A Journey To Purchasing A Home
A Journey to Purchasing a Home
Make Your Realty Dreams Become a Reality
Once you have decided to purchase a home. It is time to plan and educate yourself.
ØEducate yourself by reading magazines, newspapers, Internet, and talk with other homeowners to learn what to expect in owning a house.
ØDecide which type of style house you desire: detach verses attached homes, brick or vinyl, ranch or tri-level, yard size, water front, do you want to live close to your employment. DECISIONS, DECISIONS, DECISIONS.
Choose a knowledgeable Real Estate Agent
Once you have an idea of the type of residence you want and the location you want to live in the next step is to hire a professional Real Estate agent to answer your questions and to guide you.
ØThe best part of having a Real Estate agent on the buyer’s side is that their service is no charge to you. The seller buys their compensation.
ØChoose an agent you are compatibility with: Do you feel comfortable asking questions? Is the agent available for you? Does the agent have your best interest in mind?
Ø Real estate agents benefit you by providing information about houses currently on the market that meets your criteria that is not easily accessible to the public.
Real Estate agents will educate you on the home buying process, negotiate the price for you, and supply you with referral services: loan officers, home inspectors, termite inspectors, lawn care, and a host of tools of the trade.
Determine Your Home Buying Power
ØBefore a potential homeowner can view the inside of a home the person should be pre-qualified. Pre-qualification determines the types of loans you can obtain and how much you can borrow to purchase a home.
ØYou can locate a loan officer through a referral (your Real Estate agent), yelp, yellow pages, your bank, and etc.
ØTo get pre-qualified the lender will get your credit score. You will be responsible with providing some of your financial information to your loan (mortgage) officer, such as your income, other funds (child support, retirement, and etc.), amount in the bank ( checking, savings, CDs, and etc.). This can be determined over the phone.
ØLater you will get pre-approved which involves providing proof of income and finances: paycheck stubs, bank account statement, tax returns, and etc.
Once pre-qualified you are ready to view the inside of the homes that meet your exceptions.
Take Tours of the Houses that Meet your Expectations
ØRide pass the houses that are in your price range and that interest you to determine if you like the area and the curb appeal.
ØGive your Real Estate agent the list of houses that you would like to live in and schedule a date and time to view them.
ØWrite down the things you like and dislike about each home tour you take with your Real Estate agent.
ØChoose the house that is right for you.
ØYour Real Estate agent will negotiate the price for you and draw up the contract for the sale of the house.
It is important to get the home inspected
Once the seller has agreed to sell you their house the next step is to determine if you are buying a stable house. Your Real Estate agent can have inspections scheduled within days of deciding which house you want.
ØThe home inspection will alert you of signs of structural damages, and cosmetic damages.
ØThe termite and moisture inspector looks for signs of pest, mold and etc.
ØIf these reports show signs of significant material damage your Real Estate agent will have the seller repair the areas of concern, renegotiate the price of the house, or withdraw the purchase of the house without a penalty to you.
ØBefore the closing (buying the house) you will be giving the opportunity to walk through the home to make sure the home is in the same condition as you toured it or the repairs are done as requested.
Paper Work and more Paper Work
ØBased on the type of residence you choose the loan officer will determine what is the best type of loan for you:
No money down loans Monthly payments that are as low as possible Loan payments that are consistent Loan with flexible payments Loan payments that will allow the loan to be paid off quickly
ØYour Real Estate agent will insure that a title company of your choice will conduct a research to make sure the seller has rights to sell the home.
ØThe Real Estate Lawyer will draw up a statement of fees/pay outs and all the necessary paper work to make you the new owner of the home.
**The Home Appraisal**
ØAn appraiser will alert those in your home buying process if the agreed price of the residence is fair. This is done by doing a visual inspection, processing the amenities, and conducting a price comparison of the homes in area.
Ø The appraiser is ordered by the lender and is a third party company that is not directly associated with the lender or the Real Estate agent.
ØThe appraisal should be the last step taken before actually buying the house.
The Purchase of Your Home
•Your Real Estate agent will schedule a date and time of the closing usually based on your available.
•Usually your Real Estate agent, the closing attorney (Real Estate Lawyer), the lender, and the buyer attends the closing.
•At closing, you will be required to bring an ID. The attorney will review while you sign all the necessary paperwork required to complete the purchase of your new home, including your loan documents.
•Then your Real Estate agent will hand over the keys to your new home!
Author: Andrea Holland
June 24th 2017
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