You’ve made the decision to buy a new home. Congratulations!
The first step is to contact your local Coldwell Banker agent to begin the home buying process. If you are not already working with a Coldwell Banker agent, let our Agents & Offices Search assist you in finding one. By choosing a Coldwell Banker agent, you will have a professionally trained, experienced agent to offer you agency representation options and full service.
Your agent can put you in contact with Coldwell Banker Home Loans so you can be pre-approved for a mortgage even before starting the house hunting process. Although the pre-approval is not a final loan commitment, the pre-approval letter will demonstrate your financial strength and ability to go through with the purchase when you are ready to make an offer on a home.
Your agent can provide detailed information on almost any property currently listed for sale. This includes Coldwell Banker listings as well as all other real estate broker listings on the Multiple Listing Service (MLS). Your agent can also provide information on homes that you see advertised for sale in the newspaper or online, such as properties that are advertised “For Sale by Owner.” Your Coldwell Banker agent is the only resource you’ll need.
During this initial phase, you may also wish to begin the process of selecting a local real estate attorney to represent you once you have an accepted offer on a home. If needed, your agent can provide you with a list of local attorneys that specialize in real estate.
Making an Offer on a Home
Once you’ve found a home you’re interested in buying, instruct your agent to make an offer. The paperwork involved can vary between regions, and your agent can advise you on what is needed. (For example, some areas use Offer to Purchase Forms and others use Fill-in-the-Blank Contracts for Sale.)
Typically, you will provide your agent with the following information to relay to the seller or their representative:
- The amount you are willing to pay
- Mortgage amount
- Closing and occupancy dates
- Personal property included or excluded (appliances, lighting fixtures, etc.)
- Contingencies, such as obtaining a mortgage, building inspections and pest inspections, including (where appropriate): termite, pest, radon, water quality, well, lead, septic, oil tank, etc.
If the offer is not acceptable to the seller, further negotiations may be necessary to reach terms that are agreeable to both buyer and seller. Counter-offers are common, so it is important that you remain in close contact with your Coldwell Banker agent during the negotiation process to quickly review and respond to proposed changes.
Your Offer Has Been Accepted!
The contract writing procedure, required down payments, building inspection contingency dates, etc. vary between regions. Consult with your agent to find out the immediate next steps. Timing is critical!
Between Contract and Closing
There are a number of details to see to at this stage, and Coldwell Banker is here to help. Our exclusive Concierge Program is designed to assist you with the services you need before, during and after your move. From moving companies and new community information to home improvement services, we’re here every step of the way.
What to Expect at the Closing
Closing is a formal process where all parties sign the necessary paperwork to complete the transaction and transfer the property’s title from the seller to you. The seller receives payment for the home, and you receive the house keys! From the amount credited to the seller, the title representative subtracts the funds to pay off the existing mortgage and other transaction costs. Deeds, loan papers and other documents are prepared, signed, and ultimately filed with local property record office