Home Buying Process

Are you looking to purchase an Anchorage Alaska home or Condominium? Are you overwhelmed thinking about the process? Don't be! I've broken down the home buying process into seven easy steps to help you know what will be happening every step of the way.

  1. Initial Consultation Sit down and share with your licensee what you're looking for in a home. Phone your licensee's preferred Lender to determine budget, at no cost or obligation to you.
  2. Pre-qualification Most Sellers request a Pre-Qualification Letter to be submitted with an offer. Pre-qualification means the lender has reviewed and approved your credit, income, and asset documentation for financing within a given price range.
  3. Searching for Your New Home Your licensee supplies a list of available homes within your parameters. Drive by those homes at your leisure, judging houses from the outside. Eliminate the ones you do not want to see, and contact your licensee with those you want to view. They will arrange for viewing. Then, they will provide a new list, and you continue to search and view until you find the very best home!
  4. Purchase Agreement & Negotiations You should receive a copy of the disclosure statement completed by the Seller prior to writing an offer. Your licensee will help you prepare an offer, present the offer to the Sellers for you, represent your best interest, and negotiate on your behalf. The Sellers may counter your offer. Your licensee will discuss it with you and you will make the final decision. Contracts are finalized when "Mutual Agreement" is reached.
  5. Contingencies, Home Inspection, Insurance, H.O.A., Title, & Appraisal Following Mutual Agreement, you will schedule the structural inspection with one of your licensee's recommended Inspectors; plan to be present. Your licensee will negotiate on your behalf for any major repairs you request the Seller to make.You will arrange for homeowners' insurance. The Seller will provide the Resale Certificate from the H.O.A. The Preliminary Title Report will be sent to you, and a copy to your Lender. The Appraiser will inspect the property for value. He/she may require repairs even after you've negotiated the inspection. Throughout all of these contingencies, your licensee will negotiate on your behalf if you have concerns. If you elect to terminate the Purchase and Sale Agreement based on a contingency your full earnest money deposit will be returned.
  6. Formal Loan Approval After Formal Loan Approval has been received; the Lender will provide instructions to the Escrow Officer to prepare the official closing documents.
  7. Escrow & Closing A few days before closing, the Escrow Company will call to schedule an appointment to sign documents. The Escrow Officer will tell you the exact amount of money you will need to bring; via a cashier's check for your down payment and closing cost. The sale records with the municipality after signing has occurred. Once this happens, the home is yours! Looking to buy a home in the Anchorage area? Lonnie Logan and Associates can help!

 

 

7930 Northwind Avenue
Active
Residential

Anchorage, AK 99504

317,000

  • 3 Bed
  • 1.75 Bath
  • 2,304 sqft
4145 Vista Court
Active
Residential

Anchorage, AK 99508

325,000

  • 5 Bed
  • 2 Bath
  • 2,162 sqft
4036 Sycamore Loop
Active
Residential

Anchorage, AK 99504

259,000

  • 3 Bed
  • 1.75 Bath
  • 1,680 sqft
129 W 11th Avenue
Active
Residential

Anchorage, AK 99501

549,900

  • 3 Bed
  • 2 Bath
  • 1,727 sqft
7620 Wisteria Street
Active
Residential

Anchorage, AK 99502

290,000

  • 4 Bed
  • 2 Bath
  • 1,958 sqft
12621 Saunders Road
Active
Residential

Anchorage, AK 99516

480,000

  • 3 Bed
  • 2 Bath
  • 2,187 sqft