There are many steps in buying a home.
Using the Ayre/Rhinehart Advantage puts you on the right path!

Buying a home is about more than bricks and mortar. Knowing the ropes in the home purchase process takes the stress out. Call us - we're professionals at untangling knots!

Where Do I Start?

Choosing a Realtor

A very important first step. Our full time professionals will be your personal guide through the buying process and will look to protect and advise you along the way.

Get Pre-Approved

Prequalification

It's best to choose a local lender and get pre-approved before you begin the search. Your lender will review the costs and loan products that best fit your individual situation. Sellers will require this "pre-approval" before considering your offer.

Begin Your Home Search

www.ARhouse.com

While there are a lot of websites to explore, ARhouse.com contains ALL the current listings for Midland Board of Realtors properties - and it is constantly up to date! Schedule with your agent to begin reviewing properties that match your criteria. Share your "wish list" with us and consider what is essential vs. desired. Your agent has viewed many of the properties already and can help guide your search.

Making a Choice

You Found It!

Now what? Crafting a solid offer is an important step. Your agent will be sure to review lots of issues- timing, possession, what's included (does the refrigerator stay?) It's about a lot more than price! Skillfull negotiating can make all the difference.

Earnest Money

Good Faith Deposit

Sellers will expect you to deposit "earnest money" with your offer. This assures the seller that you are negotiating in good faith. These funds will be returned to you at closing as part of your down payment.

What About Inspections?

Does the Roof Leak?

Choose a reliable inspector.

  • Ask about the scientific instruments used: moisture detectors, combustible gas detectors etc.
  • Ask about the inspector's professional affiliations or memberships
  • Ask what type of report is submitted: Check off or detailed narrative, color photos and emailed or hard copy mailed
  • Ask what type of insurance the inspector carries - Liability, errors and omissions.
  • Ask if the inspector is involved in any other businesses such as home repair which could create a conflict of interest.

What Contingencies Should We Expect

Mortgage Approval

Mortgage approval is a standard contingency on many offers and most lenders are asking for 45 days from application to closing.

Appraised Value

Another might be "appraised value showing value equal to or greater than the purchase price." An appraisal is a standard part of the mortgage process.

Home Inspection

A home inspection is also a recommended contingency. If you are not satisfied with the homes condition, you may terminate the contract. Be sure to pay attention to time frames for all contingencies!

Title Insurance

Your lender will have ordered title insurance to verify that you receive clear ownership to the property at closing. Title insurance will also list any easements or restrictions that transfer with the property and ensure all outstanding liens are discharged.

Time for Mortgage Application

Things to Bring to the Lender

  • Copies of w-2's for past 2 years
  • Copies of checking and savings account statements for the past 3 months
  • Copies of quarterly or semiannual IRA, CD, 401k etc. statements
  • Copy of sales contract
  • Employment history for past 2 years
  • Check for appraisal and credit report
  • Copies of past 2 years tax returns
  • Driver's license and social security cards

Local lenders make the process easier for you! Be sure to compare closing costs as well as interest rates.

Choose Your Home Owners Insurance

Keep It Safe

Your lender will require a one year paid policy of insurance at closing for your new home which will name your lender as a co-insured. Shop around and be sure your coverage is for at least the mortgage amount.

Closing Day

Welcome to Home Ownership

Be sure to bring your driver's license and any funds required as a cashier's check or money order.

Success Story

It has been our pleasure helping you through the process toward home ownership. We are a great resource for people you may need as you look to maintain or improve your home. Feel free to call on us. Smooth sailing - that's the Ayre/Rhinehart Advantage...and a breath of fresh Ayre.

We'd like to make you the next Ayre/Rhinehart success story. Getting ready to buy a home? Contact us at www.ARhouse.com or 989.631.7000, and we'll show you the Ayre/Rhinehart Advantage.