Buyers – The Home Buying Process
We would like to make your home buying experience as pleasant and worry-free as possible. Below is an overview of the steps we will take you through to complete the process.
Contact a Mortgage Lender to pre-qualify for a home loan.
Begin your search for your perfect home.
Once you select the property you want to purchase, your Realtor will assist you in determining the right price to offer by providing you with comparable properties and market statistics. Your Realtor will also take you through a step-by-step process to prepare your offer. The offer will be prepared on a Purchase & Sale Agreement. At this time an Earnest Money Deposit will be needed to show the seller good faith. The Earnest Money Deposit is usually held by the Selling Broker until the transaction is closed, at which time it will be applied toward your down payment and closing costs.
Prior to signing your offer, you will have the chance to review and accept the State of Alaska Residential Real Property Disclosure form. This form is required to be completed by the Seller. We strongly recommend that you have the property inspected by a Professional Home Inspector and a Heating & Mechanical Inspector. An appraisal of the home will be ordered after the property inspection has been completed and needed repairs negotiated.
The loan process typically takes 30 to 45 days to complete for an existing home. Your Realtor will keep you informed during the process.
The day closing of the property occurs you will meet with your Escrow Officer to sign all required documents. You will need to bring a cashier’s check for the total amount of your down payment and closing costs. Possession of your property will be given to you the day of recording, which typically is the day after closing assuming it’s not a weekend or holiday. Keys are not given to the buyer at closing. If you want keys before recording, you and your Realtor, Val Alexander, must negotiate property possession in advance.
Remember to sign up for telephone and utility services in advance and complete a change of address card.