Purchasing Timeline & Process
Pre-Approval Process
Before you can begin our search, you must have your financing in order so you can move quickly when you find the right home.
What Costs To Expect
Be prepared for the initial costs of buying a home, such as earnest money, inspection, and appraisal costs.
Timing
If you have a home to sell, you must answer the most difficult question; should I buy first or sell first? The answer for each person is unique, and depends on market conditions & your financial situation.
What To Expect
The home searching process can be a stressful one. Before starting your search be clear on what you need versus what you want.
Must-Haves
Outline certain specifications that you must have in a home, such as square foot, bed count, or bath count. These are things that are more difficult to add or upgrade.
Nice-To-Haves
Beyond your ‘must-haves’ you should have your list of nice-to-haves which you can be more lenient on. These are typically things you can add or upgrade at a later date, if you desire.
The Paperwork
When the time comes to write the offer, everything is expressed on one simple state approved purchase agreement that we will discuss and fill out with you.
The Process
Once we submit our offer, the seller can either accept, reject, or counter. All terms are negotiable with a counteroffer. We will work with you to negotiate until we come to mutually agreed upon offer.
Negotiable Terms
Standard terms that are negotiated are the purchase price, closing date, closing cost assistance, contingency terms & timelines, & home warranties.
Inspections
Once offer is accepted we have a specific timeline to complete out inspection. We will work with you to negotiate any necessary repairs.
Appraisal
If you’re utilizing financing, your lender will need to appraise the home to ensure the value and condition are acceptable to their guidelines.
Title Work
The closing company will conduct a title search to ensure the home has clear and marketable title and then issue title insurance for future protection.
On Closing Day
All the hard work is done by now. All you need to do is show up to the title company with your identification and your funds to close. Signing only takes 45 minutes to 1 hour.
Congratulations! You bought a home.
What is the "NAR Settlement"
The National Association of Realtors® (NAR) settled a class-action antitrust lawsuit in March 2024, Burnett v. National Association of Realtors® et al., that was filed in 2019 by Missouri home sellers. The plaintiffs alleged that the NAR and large brokerages conspired to inflate commissions paid by sellers, and that the NAR's Code of Ethics and MLS Handbook contributed to inflated commission rates. The plaintiff’s argument centered the mandatory offer of compensation (OC) rule imposed by the National Association of Realtors®. The plaintiffs won their case in late 2023 and were awarded about $1.8 billion, but the NAR settled for $418 million in March 2024. The settlement makes a few additional changes. First, Realtors® can no longer advertise how much commission the seller is offering in the MLS. Second, all buyers are required to enter into a written agreement with a Realtor® before showing homes.
How does the NAR Settlement affect you, the buyer.
It’s important to remember that realtor commissions have always been negotiable, but after this settlement there will be much more transparency in the way realtors are paid and who is paying them. The primary way this affects you is that you will be required to enter into a written agreement with any realtor that shows you available homes for sale. These agreements will vary greatly from realtor to realtor, but they will all have the same mandatory clauses. They will outline the duration of the agreement, the compensation that the buyer is obligated to pay the realtor. At Copper Creek we understand that buyer’s already have enough expenses when buying a home so we will first attempt to negotiate our compensation to be covered by the seller at closing, reducing the out of pocket expense for you.
Understanding The New Required Documents
All buyer working with Realtors® are required to sign a Written Agreement before showing houses.
Review & understand what you're signing.
