Real Estate Home Buying Process
Step 1: Getting your finances in order.
Getting your finances in order is your first step in the purchase of your new home. Check your credit report so you know exactly what the lenders will see about your financial history. Credit reports play a significant role in the mortgage approval process, interest rates, and loan terms. Check your credit report for errors and inaccuracies as this does happen often and can take time to correct on your credit report. Spend time shopping around for your lender and compare the different mortgages that are available. This is the time you want to determine how much you can afford for your monthly mortgage payments.
Step 2: Getting a pre-approval from the lender you chose.
Now that you have researched the different lenders and mortgage options its very important to chose the right loan and lender to make your home buying process a success. You have already thought about what kind of monthly payments you can afford, your lender will now help you determine how much house you can afford. The lender will determine this by taking an extensive look at all your finances such as your credit rating, if you’re a first time home buyer, your debt, your income, and how much you have for a down payment on your new home. This will give you a realistic idea of what you can afford and what the bank will approve you to barrow. Having a full pre-approval lets you shop for your new home with confidence that if you find that perfect home you are able to make an offer without any problems with the financing. Buyers who are pre-approved are preferred by sellers, because you have gone through an extensive financial background check and there shouldn’t be any unexpected financing situations to cause any problem with you buying their home.
Step 3: Deciding your wants and needs for your new home.
Now that you have determined how much home you can afford and you lender has given you a pre-approval, you can decide on exactly what your wants and needs are for your new home. You probably already have an idea as to what your perfect new home will look like. Begin by making two lists one list for features the home must have and one list for the features that would be in your dream home. Your perfect house will have all the features of both lists but its more likely that you will prioritize these lists into what you really want and what is available on the market.
Step 4: Deciding location and which neighborhoods fit you.
Now you know what kind of house you want and can afford spend some time researching the area that you would like to live, When thinking about the location keep in mind your travel time to work, consider the schools, amenities the neighborhood has to offer (ie. Swimming pools, tennis courts, basketball courts, parking etc.), demographics of the surrounding area, and life necessities. Keep in mind the neighborhood a home is located in directly affects the home's value.
Step 5: Begin searching for your new home:
You know everything you need to know about what type of house you want, what you can afford, and the area you would like to live in. You can begin your search by contacting me as your real estate agent , I will then begin working for you by keeping you up to date on properties that come on to the market that fit your search criteria. When we find a home that interest you we can arrange a time for you to tour the home. You can also assist me in your search by reading local real estate publications, looking on the internet, or driving through neighborhoods that are of particular interest to you. You can contact me about the homes you have found and I will research and find all available information for you then proceed with showing you the property.
Step 6: Make your offer.
Once you find the perfect home, its time for you to make your offer. As your real estate agent I will help you make a good offer on your new home by reviewing recent sales of similar homes. We will create a written contract with your offer and all legal requirements. The contract will detail what is expected by each party and ensures your financial position as the buyer. Now that your offer has been made you will probably have to negotiate with the seller to reach an agreement, almost everything is negotiable when purchasing a home.
Step 7: Getting a home inspection.
Once your offer has been accepted I will work with you to coordinate your home inspections. An inspection of your home will insure that it meets the standards set forth in the contract, the inspector will check the property, foundation, and the surrounding environment. If something at the inspection is discovered it could delay or even cause the contract to become null and void.
Step 8: Closing on your new home.
Closing on your home is an exciting day, it is when the actual ownership is legally transferred from the seller to the buyer. I will be by your side every step of the way the closing usually takes place at the title company's office or attorney's office. The closing officer will coordinate all the document signings and the disbursement of funds. All parties should be prepared and bring the necessary documents in order for the closing to go smoothly.
Step 9: After Closing
CONGRATULATIONS you have now purchased your new home! Now you have ownership you will need to have your electricity, cable, internet, and phone turned on/set up. Thank you for working with me as your real estate agent I appreciate your business and any referral.
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When you need to buy or sell, think - Outside The Box