612-656-1200

Buying Process

It's not everyday that you buy a new home... Our purpose is to inform you about the process and provide the level of service that makes buying go smoothly and your closing day an exciting experience!

Steps to buying your home...

Step 1: Complete Your Home Buyer Consultation… At this time a Buyer’s Representation Agreement will be completed which gives iMetro Property the right to represent you with the purchase of your new home.  The Buyer Represenation Agreement sets forth and explains the duties and obligations of all parties. 

Step 2:  Get pre-qualified for a mortgage.  This should be completed before you go out looking at homes. If you don’t have a lender you are working with or would like a 2nd opinion, we can refer you to one of our Preferred Lenders. Getting pre-qualified is extremely important! You will find out how much you need for a down payment on your new home, type of financing (FHA, VA or Conventional), and estimated monthly payment scenarios. A seller will not entertain your offer without a loan pre-qualification.

Step 3: Make your wish list.  Decide where you want to live and features you want in your new home.  It’s best to identify the 5 key features you can’t live without and other’s you are willing to be flexible on. 

Step 4: Get out looking at homes and find the best fit home for you. 

Step 5: Make an offer… The terms and conditions of your offer will depend upon market conditions. If a home has been on the market for a long time, there may be room to negotiate on the sales price, but if it’s new to market, the seller is unlikely to accept a low offer and there may even be multiple offers driving the purchase price up over list price. We will help provide advice and guidance on this…  Closing date typically ranges from 30-60 from the contract date. Once your offer is accepted you need to be prepared to provide earnest money.  Earnest money typically ranges from $1,000 up to 1% of the purchase price.

Step 6: Professional inspection. It is always recommended that you have a professional inspection performed on your new home. We work with ASHI & InterNACHI Certified Inspectors who we strongly recommend using for your home inspection. Certified inspectors use the latest state-mandated codes to look at the age and condition of operating systems inside and outside the home – plumbing, electrical, appliances, roof, windows, doors, insulation and siding.  You want to know what you’re facing as the next owner.

Step 7: Your lender will order an appraisal on the property to determine market value and complete the final underwriting for your home loan. 

Step 8: Title work will be ordered to make sure the seller is able to provide clear and marketable title to you at the time closing.  The Title Company prepares all the final closing documents.

 Step 9: Obtain new homeowner’s insurance for the purchase of your new home.

 Step 10: Set-up the utilities for your new home prior to closing.  i.e. Gas, electric, Water/Sewer, Cable, Internet, Sanitation, and contact the USPS for your mail

 Step: 11: Final Walk Thru. Typically, 24-48 hours prior to closing you will complete a final walk thru on your new home. The final walk is to ensure the property condition has not changed.  If there are any seller required repairs, wyou will inspect those items during the walk thru as well.

Step 12: Closing Day!  You will sign all your loan documents and receive the keys to your new home…

Buying a new home can seem overwhelming, but iMetro Property Real Estate Group is here to help you throughout the process!

If you are considering purchasing a new home put your trust in iMetro Property Real Estate Group!  Complete our Contact Form or call 612-656-1200 to schedule a no-cost no-obligation Buyer's Consultation.

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