Buying your first home is so exciting, and it can be a little frightful if you’re not sure about the process. However, you can feel a bit more confident by increasing your knowledge of the process. Therefore, here are a few basic steps in getting the keys.
LOCATE A LENDER
This is one of the biggest decisions you’ll make and choosing the right lender can help make this a smooth transition for you. You’ll want to start in interviewing lenders to determine which one will help you achieve your goals. When interviewing them, you should ask about some specifics such as down payment and closing options. There are a lot of different banks that has some exceptional programs especially for new home buyers, so ASK about them!
CHOOSE ME AS A REALTOR
As a realtor, it’s my responsibility that I guide you to the closing table by helping you find the right home and operate as a professional negotiator on your behalf while making this an enjoyable adventure for you. You’re buying a home and I want to make sure that it’s a experience that you’ll cherish by adhering to your needs and desires in locating the right property for you.
LOCATE YOUR DREAM HOME
This is the easy part, and this is where your realtor is a specialist. We’ll normally begin by asking specific questions based on your interests and needs so we can cultivate a thorough search for potential properties. These questions would include areas of interest, lot size, number of bedrooms and baths, and a host of others. So, get ready for questions and more questions. This helps us to send you all the available homes according to your search criteria.
SUBMIT AN OFFER
After a few showings, you’ll soon want to put an offer on the perfect house. Your realtor will sit down to discuss methods in creating a competitive offer which includes establishing a purchase price, earnest money amounts, closing costs, and other important offer aspects. Once submitted, the seller will review and determine if its acceptable offer, if so, you’re only a few steps away from closing.
LET’S SEE HOW PERFECT IT IS
Once your offer is accepted, you’ll want to inspect it by a licensed home inspector. The inspector will see how perfect it is by expecting your home systems such as the plumbing, electrical, roofing, structural reliability, as well as interior and exterior integrity. The inspector will generate a report and send it to you for your review.
REQUEST FOR REPAIRS
The home inspector will perform a thorough analysis of all of the home systems such as the plumbing, electrical, roof, and foundation structure to just name a few. He will, then, provide a detailed report outlining the condition of the home. You are welcome to meet him at the house and go over the report at the conclusion of his inspection.
You and your agent analyze the report together and make a list of repairs beginning with the major concerns to the least in hopes of the seller to fix them. I know this will be a sensitive transition but it’s your agent’s duty to make sure that they’ll come to a plausible solution for you.
LET’S SEE IF ITS WORTH IT
After you have reached a repair agreement with the seller, your lender will request an appraisal. This inspection will confirm that you are not paying more than its actually worth because who wants to pay more for a home.
LET’S DOUBLE CHECK
Your lender and your agent will be working very close together to make sure that all loan and contract obligations has been filled, so they’ll double check to make sure that they got everything right, such as confirming all of the requirements to your loan package are met and making sure that all aspects of the contact are satisfied. These confirmations make sure that we have a smooth closing.
CLOSE THE DEAL
You finally made it to the end-but it’s not over yet. During closing, you’ll have tons of paperwork to sign, so get ready for it but its nothing that your lender and your realtor hasn’t gone over, so don’t sweat it.
These steps are just a basic overview of the process and your realtor (hopefully me) will be glad to go more in details.