The Buying Process

1. Define your price range - The best way to define your price range is to have a lender pre-approve you for a loan. There are a variety of mortgage products available today. The price range of homes you can afford can vary significantly depending on the mortgage product you select. In addition, when the mortgage is already in place, you have the added negotiation leverage of a cash buyer.
   
   
2. Choose a real estate agent - If you have trouble deciding on an agent, please do not hesitate to call us. We will match you up with the right agent for your needs.
   
   
3. Home selection - We will preview each home to make sure that it meets or exceeds your requirements. Our agents have a keen understanding of the needs of their clients and will be able to provide you with a valuable 'second set of eyes'. Having a second, objective point of view can often be a tremendous help in making the right decision.
   
   
4. Making an offer - Your Prudential Select Properties agent will guide you through the process of writing the sales contract, providing valuable information about basic terms and possible contingencies. Their extensive understanding of the market place means they can also determine how the seller's asking price compares to those of similar properties.
   
   
5. Negotiation - Your agent will present your contract to the seller along with your earnest money. The seller will then present your agent with their counter contract and the negotiation process begins. Your agent will work with you to determine a negotiation strategy.
   
   
6. Home inspection - You will need to hire a home inspector if an acceptable home inspection has been made a contingency in your sales contract. The contract will specify the number of days after acceptance that the inspection must be complete. Having the home inspected will provide you with valuable peace of mind and assurance that your new home won't deliver any unexpected surprises or costs.
   
   
7. Loan Application - The sales contract will specify the date by which your loan must be approved and your lender will guide you through each step of the loan process. Here are the basic steps involved in obtaining your loan:
   
   
   • Your loan officer assists you in completing the loan application.
   • The lender requests credit reports, confirmation of financial information, and verification of employment.
   • The property is appraised.
   • The loan is approved.
   • You receive a written loan commitment, subject to any special conditions.
   • Special conditions are satisfied.
   • Closing.
     
     
   To make things easier and help speed things along when you do find your home, you may want to consider being pre-approved for a loan. Pre-approval will tell you exactly how much home you can afford before you begin searching. In addition, when the mortgage is already in place, you have the added negotiation leverage of a cash buyer.
   
   
8. Homeowner's insurance - Your lender will require that you obtain one year's prepaid homeowners insurance prior to closing.
   
   
9. Arrange for utilities - Remember that the seller will most likely have the utilities turned off by the closing date. You will need to arrange to have them turned on or about the closing date so they are available when you take possession of your new home. Be sure to make these arrangements about two weeks before closing.
   
   
10. Arrange for final walk-through - Your agent will schedule a final walk-through a few days prior to closing to insure that everything is in the same condition as when the contract was signed.
    
    
11. Closing - Your Prudential Select Properties agent will guide you through each step of the final closing.

Remember that Prudential Select Properties is a full-service brokerage and will assist you with every detail when purchasing your new home.

1. Buying A Home
2. The First Step
3. The Buying Process
4. Buyer's Costs