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OVERVIEW OF BUYING A HOME IN CENTRAL OHIO
This is meant to give you a quick overview on the exciting process of buying your home in Columbus Ohio. Of course, when you are ready I am here to simplify the process and ensure things go as smooth as possible for you. As your Columbus Ohio Realtor, the services I provide for you are FREE and include but are not limited to:
- Research available homes and narrow searches to meet your specific criteria.
- Assist you in finding the best possible financing.
- Provide information on schools, neighborhoods, home prices and available property.
- Provide referrals to various service providers including: home inspectors, attorneys, various handymen, etc.
- Provide information on comparable home sales to make sure you are offering the right price on the property you choose.
- Prepare appropriate contracts and negotiate the best possible price and terms for you.
- Once we're in contract I'll coordinate the 1001 details to facilitate the closing process & ensure a successful sale!
- Remain easily accessible to you throughout the entire process to answer any questions you may have. (You can call me at 614-895-0496 from 8am-10pm.)
Following is a quick overview of the steps to buying Columbus Ohio Real Estate. |
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Before we begin actively looking at homes, you should be pre-approved for a mortgage and have an accurate understanding of your purchasing power. Pre-approval means you have submitted a loan application, the necessary documentation to obtain a mortgage and your credit has been verified. There are hundreds of loan programs available depending on your credit status, employment history, debt to income ratio and down payment availability. Taking this first step will also include evaluating the best loan option for you, which is very important to know before making an offer.
Being pre-approved gives you a distinct advantage when making an offer on a property. A seller is more likely to accept an offer when they know you will not have a problem getting financing. It also makes the process much easier on you once you find a home. It is important you find a local, reputable lender to work with and that they provide you with a "Good Faith Estimate" in writing so you'll know all of the costs associated with the loan. Apply for your FREE online pre-approval now to get started! |
FREE realtor representation!
Buyers in Central Ohio are entitled to have FREE realtor representation because the seller and the seller's broker have already agreed to co-op with buyer's agent's when listing property on the Columbus OHIO MLS. In most cases, properties being sold directly by the owner offer to pay a co-op fee to the buyer's agent and Central Ohio home builders also encourage buyer broker representation. So call me to take advantage of the FREE representation you deserve and get started today at 614-895-0496. |
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We'll talk about what you want in your ideal home and then we'll evaluate your options together to determine where to start. If you haven't already, you can begin by subscribing to Petra's FREE Home Finder Service. This will give you access to over 95% of homes for sale in Columbus Ohio including all homes listed by any realtor in the Columbus Ohio MLS, such as new homes, HUD and forclosure properties. We can also checkout any homes for sale by owner that we encounter along the way.
We'll then begin emailing you homes with all the details including addresses, multiple photos and virtual tours if available so you can choose what you want to see. This also gives you the opportunity to drive by if you wish to consider the curb appeal and neighborhood before choosing to see the inside. We'll continue to fine tune your search until we find the right home for you. |
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We've found the right home and you're ready to make an offer. We need to determine the lowest price to offer without insulting the seller. This will vary for each property depending on:
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the seller's motivation.
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the condition of the home in comparison to other homes on the market.
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what similar homes have sold for in the last year.
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how many homes you have seen at this point, you may feel confident that the asking price is reasonable.
I will prepare all contract documents and include language to protect your best interests. I'll walk you step by step through the offer and present it to the seller (if a FSBO) or listing agent on your behalf. Sometimes offers are accepted immediately, sometimes they are flat out refused and other times a seller will counter the offer. Whatever the case, I will be negotiating to get the best price and terms taking into consideration any weaknesses the seller may have. I can also work closely with your attorney, if you have one, to ensure your interests are well protected. |
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Your offer was accepted! Now it's time to visit the property again with a professional home inspector and have any other inspections that need to be done.
At a minimum the inspection should include a review of the following: appliances, air conditioning and heating, attic, electrical, foundation, plumbing, roof and the structure.
A home inspection is not designed to criticize every minor problem or defect in the home. It is intended to report on major damage or serious problems that require repair. Should serious problems be indicated the home inspector may recommend that a structural engineer or some other professional inspect the home as well. Your lender may require a termite inspection be done and you may also want to test for radon gas.
A home cannot "pass or fail" an inspection and your inspector can not tell you whether the home is worth the money you are offering. The inspector's job is to recommend necessary repairs.
The home inspection must be completed within the time period specified in the contract. After completing the inspection the buyer has several options. You may ask the seller to correct any serious conditions, the seller may agree to a price reduction or give you a credit at closing for the repairs (if your lender allows this), or you may exit the contract if you are not satisfied with the condition of the home (generally this must be a serious condition not minor repairs.)
A Realtor can negotiate with the seller regarding repairs, if the inspection shows they are needed. In this case, the Realtor's experience and ability to precisely word the request to remedy is of utmost importance, so nothing can be misinterpreted or overlooked.
The home inspection clause in the contract is not meant to be an escape clause because of a change of heart, it is intended to let the buyer know if the home is structurally sound and if the primary mechanical and heating systems are in good working order.
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Now that you are satisfied with the condition of the property we can proceed to close. Your lender will now have the property appraised to confirm the property's value. There are many things that will happen in the background to prepare for closing including processing your loan and preparing the title work.
Closing is the last step in the home buying process. Closing is where you and I meet with some or all of the following individuals: the seller, the seller's agent, your attorney (if you have one), a representative from the mortgage company and a representative from the title company in order to transfer title to you. I'll be keeping in touch with your lender, the title company, appraiser, inspectors, attorney and whoever else is involved to coordinate all of the details and ensure a successful closing.
The paperwork at closing mainly consists of your mortgage & bank note, plus a whole pile of documents to protect the bank's investment, including pages stating you will keep the property in good repair, make sure it is always insured, pay your mortgage on time, etc. If you have any questions about any of this your attorney, myself or the title company representative will make sure they are answered.
The purchase contract describes the property, states the purchase price and terms, sets forth the method of payment and names the date when closing or actual transfer of the property will occur. If you are entitled to possession at closing YOU GET YOUR KEYS TODAY! Otherwise we'll make arrangements to get your keys on the date you are entitled to possession of the property.
CONGRATULATIONS IT'S YOURS! Here's to the beginning of many wonderful memories in your new home! |
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