Congratulations!  If you are reading this, then you are most likely interested in learning more about buying a house.  As with any new venture, gathering information about the process is always a wise move. The first step in the home buying process is making the decision to buy, so you can already check one thing off of the list.  While the journey to homeownership can be a little different for everyone looking at houses in Locust Grove and beyond, below you will find the general steps in the process.

Step One

Make the decision to begin the home buying process.  Browse homes online to help you develop an idea of what type of property you are interested in and the location. Then, take a drive through these locations to see if the photographs online match with the actual location. For example, if you are looking at houses in Locust Grove, you may need to determine what neighborhoods appeal to you the most. The only way to do this is to see them in person.

Step Two

Determine must haves in a property.  Think about what is most important to you; is it the number of bedrooms in a home, the location, or do you need to have a two car garage? Creating a list of must haves will help buyers and their REALTORS® narrow the search among the houses in Locust Grove.

Step Three

Hire an awesome Realtor®–hey I know one of those!  Whether you are looking for a home in Lake of the Woods, in one of the other communities in Locust Grove, or want a house on some property in Orange (or beyond) having a local agent on your side to guide your through the home buying process is important.

Step Four 

Get pre-approved for a mortgage.  A pre-approval gives you a home buying budget. Home buyers have to know how much they have to spend before you start shopping for houses in Locust Grove.  Your lender may also offer ways to improve your buying power like increasing your credit score.

Step Five

Go on showings with your Realtor® to find your next home. This step involved in buying a house typically takes 1-4 weeks. This time varies due to the amount of homes for sale and how specific the home buyers needs are.

Step Six

Write an offer on a home.  The Realtor® will write an offer with the home buyers. The sellers will receive the offer, send a response, and the home buyers can counter the response if needed, and then sign a contract.  This usually takes 1-5 days.  Most offers suggest closing in 30-45 days of the ratified contract.

Step Seven

Schedule inspections.  Your Realtor® will schedule a home and pest inspection.  If necessary a water quality and septic inspection will be scheduled.  This step involved in buying a house typically takes 1-2 weeks for the inspections and reports. During this time home buyers can create a list of repairs they would like the seller to address. The seller and buyers will negotiate the completion of these repairs.

Step Eight

Get an appraisal.  The home buyer’s mortgage lender will request an appraisal from a third party company to be completed.  The appraisal determines the current market value of the home and makes sure the mortgage company isn’t lending more money to the home buyers than the home is worth. The appraisal can take 2-3 weeks.

Step Nine

Receive final loan approval.  Your lender will contact you when your loan has been fully approved. The lender has been working on your mortgage since you signed the ratified contract. Keep in mind that the lender may request additional documents during this time and it is important that the home buyers get the documents to the lender promptly so that closing does not have to be delayed.

Step Ten

Close on the home.  Everyone’s favorite day! This is the day that home buyers become homeowners. It usually happens within 30-45 days of the date on your ratified contract.

When you are ready to start looking at houses in Locust Grove or the surrounding areas, then I am here to help! Feel free to contact me to chat about starting your home buying or selling process.