If you are becoming a homeowner for the first time, buying a home is a financial and emotional decision that requires the experience and support of many different professionals, including your Realtor, lender, depending on what state, an attorney, as well as other professionals. Below are some tips, to help make this process as easy and enjoyable as possible.
1. Know your location. Where do you want to buy? What plays an important role in making this decision? Schools, proximity to work, rural or city, etc.
2. Contact a local Realtor that specializes in the area you wish to purchase. They will be the expert in the area, and there to guide you throughout the process. They will be able to find you homes in the specific area, a lender familiar with the financing that is available in that area, as well as your negotiator and main support system during the process.
3. Get preapproved. Your Realtor will be able to recommend several lenders in your area that will be able to get this process started for you. The lender will ask you for required documentation (w2's, bank statements, etc) and run a credit check, to know what loan product you may qualify for, as well as the amount you qualify for. There is nothing more upsetting than falling in love with a home and finding out you cannot afford it. Also, the seller may require you to be preapproved prior to looking at their home.
4. Schedule appointments to view homes with your Realtor.
5. Once you have found the ONE, your Realtor will write up an offer, and help you come up with a price for the home. Be careful not to just throw numbers out there without knowing the homes worth compared to other sold homes in the area.Your Realtor will be the negotiator throughout the process, and have contact with the seller's agent.
6. An accepted offer....NOW WHAT? You will need to schedule a home inspection to make sure there are no major issues with the home before proceeding with the offer. Your Realtor will know inspectors, and what inspections need to be done. Including but not limited to: home inspection, well and septic inspections, termite and wood destroying insects. These can vary depending on the specific area.
7. Appraisal. An appraisal will be done on the home you are purchasing. Your bank or lender will order this. The appraisal will let the bank know the value of the home, and make sure it is worth the money you are borrowing.
8. Closing. Once the home inspection and any repairs have been addressed, the appraisal has been seen as satisfactory, and the financing is ready, you will need to set a closing date. Your agent will coordinate this with the seller and listing agent. Closing typically takes place at a Title company, and you will sign all final paperwork at this time, and get the keys to your new home.
10. Ready to get started? Give me a call! I am your neighborhood expert, and ready to help you with your home buying needs!