Buying a Home

03/26/2019Melissa

Purchasing a home can be intimidating. You want to be certain that you are starting off on the right foot. The key to getting there? Knowing the home-buying journey. Here are a few steps that cover the home buying process from start to finish.

Organize your Finances

Oh sure, everybody wants to jump right into open houses. But before you even set foot into a foyer, you should identify your list of “musts” and “wants.” Obtain a copy of your credit report and familiarize yourself with what potential lenders are viewing in your history.

Find a Great Realtor

Your relationship with your real estate agent is the foundation of the home-buying process. In addition to buyer representation and proper price negotiation, a Realtor’s expertize allows them to identify long term value properties. He or she is the first expert you’ll meet on your journey, and the one you’ll rely on most.

Determinate what you can afford

Once you’ve found your agent, ask him or her to recommend a  mortgage lender that meets your financial needs.This is another big step, as you’ll be working with your lender closely throughout the home-buying process.Now that you have both an agent who knows your housing preferences and a budget, it is time to get serious about viewing homes. Get clear about where you want to live. Consider all factors. Your agent will provide listings you may like based on your parameters like price range, school system, features and amenities. )Then comes the fun part: Open houses and private showings, which give you the unique opportunity to evaluate properties in a way you can’t online.Focus on imagining yourself in every house you view and how calling it home would feel.

Submit an Offer 

Once you find the home you want to buy, you will work with your agent presenting an offer that not only specifies the price you’re willing to pay but also the proposed settlement date and contingencies — other conditions that must be agreed upon by both parties, such as giving you the ability to do a home inspection and request repairs.

Negociate

Some home sellers simply accept the best offer they receive, but many sellers make a counteroffer. If that happens, it’s up to you to decide whether you want your agent to negociate with the seller or walk away. This is an area where your agent can provide real value by using their expert negotiating skills to haggle on your behalf and nab you the best deal.

Complete a Home Inspection

If your offer is accepted, then you’ll sign a contract. Most sales contracts include a home inspection contingency, which means you’ll hire a certified home inspector to inspect the home for needed repairs. This mitigates your risk of buying a house that has major issues lurking beneath the surface, like mold or cracks in the foundation.

The Appraissal

When you offer to buy a home, your lender will need to have the home appraised to make sure the property value is enough to cover the mortgage. If the home appraises close to the agreed-upon purchase price, you’re one step closer to settlement.

Settlement

 Settlement involves the simultaneous exchange of documents and funds required to complete the transaction. You pay the purchase price to the seller with a combination of your down payment, your own funds, and the proceeds of your loan. In exchange, the seller gives you a deed and other transfer documents, and clear title to the property.This is when you sign the final ownership and insurance paperwork and make this whole thing official.

When it’s all said and done — break out the rosé. You’ll have the keys to your new home!

 

 

 

 

 

 

 

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