The Home Buying Process
Congratulations on the decision you’ve made to buy a new home!
If you are not already working with an agent, the first step is to contact your local Coldwell Banker agent to begin the home buying process.
Your agent will put you in contact with one of our recommended loan officers so you can be pre-approved for a mortgage. By sharing your income and financial information, they can give you the price range of mortgages you are qualified for. An agent will also be able to provide detailed information on properties listed for sale, and how to choose the right home and the best neighborhood for your needs.
Making an Offer
Ask your agent to make an offer, once you’ve found a home you’re interested in. The paperwork involved will vary between regions, but your Coldwell Banker agent will go over the contract with you, and can advise you on how to complete your offer.
A few things you agent might ask you to provide are: the amount you are willing to pay, closing dates, your mortgage amount, or any contingencies such as building inspections.
Counter-offers are common; if your offer is not acceptable to the buyer negotiations will proceed until both buyer and seller are agreed on all terms and sign all documents. Documents will be sent to the title company where a file will be opened, and title commitment and property tax information ordered.
The Offer Is Accepted
Once the seller has accepted your offer, there are a number of details to see to at this stage. You'll be required to have the buildings inspected, sign the paperwork, and make a down payment, just to name a few. Consult with your agent to find out the immediate next steps in the home-buying process.
Closing
Closing is a formal process where all parties sign the necessary paperwork to complete the sale. Your agent will assist in developing a clear and binding transaction. The seller gets the down-payment, and the house keys and title is transferred to you!
All the deeds, loans, and other documents are sent to your loan company for approval and funds are disbursed.
The title company receives the funds to pay off the existing mortgage and other transaction costs. Payment of any accrued expenses in connection with the closing are due including taxes, attorney's fees, professional real estate fees and title company fees.
Enjoy Your New Home!