Indianapolis/Fishers Real Estate

We are continuing our series on the Top 10 Questions in Real Estate and are up to Question 5, “What is the process in buying a home in Fishers, IN?”.  This is especially important for First Time Home Buyers to understand. 

Let’s go through the steps below. 

Step 1: Meeting with your Realtor®

Meeting with your Fisher Indiana Realtor® is an important first step in purchasing your home. They will  listen to your needs and wants, can inform you about school systems, neighborhoods in Fishers, new home builders, and resale values.  Realtors® are paid by the sellers, so they are a free resource to the buyers and can provide knowledge, access, and protection to the buyer.  The result of this meeting is typically a good list of the criteria that is important to you in finding the right home, as well as your timeframe.  Realtors® can also introduce you to a lender to help determine what price home is best for you.  If your community offers a first time home buyers class, that is also an excellent way to learn about the process.

Step 2: Screening

There are always hundreds of homes for sale in a metropolitan area in Fishers Indiana.  A good realtor® in Fishers Indiana can use automated tools to target areas and homes that best meet your specific needs and wants.  Pictures, tours, and datasheets of possible homes will allow you to pre-screen many possible matches.  We also encourage you to drive by neighborhoods during school bus time, during a weekend and in the evening to help pick or eliminate a neighborhood.

Step 3: Financing

Financing a new home can be a maze unto itself.  It is best to begin the process early to discover any problems.  This will both help us to target the right market and to expedite the purchase process.  Click here to understand how much home you can afford.

Prior to your first showing, a “pre-approval” letter from a mortgage lender should be secured.  It is also advisable to get a good faith estimate from your lender to understand closing costs.

Step 4: Showings

Let the fun begin!  As a licensed Realtor® in Fishers, Indiana, I will arrange showings for the homes we select, and will accompany you on the home tours.  I can point out features and problems of each, and information about local schools, neighborhoods, and resale values.  This varies as we look across the real estate in Fishers.  Click here for reasons to use a realtor to show you the homes.  

Step 5: Offer

You have found it! Now what do we do?  I will work with you to craft an offer based on the value of the home, market conditions, and known problems.  Market conditions will include what other homes have sold in the particular neighborhood of Fishers, how long has the home been on the market, how unique is the home.  In addition, I will try to discern the seller’s motivation for selling.   I will prepare the documents needed, insuring that the conditions important to you are properly requested and documented.

Step 6: Negotiations

The seller may accept your offer as it is written.  He may propose a different price or different terms and conditions.  If he does not accept your offer, he will formerly make a counter offer to you.  This process, of counter offers, may continue until both parties can accept the offer, or one party refuses the offer.    

Step 7: Acceptance

Once an offer is agreed upon, it is signed by both parties.  The buyers provide an “earnest money” payment, typically 1% of the sale price.  The check is cashed and the funds are held in escrow until closing.  This is the first of three “out of pocket” expenses.  

Step 8: Pre-Closing Checklist

There is a lot to do prior to closing.  One of the most important items to be done is the home inspection.

I will help you arrange a professional home inspector to inspect your new Fishers home prior to closing.  The inspection is typically $350 dollars, paid by the buyer and is the 2nd out of pocket expense.

You will need to finalize financing, arrange for utilities, and schedule movers. You will also need to secure and pay for a one-year homeowners insurance policy prior to closing.  This is the 3rd out of pocket expense.  

Step 9: Closing

This is where it all happens.  You will sign your name on more dotted lines than you ever thought possible. A reconciliation sheet, or HUD-1, is prepared by the title company listing the expenses of sale.  In many cases, keys are exchanged at the closing, and you walk away a brand new Fishers home owner!    

Step 10: Move In

You made it.  You have gone from home searchers to home owners.  My service to you doesn’t stop there.  I will be available to you to provide access to reliable vendors such as plumbers, electricians, etc.   I will be available to answer any questions about your new home or your new neighborhood.  This Fishers Indiana Real Estate agent has many client appreciation events too so we will see each other often.   I look forward to working with you!  Be sure to check out all of our posts for Buyers.

 Cindy “in Indy” Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775