STEP ONE
1. Get “prequalified” with a professional lender to determine what price home you can afford. This will help both you and your agent in your home-buying process.
2. Your agent will work with you to identify properties in your price range that meet your priorities with features that are important to you.
3. Working with your agent, view homes that meet your requirements and choose the one that you would like to purchase.
STEP TWO
1. The initial step in purchasing your new home will be to instruct your agent to make an offer to purchase the home you decide that you want. This offer must be in writing and accompanied by an earnest money check to show the seller that you are making the offer “in good faith”. Your agent will include all necessary information such as the amount you are willing to pay, closing and occupancy dates, and any contingencies including your ability to obtain a mortgage, property inspections and, if necessary, the sale of your current home.
2. Your agent will be presented to the seller to either accept, reject, or make a counteroffer. If the seller makes a counteroffer, further negotiations are necessary to reach terms acceptable to both the buyer and seller.
STEP THREE
1. When the buyer and seller agree on terms, the buyer immediately makes application with the lender for financing. The lender will arrange for a credit report and appraisal of the property and will begin processing the loan. You will also be asked for certain personal financial information depending on the type of loan you are applying for. Be patient. This process may take 2-6 weeks depending on the type of financing. Once you are approved for a mortgage the lender will arrange for the closing.
STEP FOUR
1. The closing. All closings in Georgia must be performed by an attorney. Typically the buyer and seller choose the closing attorney. The closing attorney represents the lender, not the buyer or the seller. The buyer and seller, along with their respective representatives, meet at the closing attorney’s office to perform the closing transaction. Afterwards, the buyer the buyer takes legal title to the property and the documents are filed at the county courthouse by the closing attorney. The occupancy date is usually, but not always, the day of closing. Possession and occupancy are agreed to at the time the contract is signed and accepted by both the buyer and seller.