore all of your housing options and write a more appealing offer for sellers.
4. Get a home inspection. You’re well on your way to moving into your dream home, but first it must pass inspection. If the home passes, this means everything is up to code or you the buyer are willing to fix any outstanding issues. If the home fails inspection, sellers can opt to fix any problems for a second inspection, or you can use a failed inspection as a negotiation point. Learn more on the Shorewest blog about what to expect from a home inspection.
5. Finish your paperwork. Work with your loan officer from Part 2 to finalize your financial paperwork. They will prepare all paperwork needed for closing, which you’ll learn more about in Part 6 of this series. Be sure to satisfy your contingencies, or the provisions in your real estate contract that must be satisfied to close on the home. Contingencies can include an appraisal contingency or mortgage contingency, and your Shorewest real estate agent can help explain these terms as well as any other contingencies that your purchase contract may need.
6. Schedule your closing. Your Shorewest real estate agent will help schedule your closing, and it’s a great time to consider other Shorewest services available for your home. Shorewest Insurance Associates provide quality, dedicated service, working to meet the needs of our clients throughout Wisconsin. Agents create custom, competitive packages to suit your needs, rather than a one-size-fits-all plan. Not only do we provide home insurance, but we also offer auto, life and RV coverage through Shorewest Insurance Associates.
7. Live happily ever after. We are so excited to welcome you to the Shorewest family. This family doesn’t just include our real estate agents and employees, but also everyone who works with Shorewest to buy or sell the home of their dreams. Our third-generation owners Joe and John Horning are passionate about serving the needs of Wisconsin buyers and sellers, and everyone at Shorewest is excited to be a part of your housing experience.