Buying Process

you want to buy a house, now what?

decide-buy

1. Decide to Buy

Contact the Flory Team. We will connect you with a real estate professional. Your realtor will speak with you regarding what you are looking for in a house – number of stories, location, bedrooms, lot size and price.

consult

2. Consult a Lender

Ask lender for a pre-approval. Evaluate payment and provide documentation to the lender such as tax returns and pay stubs. Keep this information together; you will be asked for it multiple times. Speak with a lender about your real estate needs. Your lender will help you determine how much house you can afford. They will then provide you with a pre-approval letter.

regroup

3. Regroup with Your Realtor

Once you speak with lending, you will need to speak to your agent again. Please submit your pre-approval letter to your agent. 
*Note: All salaries are kept private between you and your lender; your agent never sees any of this information.

select-properties

4. Select Properties

Based upon your needs, your agent will set you up on an online search. When you receive a listing for a house you want to view, contact your agent to schedule a showing.

visit

5. Visit

Keep a book full of notes on each property you visit, and try not to visit more than five a day. Your agent will point out certain areas within a house that are positive or negative. This helps you make the best decisions on your purchase.

i found a house! now what?

offer

1. Offers

Your agent will advise you on a good offer price; once you decide on this, your agent will review other details of the contract with you. When all information is filled out, you will be asked to review and then sign the contract.

offer-nego

2. Offer Negotiations

Your agent will submit your offer to the listing agent. The listing agent will come back with negotiable terms. Once all the parties agree to the terms of the contract, the contract will be executed, and you will be in "option pending."

option-pending

3. Option Pending (OP)

Once your contract is executed, you need to schedule an inspection of the property within a few days (day 1-4) of entering the OP phase. Your buyer’s agent will review the repairs, if needed, and negotiate the repairs with you and your seller. If an agreement is reached, you will continue to the pending period. An agreement must be reached within your option period. Once an agreement is reached, you will continue to pending.

pending

4. Pending

During your pending phase, the house will have an appraisal done by your lender. If you are paying cash, then an appraisal is not mandatory. Towards the end of your pending period, you will schedule a time to close with the title company. The title company will check to make sure your loan conforms and will give you a clear to close. 

closing

5. Closing

Your agent will be sure to let you know of any additional information that the title company would like you to bring to the closing. Your agent will attend the closing with you. If, for any reason, your agent cannot be with you on this day, another member of the Flory Team will be with you.