WHAT TO EXPECT IN A RESIDENTIAL TRANSACTION: Strongsville Real Estate

By:CJ Harrington

Keller Williams Realty

Date:09-19-08

Buying a home involves several stages. Below briefly I explain the more common steps during a residential transaction.Okay, when beginning you home search, and after you decide you need a professional real estate agent, you will begin by scheduling an initial meeting. This meeting will enable you to see the qualification of your agent and your agent to determine your needs and wants as well as you financial eligibility for this transaction. Next, your loan qualification will take precedence. Here, you will discuss finances and obtain prequalification. Then you will be ready to find that dream home. This includes selecting that property that fits your needs, discussing the offer with your agent, and then the buyer reviewing your contract. Next, your agent will present your offer and the negotiation will begin. Here, you will prepare your "earnest money" deposit (typically, 1 to 3% of purchase price), and hopefully, the seller accept the offer. (Seller can accept your offer, counter your offer, or reject your offer) Now, you are on your way through the closing process we call escrow. This may take anywhere from a week to a few weeks, but you should know what is happening so you don't fret. Firstly, your "earnest money" will be deposited into escrow and escrow will order a preliminary report. Next you are on to submitting your loan application. Here, you will receive a Physical Inspection of property by a qualified inspector, a, approved seller's Transfer Disclosure Statement, approved Preliminary Report, a property appraisal, a loan approval from lender, and a termite inspection and certification . Finally you will want to obtain homeowner insurance. Which means you will select insurance company and coverage and insurance will be in effect at close of escrow. After all this you will be ready to get your keys and move in! This list might seem a little intimidating, but if done right it shouldn't be.

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