St Louis Real Estate Company

11. This is the negotiating time. The Seller may accept, reject or counter your offer. Usually a Seller makes a counter offer. This step can go back and forth several times or be very simple, it will be up to you and the Seller how easy this process proceeds. 

12. Once an offer is accepted by both sides you have a Contract! Congratulations. Your Realtor (R) will send a copy of the contract to your Lender and a Title Company who will handle the closing. They will also refer you to a Building Inspector. Make sure you use an ASHI Certified Building Inspector!

13 (a) Attend the Building Inspection with your inspector. He or she will be able to point out defects in construction, delayed maintenance and repairs both recommended and suggested. He or she will also show you where your electric, water and gas shut offs are and how and when to change furnace and water filters etc. 

13 (b) Get any and all documents to your Lender that they request. Time is of the essence and it is important that your Lender have all documentation required to issue your final loan approval. The paperwork can be intimidating particularly in light of recent Federal Laws that require documentation of everything!

14. Meet with your Realtor (R) to discuss what if any repairs you will request the Seller to do. Your Realtor (R) will be a great asset at this point in the negotiations. 

15. You should be ready to go to closing!  You will need to bring proof of your identity, usually a drivers license and a certified bank check to the closing in the amount that your Lender or Title company gave you usually three days prior to closing. New Federal Law requires that you see a copy of your closing statement three days prior to closing when a mortgage is used. Failure by you to get needed documents to your lender could risk your closing, failure by your Lender to process your documents in a timely manner could have the same result. It is imperative that you use a reputable lender with a proven track record. 

Congratulations! You've closed on your house! Once the money has changed hands between your Title Company and the Seller's title company you are the new owner. Get your keys from your agent and enjoy your new home!

Home Buying Steps

  1. Decide you want to buy!
  2. Hire a Realtor (R), you need someone who sells real estate for a living not just to help with the process but to be your advocate throughout the purchase process. 
  3. Think about where you want to live
  4. Think about how much of your monthly take home you want to spend on housing (25% is a good place to start, over 30% is pushing it)
  5. Get Pre-Approved by a reputable lender. A good Lender will be able to tell you what you qualify to spend per month and approximately how that translates into the price of the home. A good rule is get approved for as much as you can and spend less. Sometimes the house you want is just a few thousand dollars  over your approval value and you could miss your favorite property while you new approval for the higher price is in the works. Great houses can sell in hours these days!
  6. Describe for yourselves what a perfect 10 house is, realize that there is no such thing as a perfect 10!
  7. Have your Realtor (R) set up a search for you. You may also look online for homes, in fact, if you aren't clear on your price point, description and location of your dream home, looking online may help you find homes that you didn't describe to your Agent. 
  8. Visit homes with your Realtor (R), be prepared to rate each home on a scale of 1-10 with 1 being "I wish we hadn't even seen this one" to 10 being "Let's write an offer right now." You will probably end up buying a home that rates 8.5 to 9.5. Disregard anything that rates 8.5 or less, you won't be happy with the home in the long run. 
  9. Write an offer. Be prepared to give your Realtor (R) an earnest money check, this is like a deposit on the home that shows the Seller you are serious. An offer is not an offer without earnest money.