Home Buying Process

You’ve decided to buy a new home. Congratulations!

The first step is to contact your local Coldwell Banker Timberland Properties agent to begin the home buying process. If you are not already working with a specific realtor, let our agents and offices search assist you in finding one. You will have a professionally trained, experienced realtor to offer you agency representation options and full service by choosing an agent.

Your agent can help you get 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 offer a home.

Your agent can provide detailed information on almost any listed property for sale. This includes Coldwell Banker listings and 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 advertised For Sale by the Owner. Your Coldwell Banker Timberland Properties agent is the only resource you’ll need. We also have plenty of advice to help you choose the right home and neighborhood.

During this initial phase, you may also wish to begin 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 include obtaining a mortgage, building inspections, and pest inspections, including termite, pest, radon, water quality, lead, septic, oil tank, etc.

If the offer is not acceptable to the seller, further negotiations may be necessary to reach terms agreeable to both buyer and seller. Counteroffers are common, so you must remain in close contact with your 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 & Closing

There are several details to see at this stage, and we are here to help. 

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! The title representative subtracts the funds from the amount credited to the seller to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed, and ultimately filed with the local property record office.

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