Purchasing a Home
A home is one of the biggest purchases we make in our lifetime. Although it may seem intimidating, this guide will help you understand each step of the purchasing process. The main steps of buying a home involve finding the property, securing financing, making an offer, getting a home inspection, and closing on the purchase.
1. Finances
Before purchasing a home you need to make sure you are in the best position possible. You need to be prepared for not only the home purchase expenses but also the ongoing expenses. Make sure you save a sufficient amount of money as a back up for a rainy day. How’s your credit? How much money do you have in your savings? These are things banks look at
2. Decide what you want
What type of home are you looking for? Do you want a single family home, multi family, condo or coop? Do you want to custom build your home? Click the link to explore the differences between these options. Also, make a list of what you’re looking for in a home. How many bedroom and baths? Do you need a car garage? Write it down so it will be easier to find the perfect home.
3. Budget
The next step is to get pre approved for a mortgage.
This will determine your buying capability and budget.
4. Find a Realtor
Share your pre-approval info and be clear on your expectations and requirements. Don’t worry about added expenses with hiring an agent, the seller is responsible for these costs. Your agent will send you listings which you can tour at your convenience.
5. Submit an Offer
Once you find a home you love, your agent will submit an offer. It is highly recommended to attach a pre-approval letter or proof of funds to your offer letter so they know you are serious and qualified.
Closing
If you reach an agreement, you’ll make a good-faith deposit and the process then transitions into escrow. Escrow is a short period of time during which the seller takes the house off the market with the contractual expectation that you will buy it—provided you don’t find any serious problems with it when you inspect it. If everything goes smoothly you then close on the property
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