Timeline for Buyers Outline
- Meet with a LUX Realty North Shore Realtor®: Once you have chosen a LUX Realtor® to represent you in purchasing a home, your Realtor® can help you determine the type of home that best suits your needs. If a mortgage is required and you are not already pre-approved, your LUX Real Estate Agent can assist you in finding a Lender.
- Financing Pre-Approval: Most homebuyers will purchase a home with financing. It is important that you meet with a Lender before you start your home search to determine the type of loan(s) you qualify for and how much you can afford.
- Search for your New Home: Now that you have determined the type of home and the price you can afford, your LUX Realtor® will begin searching for homes based on your criteria. Your LUX Realtor® will provide you with a list of all available homes for sale and can schedule showings for those you wish to see. If desired, your LUX real estate agent can provide you with a list of open houses being held in your search area, and can also accompany you to open houses. Your LUX Realtor® will ask for your feedback on all the homes you have seen in order to refine the search for your new home.
- Initial Offer and 1st Deposit: Once you have found a home you wish to purchase, you and your LUX Realtor® will discuss your offer. Your agent will work with you on the terms of your offer: price, amount of deposit, any contingencies, and possession date. Your LUX Realtor® will submit your offer along with your earnest money to the Listing Broker
- Inspection(s): Once your offer is accepted, you may need to schedule a Home Inspection of the property. Generally, this is done within (10) days of the acceptance of the Offer to Purchase. Your LUX Realtor® will provide you with names of several licensed Home Inspectors. This does not include any specialty inspections that you may wish to perform i.e. radon, mold, etc.
- Purchase & Sale Agreement & 2nd Deposit: The Seller generally has their attorney draft a Purchase & Sale Agreement. LUX Realty North Shore advises that you, the Buyer, hire a real estate attorney. After the Purchase & Sale is finalized, you as the Buyer, will sign the P&S first and then the Seller will sign. You will need to provide the remainder of the earnest money at this time. The payment must be made in the form of a certified bank check or a wire transfer.
- Financing Commitment: If you are financing the purchase of your home, you will need to acquire an unconditional commitment (3) days prior to the Financing Commitment due date. This is important in case there is a need to extend the commitment date. Your Lender will walk you through the steps of the full application process and receiving your commitment
- Final Walk-through and Closing: Prior to the day of closing, or the day of the closing, your LUX Realtor® will schedule and accompany you on the final walk-through of your new home. The final walk-through is necessary to ensure that the property is empty of all of the Sellers belongings, and to confirm that any items that were to remain have been left. At closing, you will sign a final HUD and receive the keys to the property.
*This is just a suggested timeline. No two offers are the same. Your LUX Realty North Shore Realtor® will be assisting you every step of the way.