Steps to Buying a Home

Published by julia | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate, Shout Outs, Uncategorized

Buying a home is a big event.   There are many decisions to make and usually a large sum of money involved.  It can be overwhelming and stressful.  But if you make a plan, get assistance, and get in the right mindset, you will save yourself a lot of trouble.

Before you can shop you have to know what you want.  Take some time to think about the basics.  Where do you want to be?  Is school district a factor?  Do you want a basement?  How many bedrooms? Make a list of your wants and needs to help you stay focused and to share with your realtor.
Hire a realtor to help you.  He knows what he’s doing, he can handle most of the drama while you go about your life, and you don’t pay him, the seller does!  So why not?

Find a loan officer and get approved.  Don’t spend one minute looking at houses until you know your approval amount and payment scenarios.  Don’t expect a realtor to show you houses if you haven’t started financing.  Too often buyers find that they have been shopping the wrong price range or that they cannot get financing at all, resulting in time wasted for everyone.

Look at houses.  It’s fun to look at houses on the internet.  Chances are you’ve been doing that for months already.  Based on your criteria, your realtor will search the market daily for new things that pop up to suit you.  This gives you an edge so that you will be aware of the new listings on the market before someone snatches them up.

Write an offer.  The purchase agreement is a pretty friendly document.  Your Realtor will walk you through it and present it to the listing agent who presents it to the seller.  There might be some negotiating back and forth before you reach agreeable terms.

Finalize loan.  Once your offer is accepted take all necessary income information to your loan officer, if you haven’t done so already.  It will take a few weeks for the money to be ready.

While your loan officer is working on the money, your real estate agent will guide you through home inspection and other house tests.  When all this is done and the loan is ready, the selling agent will schedule a closing.

Close.  Everyone shows up to sign paperwork, talk about the house and in the case of immediate possession, and hand over keys.

All challenges and hard work aside, buying a house should be fun, too.  Put together a good team to help you and be prepared for a couple of hiccups.  You will be sitting on your back deck sipping a smoothie in now time.