Home Buying Process: Going Through Each Step
Pride of ownership is the number one reason why people yearn to own their home. Owning a home means putting down roots and having a space that is truly yours.
However, buying a home is not simply going to a store and picking one off of the shelves. It’s a process that can be easy if you understand the specific steps you need to take. This guide will help you get started:
Find a realtor. Like finding the right house, selecting a realtor you can trust and comfortably work with is paramount. Buying real estate is a complex matter. It is in your best interest to work with a local realtor who knows and services your area. Your realtor can guide you through the maze of paperwork required as well as assist you with negotiating the transaction, procuring financing, inspections and eventually closing the deal.
Get pre-approved. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Getting a pre-approval letter gives you a chance to see how large of a loan you’ll be approved for, helping to narrow down your home search to the right price range.
Start your home search. Determine your property needs and wants. It’s time to start evaluating what you really want and what you actually need. Hit up some open houses and create a realistic “shopping list” to narrow your search.
Write an offer. You’ve found the perfect home. But to get it, you’ll have to write an offer and the seller will have to accept it. Your real estate agent can provide you with a Residential Purchase Agreement that complies with applicable state and local laws. You will require certain disclosures as part of your offer. This would include any problems with the house, whether the property is in a flood zone, a noise zone, or any other kind of hazardous area.
Schedule a home inspection. The inspection takes place shortly after the seller accepts your offer. It happens before the appraisal. You want to schedule the home inspection as soon as you can, so you can have time to make repair requests. If the inspector uncovers something serious enough to be a deal-breaker, you’ll want to know sooner rather than later. As the buyer, it is your responsibility to schedule the inspection.
Finalize loan documents. As soon as you receive firm approval from the lender who is making your mortgage loan, you should confirm the actual date of loan closing. A closing date will be specified in the sale contract to be set by you, the seller of the property and your lender. If repairs or maintenance on the property are a part of the lender’s commitment, there must be time to complete them. The real estate agents involved in the sale transaction and the lender are often the best people to coordinate the closing arrangements.
Complete final walk-through. This is the last chance before closing to make sure everything is in working condition. A final walk through can not only help you feel more confident about your purchase and avoid buyer’s remorse, it can also pinpoint any last-minute problems that should be taken care of before settlement. During this assessment, you should check for new issues that may have come up since the last time you viewed the home.
Move in. Take a deep breath, relax and smile: You are now a proud owner of a new home!
Source: LAFFEY KNOWS