By Bryton Wilson - Century 21

First-Time Home Buyer? Part 2

Aug 16, 2021 | 3:00 AM

If you read my blog post in July, you’ll be caught up for where this month’s post will begin. If you haven’t had a chance to read last month’s blog post, feel free to go back and check out the first two steps to keep in mind when buying a home. Today, we are going to finalize the transaction in two final steps. Please keep in mind that every transaction is different, but in most cases, this guide should give you some insight into preparing before starting your house buying journey.

3) Accepted Offer – Now What?

Congrats! Your offer has been accepted by the sellers, and now it’s time to check off some final boxes before the house is officially yours. Most buyer offers will have two conditions attached to them*:

– Finance Condition

– Home Inspection Condition.

HERE'S WHAT TO KNOW

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Let’s deal with the financial condition first. You should already have your pre-approval in place before writing the offer, so this is just your mortgage broker/bank finalizing the deal with the lender on your account to ensure everything is good to go. When it is, you and your agent will get the green light to waive this condition.

Now, at the same time, you should be doing some homework on home inspectors, the same way you did to find your real estate agent. You can also ask your agent and they will be able to refer you to a trusted inspector that they like using. Keep in mind, the average cost for an inspection in town is around the $450-$500 range and that is an out-of-pocket expense for a buyer. On the day of the inspection, you will meet the inspector at the house with your agent for a walk-through of the home. By the end of this tour and looking over your inspector’s report, you should have a good understanding of the state of the house. At this time there can be extra negotiating between buyers and sellers for certain fixes, but overall if you are happy with the findings of the inspection, you will waive that condition.

4) Done Deal

Boom. Just like that, you have a done deal and you are a homeowner. Possession can always differ on how far after condition removal it happens, but on average it is about two weeks after you remove your final condition. If you have a lawyer, great everything will be sent to them. If you don’t same applies to them as it does for the real estate agent and home inspector search, use your resources, and find someone that works for you. Keep in mind, lawyer fees are another out-of-pocket cost for buyers, usually $1200-$1500 for closing costs. On possession day, you receive your keys and then begin the move!

And that is a basic break down of the home buying process. There are so many variables when it comes to buying or selling a home, but the first step should always be having someone you trust in your corner. If you have any questions in regards to buying or selling any real estate, don’t hesitate to reach out and I’d love the opportunity to help.

Who knows what’s coming up next month, so stay tuned!