The Buying Process
The first step in the process is to hire The Jernigan Group!
Buying a home can be an exciting and emotional experience. As local experts, you can rely on us to guide you through the process so you can feel comfortable and confident each step of the way.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home). The Jernigan Group can connect you to a mortgage broker or lender. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you, which will help you determine the price range for your search.
Offer & Negotiate
Once you have seen a home you like, you can put in an offer, which is a non-binding agreement to pay a certain price for the home. If your offer is lower than the list price, the seller will likely return with a counter-offer price, which you can choose to accept, reject, or make another offer. The Jernigan Group will provide advice throughout.
Sign Contract & Deposit Earnest Money
Once the offer terms are accepted, you will sign the contract and put down earnest money. Earnest money holds the house off the market while you do the inspections of the property.
You are given a limited time period during which to conduct any inspections and other negotiated due diligence. During this period, The Jernigan Group will negotiate any necessary repairs on your behalf.
The buyer is not part of the home appraisal process. All you need to do is wait for the appraisal price to be reported to The Jernigan Group by the lenders. Lenders require an appraisal to be conducted so they can receive an independent assessment of the home’s value before providing you a loan to purchase it. This safeguards you and the bank from paying more than the home is worth.
At this point, your loan will go through underwriting and final approval of the loan will result in the release of the financing contingency. You may be asked again for appropriate documentation. The lender will notify you if this is the case. Don’t open any new credit accounts or increase spending on existing credit accounts as it could disqualify you from obtaining a mortgage loan. Consult your Jernigan Group representative for more info.
Final Walk-Through with your Agent
A final walk-through of the property is performed just prior to closing. The walk- through confirms that no damage has been done to the home since the time of the inspection and that the major systems and appliances are in working order.
Once all the conditions of the contract have been satisfied, the closing is held. The closing documents are signed, payment is exchanged, and the buyers receive the keys to their new home!
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