Buying a Home

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So You Think You’re Ready to Buy a New Home…
Buying a home, as with any major decision in your life, it’s important to be sure you are ready. Listed below is the whole process from beginning to end.

1. Buying a Home : Making the Decision

Before you make the decision to purchase a new home ask yourself, am I financially ready? In which price range should I be looking? The best person to answer this question is your mortgage lender. A mortgage lender will tell you whether or not you are eligible to purchase your next home. Your mortgage lender will instruct on which type of loan and which price range you are eligible. Now that you’ve found your mortgage lender, you have a price range to guide you in buying a home. Get a pre-approval letter from your lender, and find a REALTOR.

2. Buying a Home : Find the best REALTOR for you

The second, and most important, professional to assist you with buying a home is your REALTOR. Your next step is to find the right REALTOR for you. Your REALTOR will represent you in buying a home and ensure you purchase a home with all of the following: fair market value, no clouds on the title, no major structural defects, no pest infestations, and more. Your REALTOR will also provide you with information on how to protect yourself with such services as: Title Insurance, Homeowner’s Insurance, a Home Warranty, and more. The first thing a REALTOR will do is arrange a Buyer Consultation meeting to discuss your wants and needs for your next home. Here you both will discuss the features you desire and match them closely with homes available in your desired location and price range on the market today. You might want to get a head start with an online search. This was you will have a better idea of what you are looking for in buying a home. Now that you and your REALTOR have established a clear idea of what you’re looking for, you can begin touring homes. You and your REALTOR will visit the homes that are the best fit for you until you find your next home!

3. Buying a Home : Making an offer

Now that you’ve found your dream home, just make an offer. If only it were that easy. Do you know all the different negotiation points in a real estate contract? Rest assured, your REALTOR does. When negotiating an offer to buy a home, as in most major purchases, there are several factors to consider. Your REALTOR will write a contract with you that includes your offering price, any structural defects that you want fixed, and any closing costs the seller should pay. Once you and your REALTOR have decided on an offer, your REALTOR will present the offer to the seller. Both sides will negotiate the contract and come to a conclusion that is acceptable by both sides. Congratulations! Your offer has been accepted by the seller and your contract is ratified. Now, the clock is ticking. According to the timelines set forth in your contract, you and your REALTOR must work together to remove the contingencies from your contract. These contingencies are in place to protect you and your investment. Contingencies will vary according to each contract; however common contingencies include: home inspection, termite and moisture inspection, and any contingencies set forth by your lender. After you have removed all of your contingencies, you are one step closer to buying a home.

4. Buying a Home : Finalizing your purchase at the closing table

This is it. After your closing, you will be a homeowner! The closing date is the final step in your home purchase. You and your REALTOR will meet with the title company to finalize the deal. After signing the final paperwork, your REALTOR will hand you the keys to your new home. Congratulations, you are now a homeowner!