Michelle Coulier
Associate Broker, Realtor®

1. Financial Preparation & Pre-Approval: Establish your buying power before searching.

• Audit Your Credit & Cash: Lenders review your credit score, debt-to-income (DTI) ratio, and cash reserves for a down payment (3.5%–20%) plus closing costs (2%–5% of purchase price).

• Get Pre-Approved: Secure an official mortgage pre-approval letter from a lender. This confirms your actual borrowing limit and signals to sellers that you are a serious buyer.

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2. Partnering with a Buyer's Agent: Secure dedicated legal and fiduciary representation.

• Representation: A buyer's agent acts in your best financial interest, handles negotiations, and manages contract compliance.

• Buyer Representation Agreement: Sign an agreement outlining duties, compensation structures, and scope of service.

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3. Target Search & Property Selection: Focus on needs vs. wants in your ideal location.

• Define Criteria: Separate non-negotiable "must-haves" (location, bedroom count, structural layout) from flexible "nice-to-haves" (finished basement, cosmetic updates).

• In-Person Showings: Attend property viewings with your agent to evaluate structural integrity, neighborhood flow, mechanical systems, and potential hidden repairs.

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4. Making an Offer & Contract Negotiation: Structure a competitive purchase agreement.

• Comparative Market Analysis (CMA): Review recent local sales ("comps") to determine a fair market valuation.

• Drafting the Offer: Specify purchase price, earnest money deposit, target closing date, and essential contingencies (financing, appraisal, home inspection).

• Negotiation: Work through seller counter-offers regarding price, terms, or repairs.

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5. Due Diligence & Underwriting: Verify property condition and finalize financing.

• Home Inspection: Hire a licensed inspector to assess electrical, plumbing, roofing, HVAC, and structural elements. Negotiate repair, credits, or price adjustments for major issues.

• Appraisal & Title Search: Your lender orders an independent appraisal to verify property value. A title company verifies clean ownership history free of liens.

• Final Loan Approval: Submit tax documents, employment verification, and bank statements to secure full mortgage underwriting clearance.

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6. Closing & Settlement:Sign legal documents and transfer ownership.

• Final Walk-Through: Inspect the property within 72 hours of closing to ensure agreed repairs are complete and condition is unchanged.

• Closing Disclosure (CD): Review final loan details, interest rates, and exact cash-to-close amounts at least 3 days prior to signing.

• Closing Day: Wire down payment funds, sign official mortgage and title documents, pay closing fees, and receive the keys!