Buying a home doesn’t have to be a difficult process, it’s just sometimes
difficult to explain because no two transactions are the same.
At Latah Realty, we make it easy. Here’s our starter guide. If you’ve never bought a home before, don’t worry! We’ll guide you every step of the way. Download Latah Realty’s Homebuyer’s Guide today!
1. Plan Your Financing
For most buyers, the first step is to meet with a lender and work on getting a loan pre-approval. A lender will help a buyer understand the different loan programs and how much financing they qualify for. (See lender lists, pages 9-10 of our Home Buyer’s Guide)
2. Look for Homes
The agents at Latah Realty will find out what a buyer’s needs are and show them homes for sale that match those needs.
3. Choose a Home
Negotiation
Latah Realty agents are experts in negotiation. Their job is to advise buyers and guide them through the real estate transaction. No two real estate transactions are the same.
Earnest Money
Earnest Money is presented by the buyer with the purchase and sale agreement. This money is held in escrow and goes towards the buyer’s closing costs.
Entering Into a Contract
Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement (PSA). That document outlines the specific terms and conditions of the transaction and is signed by both parties. This document is the written instructions between the parties as to how the transaction will be carried out. (See the RE-21 Purchase and Sales Agreement, pages 19-25 of our Home Buyer’s Guide)
Home Inspection Time Frame
After entering into a Purchase and Sale Agreement, the buyer can hire a home inspector (or other professionals if desired) to investigate and note the condition of the property (See home inspector list on pages 7-8 of our Home Buyer’s Guide). The home inspector works only for the buyer, and checks items such as the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Buyers then have the option to attempt further negotiation with the sellers of any needed repairs or ask for concessions. This is also the time when a buyer can have any other questions answered about the property or the transaction, and confirm eligibility for the property to receive homeowners insurance coverage. After the inspection time frame has expired or been waived, in most cases the ability to rescind the purchase and sales agreement ends (except for circumstances reserved in the sales agreement).
4. Close on the Home
Title Insurance
The buyer their lender will receive a report detailing the property history
to ensure there are no legal encumbrances on record between the new owner
and the property being purchased. (See title companies list page 7-8 of our Home Buyer’s Guide)
Escrow
When the offer is accepted and the closing date is agreed upon, escrow allows
the buyer and the seller to have an outside party ensure all parts of the contract are complete. The purchase and sale agreement is the written instructions to the title company as to how the contract will be carried out.
Closing
At closing, the closing documents are signed by the buyer and seller, both
parties pay any settlement fees and the documents are recorded at the county
courthouse. Closing is defined as when the funds are available to the seller
and the deed is recorded at the courthouse conveying the home to the buyer.
5. Welcome Home!
Additional Home Buyer’s Information:
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- Home Buyer Guide
- Helpful Home Buyer Tips
- Download Latah Realty’s Homebuyer’s Guide today!
The home buyer’s guide contains information about:- Local Schools
- Local Home Inspectors
- Local Phone/Internet/TV Providers
- Title Companies
- Local Lenders
- Loan Estimate Example
- Sample Agency Disclosure Brochure
- Sample Purchase and Sale Agreement
- Glossary of Real Estate Terms