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Home Buying Process in Granville Ohio

Home Buying Process in Granville Ohio

 Home Buying Process


When it comes to the Home Buying Process in Granville Ohio, it’s important to understand these steps:

From finding the right agent to getting your keys, learn the basics of buying a home in Ohio.

Step 1: Determining your budget

Even before you start your search, you should be determining how much you can afford with an online tool. Just plug in some basic information to get an estimate of how much you should be spending on a home.

Save up for a down payment

A big part of your mortgage will be determined based on how much you pay upfront in the form of a down payment. This is typically 20% of the home’s final sale price, but you can certainly buy a home with less.

Generally, the higher the down payment, the better the interest rate will be. If you decide to put down less than 20%, you’ll likely be required to pay for private mortgage insurance (PMI). Speak with your agent and lender to understand your options and determine the best down payment for you.

Don’t forget about the closing costs

Closing costs are fees paid at the closing and usually total to about 2-5% of the final sale price. Read more about these closing costs for buyers below in Step 6.

Step 2: Get pre-approved for a mortgage

Sellers are typically more willing to accept offers from pre-approved buyers. This is because it shows that the buyer has the financial resources available to make good on their offer.

Get quotes from multiple lenders and go with someone reliable. Read online reviews of each lender and consider their responsiveness, transparency, and estimated closing timeline.

Apply for pre-approval

Once you select a lender for pre-approval, your lender will check your credit and ask for all of your financial documents – tax returns, pay stubs, bank statements, credit card statements, student and auto loans, etc. – to accurately assess your financial situation.

Keep in mind that just because you’re pre-approved for a certain amount doesn’t mean that you can actually afford that amount. Prepare your own monthly budget to figure out what you’ll be comfortable paying.

Step 3: Find a buyer’s agent

Real estate agents are licensed professionals who have access to information that isn’t open to the public. A good buyer’s agent will be an expert on the Home Buying Process know your area inside and out, be familiar with local listing agents, and be a skilled negotiator.

The seller pays all real estate commissions in a home sale, so working with a great real estate agent won’t cost you a thing.

Avoid dual agency

Dual agency occurs when the listing agent selling a home also serves as the buyer’s agent. Would you go to court and elect to use the opposing client’s lawyer? Most likely not and it’s the same in real estate. I recommend that buyers have their own representation to ensure their best interest are being met.


If you’re considering representing yourself without an agent, you may be at a disadvantage, especially in a competitive market. Most experienced listing agents strongly prefer buyers who have agent representation because it’s the best protection for all parties involved: the agents, the buyer, and the seller.

Step 4: Start looking at homes

Once you’re pre-approved and have an agent, you’re ready to look for a home.

Narrow down your search

If you’re like most home buyers, you’re browsing homes for sale day and night. At this point, it’s a good idea to narrow down your search.

Determine your ideal neighborhoods, and make a list of must-haves vs. nice-to-haves. If you’re having a tough time narrowing down, speak with your real estate agent about what he or she thinks is realistic for your price range.

Tour, tour, tour!

How long does it take to buy a house? Take as much time and tour as many homes as you need to find the right one.

Check for weekly open houses, which take place typically on Saturday and Sunday, between 10am and 4pm.

Follow common courtesy but don’t be shy when touring. Inspect each home carefully and note details like how strong the water pressure is, how much street noise you hear, etc. It’s easy to get homes mixed up so take photos and take notes for each home.

Step 5: Make and offer

Some sellers will have an offer-review date, while others will be open to any offers that come in. Make sure you ask your agent about this for each individual home you’re interested in.

When you’re ready, your agent will help you determine how much to offer and which contingencies to include. To determine your initial offer price, check to see if the home has an estimate stated, and be sure to ask your agent for a comparative market analysis (CMA). A CMA will show the list and final sales prices for similar homes that recently sold in that area.

Once you submit your offer, the seller will review it with their agent and accept, decline, or submit a counteroffer. If your offer is rejected, make sure your real estate agent explains why so you can learn from each offer.

Negotiate if needed

Counter-offers are common and should even be expected. If you end up in a counter-offer situation, your agent will help you negotiate the best deal possible.

When negotiating, don’t focus only on your final offer price. Instead, look at the whole picture and consider your earnest money, waiving contingencies, or proposing an earlier closing date.

Step 6: Close

Once you and the seller agree on the terms, you’ll enter the closing process, or escrow, which takes about 30 – 45 days. You’ll likely be in very close communication with your agent, lender, and escrow agency during this time.

Closing Costs for buyers

Closing costs are the lender and third-party fees paid at the close of a real estate transaction. The fees usually total 2% – 5% of the final sales price.

In addition to closing costs, your lender may require that you have at least two to six monthly payments (including principal, interest taxes and insurance) in the bank after the closing.

Final steps in the closing process

Once you enter escrow, you’ll have deadlines to complete each of the following:

  • Make your earnest money deposit
  • Order your title
  • If you have a contingency, get a home inspection and request repairs
  • Work with your lender to finalize your loan
  • Have your home professionally appraised
  • Get homeowner’s insurance
  • Coordinate all of your paperwork with an underwriter
  • Do a final walk-through
  • Submit a cashier’s check for your down payment and closing costs
  • Close escrow and sign all required paperwork

If all goes well, your contingencies will be removed and your bank will get the money to the seller on time for a smooth closing.

Step 7: Get the keys and move

Welcome to your new home! You will typically receive your keys after 5 pm on your close date.

Whether or not your home is turnkey ready, there might be some maintenance and remodeling you want to complete before moving in. You’ll also want to think about hiring movers, buying new furniture and appliances, setting up your utilities, etc.

You’ll pay for these after the home is yours but may want to factor them into your home-buying budget or create a separate post-move budget.

Contact Me If You Need Help Buying A Home In Ohio

If you are looking for a real estate agent to help you with the Home Buying Process in Granville Ohio contact Aaron Graves today! I take great pride in the relationships forged and always work relentlessly on behalf of my clients – by achieving their real estate goals!