The Process of Buying a Home
The Process of Buying a Home
Buying your first home can fill you with excitement — but it can also present its share of confusion. A home purchase isn’t a single action; it’s a journey, a series of well-defined steps that must occur in the proper order to ensure a satisfactory experience. But there’s no need to fret, because our real estate team is more than happy to guide you through the process. Here are the primary stages that you’ll be undergoing in your quest to own a home.
Finding Your Loan Officer and Real Estate Agent
You’ll start your journey by aligning yourself with the right loan office and real estate agent for your needs. The loan office will examine your income, credit score and other key factors in providing with a pre-approval, which tells you approximately what kind of mortgage loan you can get (and, therefore, what kinds of homes you should consider). Your real estate agent will discuss your preferences in terms of budget, neighborhood, amenities, and home size/style before consulting the online MLS (mm listing service) and drawing up a short list of homes worth seeing.
Shopping for Homes
Now comes the fun part: shopping for your new home. Your agent will take you to the various properties on your list so you can see them first-hand. Once you’ve zeroed in on your dream home, your agent will facilitate negotiations.
Making the Deal
At this stage, you and your agent will make an offer on the home. Based on your offer you can then expect to either receive a counteroffer, get your offer accepted or be asked to make a different offer. This process may ping-pong back and forth until you arrive at a mutually satisfactory deal. A home inspection performed during this stage can uncover flaws in the home, resulting in a lower price or calling for repairs on the part of the seller. Once the final deal is in place, you’ll want to get an attorney involved to draw up the proper contract.
Pest Inspection, Mortgage Application and Bank Appraisal
Next comes some necessary housekeeping to help cement your purchase plan. For one thing, you need to schedule a pest inspection to make certain that you’re not buying a termite-infested home. You must also complete your mortgage application and submit it to the bank for approval. During this stage, your lender will conduct an appraisal of the home’s value.
Final Details and Closing
With your mortgage loan approved, all that remains is the closing stage. After selecting a closing date, you’ll perform one final inspection before the official close. Your real estate agent can help you stay on top of the final details that allow the close to occur in a timely manner. Schedule your utility connections to coincide with your move-in date, and you’re done!
As you can see, the home buying process can make you jump through a fair number of hoops, but it’s not so mysterious once you break into chunks. Get started on the first chunk right now by contacting our agents!