First Steps to Home Buying

Just Steps Away From Living In It Well

Step 1 – Plan
  You'll most likely want to put together a checklist of features you need, get an idea of what neighborhoods and school districts you want to live in, and start working on your budget. A good principle to go by is that your mortgage payment should be 1/3 of your net monthly income.

Step 2 – Get in touch with your Coldwell Banker REALTOR, Karen Drury...
This is where I come in. I'd like to arrange a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
In addition, I can help you facilitate the loan process. I work with some of Southeast Missouri's best mortgage professionals, so you'll be in great hands. They'll help you choose which kind of loan is best for you, as well as help you get approved.

Step 3 – The Looking Process
After our initial meeting, I'll begin searching for homes on the market that are a great fit for you. I'll preview most of the houses and eliminate the duds, and then we'll schedule appointments to tour the homes when it's convenient for you.

Step 4 – Get a Grip on the Market
  My understanding of the SEMO area home market is an asset to you in your home search. And I can assure you that I am familiar with the neighborhoods and school districts that will be important to you.

When we view homes, I'll let you know if the asking price has room for bargaining or if I believe the house is "priced to sell." Trust your instincts and make sure you ask a lot of questions. You can contact me at (573) 450-0552 on my cell or at Coldwell Banker Professional Associates 573-547-1000 ext 21 or e-mail me at

Step 5 – We Found It
I know we'll find the home of your dreams in the area. When that happens, I will carefully develop your home purchase offer and tailor it keeping your needs,and the home, including many contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.

When turning in your purchase offer, most likely you'll want to present "earnest money." This is a deposit given to the home seller to secure the offer to purchase the property, and it's usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.

Step 6 – The Deal
Most contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.

Step 7 – Obtain a loan
Upon signing the deal, you'll begin working with your mortgage lender to close the loan. If you're already pre-approved, it shouldn't take much time at all, but you'll need to keep in close contact with your lender. And I'll care for all the property information your mortgage lender will need to close the loan.

Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of taking your application. The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if everything looks adequate.

Then it's time to close on your house. This will likely happen at a title company or lender institution and will most likely be a smooth and relaxing occurrence.

Step 9 – Move in ... and Live In It Well....
Congratulations! Now you can move into your new house. Enjoy it. You deserve this!