Our Buying Process

Buying a new home is a big decision and can be a daunting, and stressful task.  My goal is to make sure your home buying process is Seamless and STRESS-FREE.  The purchase of a home will most likely be the largest financial decision you will ever make.  Whether you are a first-time home buyer or an experienced investor, this decision must be made very carefully.  It is important to educate and prepare yourself as much as possible in advance.

Why do you want to buy?

Have you outgrown your existing home? Have you had a job change and would like a shorter commute?  Have your kids moved out and you are looking to downsize? Would you like to live closer to family and friends?  Do you want to buy your dream home?  Are you looking for a vacation home?

Where do you want to buy?

Is there a certain city or town you are looking to live in?  Do you prefer a specific school district?   Are you looking for privacy in the country with acreage, or a bustling energetic urban setting?  What amenities in your community are important to you?

What type of house are you looking for?

Do you prefer a newly constructed home or do you admire the character and charm of a historic home?  Do you prefer a single level home, or a spacious 2-story? What features are important to you in a home?

How much home can you afford?

Have you examined your current financial situation?  Have you had any recent fluctuations in your income or savings?  Do you need to sell your current home in order to purchase your next home? Have you discussed your options with a lender?

There are many factors that go into your home buying decision.  It is important to have a clear sense of direction to help guide you in selecting the right home.

Preparing To Buy

It is a good idea to make some preparations and get educated in the home buying process before you start shopping for a home.  Decide on your time frame for when you would like to be moved into your new home.  It can take several weeks to properly prepare you for the home buying process.  Take into account any upcoming vacations, starting dates of schools, or work related schedules.

This is a file of important financial documents and forms that will help you secure financing for your home purchase.   A typical portfolio will include:

  • Financial Statements
  • Bank Account Statements
  • Home and Auto Loans
  • Recent Pay Stubs
  • Two years tax returns
  • Credit Card Debt
  • Retirement and Investment account statements ( 401K, IRA, Stocks and Bonds)

Check your credit report and score.  Check for any errors that need to be corrected.  This information is used by your lender to determine what type of loans you will qualify for and how much home you can afford.  If you do not have a lender you are currently working with, I would be happy to recommend experienced and knowledgeable lenders in your area that specialize in residential homes, new construction, vacant land, or investment properties. 

Unless you are paying cash for your new home, I recommend getting pre-approved from a local financial institution.  This process is quick and fairly painless.  They will look into your credit history and current financial situation to determine what loan products you will qualify for and a budget for your home search.  Now is the time to be careful with your finances.  Now is not the time to make any large purchases or career moves.  Lenders want to see that you are financially stable.  Items that are a red flag for lenders include applying for credit cards or auto loans, or moving funds between accounts.

2018_Chad Wildern_REALTOR® copy
2018_Chad Wildern_REALTOR® copy

Choosing Chad Wildern as your Real Estate Agent:

Purchasing a home requires many important financial decisions, an extensive knowledge of the Real Estate industry, and a high level of experience in completing the many documents necessary to complete the purchase of your new home.  It helps to have an expert in your corner.  With Chad Wildern’s 10+ years of experience, he will guide you through the process seamlessly and with ease.  Chad is dedicated to each of his clients and is available nights and weekends to accommodate his clients busy schedules.  He will promptly return your calls and emails, as it is imperative in the purchase of your home when time is of the essence.  With extensive knowledge of the Greater Grand Rapids Real Estate Market, Chad can guide you in the purchase of your dream home, vacation home, vacant land, or a newly constructed masterpiece. 

Time to go Shopping

Now the fun part begins!  It is time to start your new home search.  Identifying a list of your needs and wants in your new home will help Chad narrow down the search for you.  With your criteria in mind, he will set up a customized home search.   These home listings will be sent to you the minute they hit the market. 

Select several properties that meet your criteria and Chad will set up appointments to view each home. We can evaluate the pros and cons of each property to help to determine the best fit for you.  Chad will provide in depth detail about each home and its surroundings, including the costs of owning the home.

  • Take a walk or drive and get to know the communities and neighborhoods you will be searching
  • Check out the schools
  • Look at area attractions and amenities that are important to you
  • Start to get a sense of the properties available in this area

Once you have chosen the property you would like to purchase, Chad Wildern will draft a purchase agreement that will be favorable over other offers and the seller will accept.  He will keep in mind your budget and goals in purchasing the home

Closing Process

The Purchase Agreement

  • Once the buyer and seller have agreed on the terms of the contract and all signatures have been completed, a good faith deposit will be made by the buyer. This is typically held by the buyer’s broker in an escrow account and will be used at closing and applied towards the purchase of your home.
  • As your buyer’s agent, Chad will coordinate all aspects of the closing
  • Chad will send all necessary documents to your lender to get the loan process started
  • Title insurance will be ordered for your home
  • You may want to consult an attorney and tax advisor to see the best way to hold title

The Home Inspection

  • Chad will coordinate any home inspections you wish to have performed, including building, septic/well, radon, pests, environmental, and water testing
  • Depending on the outcome of the inspections you will move forward with the purchase of the home, or negotiate an outcome acceptable to both the buyer and seller.

The Home Appraisal

It is important to stay in close communication with your lender and give them the requested documents in a timely manner. Part of your loan approval process will involve a professional appraisal on the property.  Your lender will order this.  This is necessary to verify the home’s value to your lender. 

The Final Closing

  • Once all of your loan and purchase agreement commitments have been meet, it is time to close.
  • Closings typically occur within 45 days of the signed purchase agreement depending on your lender
  • At this time, all of the utilities can be changed to your name
  • You can schedule your moving company for at least a day after closing

 

CONGRATULATIONS!

You have purchased your new home.

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