1. GATHER FINANCIALS
a. Request your credit report from all 3 credit bureaus (Equifax, Experian, and TransUnion). Fix any errors you spot!
b. Compile necessary documents, including pay stubs, bank statements, and past tax returns.
2. RESEARCH MORTGAGES
a. Find out if you qualify for a special loan, such as a VA, FHA, or HUD home buying program.
b. Request quotes from multiple lenders and comparison shop for loans.
c. Get preapproved for a mortgage.
3. EXPLORE NEIGHBORHOODS
a. Find properties in your price range in your preferred neighborhoods.
b. Get a sense of whether the neighborhood is on an upswing or a downswing by looking for features that denote up-and-coming areas.
c. Spend time in each area, imagining yourself living there. (Keep in mind, it’s ideal to stay put for at least 5 years.)
4. MAKE A HOME SHOPPING LIST. Get a head start by compiling your home wish list with the following:
a. Must-haves, such as required number of bedrooms and bathrooms
b. Nice-to-haves, such as a home on a cul-de-sac or a garden shed/workshop in the backyard
c. Dream features, such as pro-grade kitchen appliances or a hot tub off the master bedroom
5. FIND AN AGENT
a. Review agent profiles and ratings on Trulia.
b. Find an agent who specializes in your home type and prospective new neighborhood.
c. Ask questions and call references.
6. START HOUSE HUNTING
a. Download the Fairfax Realty App to search listings
b. Visit Open Houses and have your agent schedule private showings
7. MAKE AN OFFER
a. Decide how much earnest deposit should be
b. Decide how much money you want to put down
c. Make an offer
d. Negotiate and get a home under contract
8. Home Under Contract Day 1
a. Receive executed contract from Realtor
b. Give earnest money deport to realtor
c. Title company will begin Title work
d. Order HOA document for the Buyer
e. Realtor will change the status of the home in the MLS
f. Buyer will be sent property disclosures
9. Home Under Contract Week 1
a. Realtor will get updates from Buyer’s Lender
b. Realtor will pick up brochure box
c. Seller Provides payoff statements to Realtor
d. Property disclosures returned from buyer
e. Buyer’s Appraiser will call Realtor to set an inspection and appraisal time
10. Home Under Contract Week 2
a. Realtor displays SOLD sign on home
b. Realtor calls buyer’s lender
c. Realtor prepares for the Appraisal inspection
d. Realtor review closing documents (Assuming Appraisal and Inspection are OK)
e. Realtor confirms estimated closing date with title company
11. Home Under Contract a Week before Closing
a. Realtor confirms the inspection items are complete
b. Realtor insures all the title issues are remedied
c. Realtor confirms seller has arranged cleaning
d. Realtor arranges mail-out close or POA
e. Realtor sends any changes to lender & title company
f. Realtor meets buyer for a walk through
g. Realtor confirms closing time, data, and location with all parties
12. Home Under Contract 1-2 Days Before Closing
a. Realtor reviews closing figures
b. Realtor reminds seller to bring Driver’s License to closing
c. Realtor orders earnest money check from office manager
d. Realtor schedules final walk-through
13. Closing Day
a. Realtor reviews closing, receives recommendation from seller
b. Realtor provides seller’s gift
c. Realtor picks up sign, lockbox, and brochure box
d. Realtor turns in closed file to office manager
e. Realtor notifies showing desk/service of closed status
14. After Closing
a. Realtor contacts Seller 3-5 days after closing for any issues
b. Realtor updates online websites with updated sales data