Buying or Selling a Home? You Need an Expert Kind of GuideIn a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate through the.
Steps To Purchase A Home
As a Realtor I am surprised at how many customers, even ones that have purchased a home before, do not realize or know the steps that are involved in purchasing a home. This will be a quick review of the steps.
1. Find a Great Realtor- This may not seem important. Anyone can sell you a house, right? Well, yes they can, but a great Realtor will help you negotiate the best deal. A great Realtor will help you beat other offers in a bidding war. A great Realtor will return your calls, answer your questions and help you walk through the process.
2. Get Pre-Qualified For A Loan- Always trust your Realtor when she refers a Mortgage Company. I cannot express enough how important the mortgage company is to this process. It can make or break a deal. Realtors deal with mortgage companies every day, we know which ones are good and which ones will make you wish you never started this process. A great Realtor will not show you homes until you are pre-qualified. I know you think you can afford to pay a $1,500 house note, but the mortgage company may not think so. So if you start looking at homes in a certain price range, nothing else will meet your standards.
3. Look For Your Dream Home- Make a list of "must haves" and a list of "wants" and communicate those to you Realtor. A great Realtor will help you keep your goals within your price range. Do not settle and do not spend more than you anticipated. Either way and you will be disappointed. You do not want to be in a home you do not like or that you spend all you money on. Take time and have fun.
4. Make An Offer- Your Realtor should guide you here. Listen to your Realtor! They know what the market is doing. Currently, gone are the days of getting a great deal. Right now there are not enough homes on the market for the amount of people looking to purchase. This means, if the house is nice you will be up against multiple offers. Once you have made your offer, you will have to wait for the sellers decision. This time period seems like it takes forever, but it usually will be less than 48 hours.
5. Inspections and Insurance- Once your offer is accepted, don't drag your feet on scheduling your inspections (Home and Termite). You typically only have 10 days to be able to terminate the contract without losing your earnest money, so get these inspections done quickly to give yourself time to negotiate any repairs needed. Remember it is the inspectors job to make you aware of every defect no matter how small. Just because it is listed on the report does not mean it needs to be repaired or replaced. You will also need to start shopping for your insurance.
6. Wait Patiently- Now you will have some time to sit back and relax while you wait on your mortgage company to get your paper work in order. You should check on this every couple of days. Your appraisal will be ordered after the mortgage company gets you close to closing. Make sure you do not make any purchases on your credit card or make any large withdrawal or deposit into your checking account without checking with the mortgage company first.
7. Closing- A great Realtor will accompany you to closing to help explain the million papers you will need to sign. Make sure that you have a cashiers check for the amount you owe and bring your driver's license for identification. After closing, once the seller receives their proceeds, you will get the keys to your new dream home.
This whole process can take 30 to 90 days depending on mainly you. You can speed the process up by having all the paper work to the mortgage company on time. Also, if you have a good mortgage company the loan approval process is faster. The one thing that takes a while is the process of finding the right home for you.
Check out my website at http://barbie.advantagesold.com/
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