Are you looking to buy a new home?
Whether you’re looking to buy your first home or your fifth, the process can seem confusing or overwhelming. That’s where a home buyers guide really comes in handy.
In this guide, we’ll go over all the essential steps to buying a home. Read on, and you’ll be in your new home before you know it!
1. Start with Research
The first step in buying a home is to research where you’d like to live. Note what house prices there are, and how long homes are staying on the market. Now is also the time to research anything about the process you are interested in but unsure about, such as buying a foreclosed home.
2. Check Your Finances
Next, you’ll want to determine how much you’re looking to spend and how much you are able to spend. This is the time to check your credit report/score, determine what you can afford, and even get prequalified and preapproved for a mortgage.
3. Choose a Real Estate Agent
While you can do the home buying process on your own, it’s a good idea to have a professional help you through it. A real estate agent knows the market and has access to information on homes that the public does not, and they can save you both time and money.
4. Begin Your Search
Now is the fun part: Looking at homes!
You can start your search online and drive through neighborhoods you like to search for homes. Lean on your realtor here, as they’ll be able to find homes that have what you’re looking for in your price range and desired neighborhoods.
5. Make an Offer
Once you’ve found a home you love, it’s time to put in an offer. Ask your realtor for advice on fair value based on similar homes in the area. You may need to negotiate with the seller on the price, and once your offer is accepted, the home will go into escrow, which is time to complete remaining steps.
6. Get Inspections Done
Offers are generally contingent on a home inspection, which is done to determine whether there’s any damage to the home, or if there are specific repairs that need to be complete. Other non-required inspections (e.g., radon testing) can be done at this time as well, and you can ask the seller to fix things or lower their price based on inspection findings.
7. Apply for a Mortgage
After the offer is accepted and the inspection is complete, it’s time to submit a formal mortgage application with a lender. You’ll need to submit financial information, including tax returns, bank statements, pay stubs, and so on, to verify your eligibility.
8. Get an Appraisal
Your lender will require that the home is appraised before they can approve your mortgage. You pay for the bank appraisal of the home, which is completed by a third party to ensure that the sale price is fair and that there are no serious issues with the home.
9. Close the Sale
Finally! It’s time to close on the house. This is when you will sign all the necessary paperwork to finalize the sale. Depending on the purchase offer, you may receive the keys at this time as well. Welcome home!
With This Home Buyers Guide, You’re Ready to Hit the Market!
Now that you’ve read the complete home buyers guide, you may be ready to start your search for your dream home. Contact us today to see how we can help.
And if you’re looking for more information on buying and selling homes, we’ve got you covered there too. Check out our blog for real estate info, tips, and tricks.