Buying a home for the first time can be overwhelming. There are many things that have to be completed in a timely fashion and in a particular order. Having a knowledgeable real estate agent, mortgage lender, and attorney, are key to helping make the process as simple as possible. Here is a quick and easy to follow 8 step home buying guide.
1. Find a great REALTOR. And not just the one that your Aunt Suzy recommended. Be smart and take the time to find the best agent that fits your needs. For quick tips on how to pick an agent, click HERE.
2. Now that you have selected an agent , you will need an awesome MORTGAGE LENDER and need a pre-approval letter. To learn about why this is important, click HERE.
3. Once you have selected your agent and mortgage lender, let the house hunting begin! When you find that perfect home, your agent will submit a PURCHASE OFFER based on carefully researched current market value. There may be some negotiating necessary.
4. When the offer has been accepted, it is time to schedule the INSPECTION. Ideally this will take place within 10 days of an accepted offer. If anything questionable results from inspections, your agent may wish to renegotiate the purchase offer price.
5. Next, the seller’s attorney will begin the process of drawing up the CONTRACTS. The seller will send these contracts to your attorney. Make sure that you have an attorney familiar with real estate law, and one that completes work in a reasonable time frame. Once your attorney approves, the contracts can be signed.
6. At this point your attorney will order a TITLE SEARCH and the mortgage lender will order the APPRAISAL.
7. While waiting for the appraisal and title clearance, a CLOSING DATE is set. On the closing day, before the closing, your real estate agent will take you to the home and do a WALK THROUGH. This is where you and your agent check that the property is in the condition that it was when you were last in it and to ensure that the seller has removed all of his/her belongings and left the home clean.
8. Last but not least, the closing date arrives! Bring your checkbook, a large coffee, and a pen with lots of ink. It’s time to become a HOMEOWNER!
For more information on this topic, be sure to check out the following links:
Knox and Associates’ article, “How To Buy A Home From Start To Finish.”
The Johnsons Plus Dog article, “The Home Buying Process From A to Z.”
Real Estate Consulting’s infographic, “The Road to Homeownership.”
Jaime Jamison’s article, “First Time Home Buyers: The Path to Home Ownership.”
Bill Gassett’s article, “First Time Home Buyer Tips.”
Please note that this article was written by a Hudson Valley, New York Real Estate Salesperson. The home buying process varies from state to state, and even from county to county. Be sure to check with your Realtor to ensure that you understand the process in its entirety within the area that you live.