Your first step in the process of buying a home is to decide on the features and characteristics of the home. Prioritize the features so you know what things are most important to you and which things would be nice, but not required. Your Realtor can help you think about these things so you can really find the right home. You and your family should consider:

• The size you require for your home
• Number of bedrooms
• Number of bathrooms
• What neighborhoods are good for you
• Features like pools, garages, porches
• and whatever is most important to you

This is the most critical step in the process. You must consider out what you can comfortably afford and what is the maximum you can afford. It's always tempting to spend more than you intended, so be sure to stick to you limits.

Your Realtor can help you get started, but you really need to consider working with a mortgage broker or banker. Once you know what you can afford, you want to get a pre-approval letter or proof of funds. This will help let sellers know you are a serious buyer.

• How much cash you have for down payment and closing costs?
• What is your credit history and are there ways you can improve it?
• What monthly payment can you afford?
• How will buying a home affect your taxes and what does it mean to you?
• What is your income situation today and how will it change in the future?
• When do you plan have the mortgages paid off, if ever?

Now that you know what you're looking for and what you can spend, you're ready to begin the search for the right property. Sit down with your Bike Realty Realtor to begin.

1. Your Bike Realty sales associate will search through our extensive list of properties to find a match for your criteria. At this point, you may need to consider the priority of each of your criteria, in order to expand or narrow your search.
2. Now you are ready to look at the search results. You should have 10 or 20 properties which meet your criteria. You want to narrow this list down to 2 or 3 properties.
3. Your Bike Realty representative will schedule an appointment for you to take a closer look at these properties.
4. Once you've decided which of these is the best match for you, you are ready to make an offer.

Great! You're ready to make an offer.

1. How much are you ready to offer for the property? It is important to understand the market, the value of the home, the motivation of the seller, and how much you desire this particular property. This, along with some help from your Bike Realty associate, will guide you in making your offer.
2. Once you know what you are going to offer, your associate will help you put it on paper in the form of a Contract for Sale and Purchase
3. If the seller is satisfied with your offer, the will accept it by signing it and sending it back to your Realtor.
4. Often, the seller will want to clarify some specific points, ask questions, or negotiate details of your offer. Your associate will help you work out these fine points of the agreement.
5. Once you have a signed contract, you must deliver your "consideration", meaning it is time to pay your deposit in order to bind the contract.
6. Time to get ready for closing.

There are lots of things to do to get ready for closing. Your Bike Realty associate will help you through this process.

• Deliver the deposit according to the terms of the contract. Most often, you will provide a check to an escrow agent such as a title company or broker.
• Deliver a copy of the contract to the title company and the mortgage lender.
• Use a qualified Home Inspector to evaluate the condition of the property. Sometimes you'll need a specialist to provide a roof inspection, Wood Destroying Organism inspection, engineering reports, environmental studies, etc. But in most cases you simply need a good old fashioned Home Inspector. Depending on the age of the property, you mortgage broker may require a 4-point inspection.
• Review the inspection report. Decide if the property is in satisfactory condition. If so, proceed with the process. If not, look to the contract for you recourse. You may be able to require the seller to make repairs, renegotiate the contract, or cancel altogether.
• Your title company and or mortgage broker may require a property survey. Although it is not always required, it is a good practice and gives you addition piece of mind.
• Your mortgage broker will almost certainly require a property appraisal. In most cases, the broker must order the appraisal, not you.
• Time to get together your formal mortgage application. You can work out the details with you mortgage broker. They will requires documents such as bank statements, pay check stubs, tax returns, and lots of other financial documents.
• The title agent will order a title search. This will insure that there are no unknown liens or mortgages on the property and will allow you to purchase title insurance.
• You'll need to contact a property insurance agent to buy a home owners insurance policy. You'll need to have an insurance binder prior to closing. You should get this done early in the process because weather will sometimes play a role in the availability of insurance.
• Financing is usually the bottle neck of the process. Make sure you stay on top of the situation to avoid a delay in closing.

You're almost ready for closing. This is the time when you actually buy your new home. But be careful, the devil is in the details. Your Bike Realty associate will help you at this important time, but you should consider using a Real Estate Lawyer for the closing.

• Prior to closing, you should get a copy of the Settlement Statement. This will tell you the exact dollar amount you need to bring to closing. Also, review all of the numbers to be sure the closing costs are in line with your expectations. You can compare the Settlement Statement to the Good Faith Estimate which was provided by your mortgage broker.
• This is your opportunity to review the correctness of important documents such as the title insurance commitment, the deed, the mortgage, the note, and more.
• Make sure there are no unexpected mortgage terms or expenses.