STEPS TO BUYING A HOME
Buying a home can seem overwhelming and stressful at first, but with some knowledge and planning, you can be confident as you navigate through the process. If this is your first time embarking on this journey, let us help you simplify and bring clarity to your plan. One of our agents will be sure to help you through every step of the way.
1. MEET WITH A REAL ESTATE AGENT to discuss the home you are looking for including style, price and location. Commit to work with your agent and let him/her guide you through the entire buying process.
BUYERS ADVANTAGE: As the home buyer, the agent’s commission is paid by the seller in most cases and this means your representation costs you nothing!
2. GET PRE-APPROVED – You can shop for a mortgage lender or your agent would be happy to refer you to one. Getting pre-approved will help establish your budget as you begin shopping for your new home. In addition, the pre-approval will aid in speeding the process once you have chosen your new home. To be prepared for the mortgage lender, you will need pay stubs, 2 years of W-2’s and 2 years of tax returns if you’re self employed.
3. SEARCH FOR HOMES – Your agent will schedule showings and help you find the perfect home to meet your needs. You can also search all MLS listings right here on our website.
4. MAKE AN OFFER – Your agent will prepare the offer based on the price and terms you choose.
5. NEGOTIATION AND CONTRACT – It may take a few tries, but you’re well on your way to making a deal. Your agent will inform you of all of your rights and responsibilities related to the contract and will help you with all the paperwork involved.
6. HOME INSPECTION – Once the contract has been finalized, you will have time to have a home inspection done. This is important for the buyer to be able to identify any major issues with home prior to closing. It is important to have a home inspection done as it can be used as a contingency in your contract with the seller.
7. APPRAISAL – An appraisal is an unbiased, professional estimate of the value of a property for sale. Lenders always require a home appraisal before they’ll issue a mortgage because they want to protect their investment. As the home buyer, you will arrange and pay for this appraisal.
8. CLOSING – The transfer of funds and ownership happens at this stage. A title company or an attorney acts as an independent third party to facilitate the closing. Once the closing has been completed, you will receive the keys to your new home as agreed upon in the contract.