Buying a home is as much about planning as it about the actual search and ultimate purchase. The process may appear complicated but if you take a step-by-step approach you'll soon hold the keys to your new home. I've summarized the process briefly in the steps below - let's get together to talk in more detail.
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Step One: Understanding How Much You Can Afford
The most important step, and certainly the step you should take first, is to figure out how much you can afford to spend on a new home. If you haven't set up a budget that shows you how much you're spending on everyday things, now is the time to do it. Ideally your personal budget will help guide you to the right price range of homes as well as prevent you from spending more than you should on your house.
Step Two: Finding a Realtor
The process of buying a house is complex, and most people find it's easiest to get through with a real estate agent by their side. Locating your dream home is just the beginning, an offer to purchase contract will need to be negotiated, a mortgage application coordinated - it can be helpful to have someone familiar with the process on your side. Other parts of the transaction will be happening quickly too - hiring inspectors, negotiating over who pays for needed repairs, and more - all of which is second nature to an experienced agent. Ready to begin your home buying adventure? - I would welcome the opportunity to work with you, to get started, begin here.
Step Three: Getting Prequalified or Preapproved for a Loan
Getting pre-qualified helps you determine how much home you can afford, based on specific financial information you share with a lender. The lender does not verify this information, and consequently there is no guarantee you will qualify for the loan amount. Getting pre-approved requires that the lender verify your financial information, and does serve as a commitment to lend a specified amount based on that verified information. Once we agree to work together I recommend that you obtain a pre-approval or pre-qualification letter from a lender. For more information about the prequalification and preapproval process, begin here.
Step Four: The Offer and Acceptance
Once you find your dream home it is time to make an offer to purchase. With my assistance, you will submit a signed offer to purchase. As your agent, I will take the offer to a "contract presentation" with the home seller and listing broker. The seller will accept it as written, make counter offers on unacceptable aspects, or reject it. You can then accept it, counter-the-counter offer, or reject it. The offer to buy becomes a contract when all parties have initialed every counter and signed the offer.
Step Five: Getting To Settlement
Once your offer is accepted it's now about ensuring a smooth ride to settlement by keeping close attention to the details - from mortgage application and approval, inspections and contingency removal, insurance and title search to final walk through inspection and settlement. As your agent, I'll be with you every step of the way and be the first to congratulate you on the purchase of your new home!
Now that you have a general understanding of the home-buying process let's set a date and time to discuss your personal situation and determine the path that fits your life style, begin here.