Step 1- talk to your local banker. Before searching for your new home we encourage you to visit with your banker and find out how much house you can afford. This will help you narrow your search and prevent wasted time looking at houses you can't afford. You will also need a pre-qualification letter once you have an accepted offer on a property.
Make a list of what you want your house to have. What must the house have, ex. Main floor laundry.
What would you like it to have but don't require. If you have a house to sell first we encourage you to have that ready to go in case you find the "perfect" house. You can search the MLS (Multiple List Service). This is a data base of all listings from all real estate offices in Yankton. These properties can be shown by any licensed realtor regardless of which office they belong to. You will find a link at the bottom of our home page.
Choose a realtor. Stop by several offices and visit with different realtors. Find someone you feel comfortable with and stick with that realtor. You will be asked to sign several forms before looking at properties. The first two are agency forms. They are not contracts, but forms designed to let you know the relationship you have with that agent and they are required by law. Next you will be asked to sign a form entitled, "Exclusive right to represent buyer". This form states that you are working with that realtor and he is going to get paid for his/her work. Typically the pay comes out of a commision paid by the seller of the property.
Let the search begin. A good realtor will listen to your list of needs and wants and search the MLS to find properties that meet your criteria. They will then arrange for you to tour those properties. Realtors tend to be very flexible, but remember they may have to coordinate with the seller's schedule also.
Once you have found a property you like, it's time to make an offer. You will have several decisions to make besides the purchase price. You realtor can help you determine the value of the property if you are not in limited agency, but ultimately you will have to make the big decision on what price to offer. You will also need to decide if you want any inspections done, if you want a survey done, who will pay closing fees and title insurance. Some of these questions may be decided for you depending on what type of financing you use. PRIOR TO MAKING ANY OFFER, MAKE SURE YOU HAVE RECEIVED AND READ THE SELLER'S PROPERTY DISCLOSURE!
Your realtor will present the offer to the seller and they can do one of three things, accept the offer, reject the offer, or make a counter offer. If they accept your offer great. If they reject the offer you can make another. If they counter, then negotiate until you both are happy or until you reach a stalemate.
Once you have an accepted offer, you will have a designated amount of time to have any inspections completed that you have chosen to do. You will receive a report from the inspector with their findings. If there are any issues that are of concern , you will have a designated time to bring those to the attention of the seller and negotiate a solution. After all issues have been addressed, the rest is up to the closing company. The majority of closings in Yankton are handled by the local title company. They will gather all information needed, arrange all the paper work, and set a closing date.
While waiting for your closing make sure you don't sabotage your financing. Don't make any major purchases on credit, ex. vehicles, appliances, furniture, or change your job without consulting your banker. These will affect your credit and could change your loan status.
