The Home Buying Process
You finally feel it is the right time to buy a home! Congratulations! The home buying process can seem confusing, frustrating, and sometimes scary. What can make the home buying process scary is the unknown. Let me clear up some of the confusion by looking at what goes into buying a home.
Selecting an Agent
Selecting a trusted real estate professional is the first step in buying a home. They will guide you through the process and help get you started. Ask your friends and family who they used and how they liked their experience. You are going to be spending time with this person as you view homes, so make sure you enjoy their company. Remember, your real estate agent is going to be negotiating for you, spending time with you, and going to be your number one point of contact during the transaction. You want to find someone who communicates effectively and frequently, and most importantly, is honest. LEARN MORE ABOUT WHO WE ARE HERE!
Obtaining Financial Pre-Approval
Knowing what you can afford in a home is crucial. Your real estate professional will have worked with dozens of lenders. Ask their advice on who they may recommend. Do your due diligence! Call multiple lenders, ask what their rates are, fees, points, the time they take to close escrow, and what it will cost you to close the loan. Once you have selected a lender who is right for you, they will qualify you to buy a home. Now you know what you can afford and what the monthly payment will look like,
Analysing Your Needs vs. Wants
When you sit down with your agent, it is important to figure out what exactly the needs of your new home will be. It is important not to confuse needs from wants. Needs are absolutes that you will need to make your new home work for your family. For example, a need is a guest house for grandma, an office for someone who works from home, or space for or a yard for the family dogs. Wants are desires that we would like in a home. I may want hardwood flooring throughout the home.This is something that can come later. You can always change the carpet, but you can not always add a fourth room.
Viewing Homes and Finding the One
This is the fun part. Once you have a thorough understanding of your needs, you will receive a list of homes from your real estate agent that meet most of your requirements. Your agent will set up appointments for you to go see the homes. Find the perfect one and get ready to write an offer. CLICK HERE TO STRT VIEWING HOMES!
Make an Offer
Once you have found your dream home, your real estate professional will do some research on the home. They will present the information regarding the property, and together you will come up with an offer for the home. There may, but not always, be some negotiation required. The seller may accept, reject, or counter your offer. Once the seller accepts your offer, it becomes a legal contract.
Get Inspections and Negotiate Repairs
It is always recommended that you hire a professional home inspector to conduct a thorough inspection of the property. The home inspector will generate a report of any repairs, which can then be negotiated between the buyer and seller. Always get a home inspection so you know what you are buying.
Final Review and Close
During the final week of escrow, you will view the home one more time to ensure it is in the same condition it was when you first made the offer. Your escrow agent will have your home recorded into your name at the county recording office and the process will be complete. Congratulations, you are a homeowner!