1. Find an Agent Review
Look for a licensed Compass real estate agent who is knowledgeable about the neighborhoods you're considering and can help guide your search.
2. Get Pre-Qualified
Before beginning your search. your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home). Your Compass agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you. which will help you determine the price range for your search.
3. Visit Properties
Attend viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home's location and amenities.
Reach an agreement with the seller on price and terms. Once you have seen a home you like, you can put in an "offer," which is a non-binding agreement to pay a certain price for the home. If your offer is lower than the list price. the seller will likely return with a "counter offer" price, which you can choose to accept, reject, or make another offer. Your Compass agent will provide advice on pricing throughout.
You are given a limited time period during which to conduct an engineer's inspection and other desired and required inspections. During this period. the seller has only made a verbal, non-binding agreement to sell the property to the buyer.
6. Sign Contract & Put Down Deposit
The seller's attorney will draft a contract of sale and deliver it, along with the seller's title insurance policy and copy of any existing survey, to your attorney. If any changes are requested. the seller must agree to these changes. Signed contracts are then returned to the seller's attorney with a 10% contract deposit, also called a "down payment."
7. Complete Loan Application
Organize an appraisal with your bank. Your completed mortgage loan application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed contracts. The bank then issues clearance to close.
8. Closing Scheduled by Attorneys
9. Final Walk-Through with your Agent
A final walk-through of the property is performed just prior to closing. The walk-through confirms that no damage has been done to the home since the time of the inspection and that the major systems and appliances are in working order.
Once all the conditions of the contract have been satisfied. the closing is held. The closing documents are signed, payment is exchanged, and the buyer receives the keys to their new home!