Buying a Home
Buying a home, while exciting, can be an overwhelming experience. It is one of the most important purchases you will make. IndySouth is here to walk you through the process; from starting your search, to moving into your new home.
Preapproval Process / Determining Your Price Range The first step in buying a home is knowing what you can afford and what type of loan you qualify for.
This process involves:
- Selecting a Lender: finding a financial institution that offers the right loan for you
- Pre-approval Process: takes into account the following factors:
- Gross Income
- Your Current Debt
- Your Credit Score/History
- Funds available for down payment and closing costs
- Current Interest Rates
- Types of Mortgages
- Possible 1st Time Homebuyer Programs ($100 down payment)
- Preapproval Letter: this document states:
- The loan amount you qualify for
- The type of loan you qualify for
- Monies needed for down payment and closing costs
* This document needs to be presented with all Purchase Agreement offers.
What’s Right for You? At our initial meeting, we will listen to your thoughts and discuss your goals regarding your home search. Based on your chosen criteria, we will customize an automated search for you that will continually update you with homes that suit your needs.
Some criteria to consider when creating your search would be:
- Location: township, school district, rural vs. urban…
- Size: square footage, number of bedrooms and baths…
- Style: ranch, 2 story, new construction vs. established neighborhood…
- Amenities: large backyard, basement, pool, fireplace…
Negotiating an Offer This is when having a knowledgeable REALTOR ® becomes invaluable. The knowledge we have gained through experience and research gives you the upper-hand in presenting an offer and responding to counter offers.
Some of the most important terms of a real estate contract are:
- Purchase Price
- Closing Costs
- Settlement Charges
- Earnest Money
- Right of Inspection
Completing Your Purchase Our dedication to service is most evident during the final process of your home buying experience. We pride ourselves on managing these numerous details with integrity and professionalism.
We coordinate with all parties on your behalf concerning the following:
- Inspections and action items needing to be addressed
- Documentation necessary for final loan approval
- Home warranty selection and application
- Scheduling of title work and closing date
- Reviewing/approving HUD-1 statement
- Utility transfers