Buying a home can be an overwhelming process if you are a first time homebuyer. It pays to do your homework and know the important steps in the home buying process so that you do not feel surprised or overwhelmed. It is the dream of every individual to have his own home. Congratulations to you if you have decided to buy a home for your family.
Real estate transaction are a major financial decision involving lots of money. As you will be living in your new home for years to come, it is prudent to do your homework and make a move only when you have found a house that fulfill your requirements.
Hire a real estate agent to represent youMany people think that hiring the services of a realtor can be a burden on their pocket. The fact is that the fee of a buyer’s agent is paid by the seller. But this professional provides invaluable help and assistance with his knowledge and experience.
Get pre approval letter from your lenderMany buyers make the mistake of starting their search for a home without this all important document. Pre approval document in your hand is a clear sign for the homeowners that your offer can be taken seriously. Your bid is also preferred over other buyers when you have been preapproved for a mortgage loan.
Search for your new homeMake a list of your requirements and start your search. It becomes easier to conduct this search when you know what you want and for how much. Try to find a house in a neighborhood where there are good schools for the education of your kids. Do not buy a house at a low price if it is too far away from your place of work.
Make an offerOnce you have found the right home, let your agent make an offer based upon price and other terms you have chosen for yourself.
Negotiate and enter into contractThese are two very crucial steps in home buying process. Your offer may not be accepted by the homeowner. Allow your agent to negotiate with the seller on your behalf. Once the price and terms are acceptable to you, it is time to draw up the contract. This document specifies the time within which you agree to make the payment and also the time within which you need to get the property inspected. Your real estate agent gets incorporated points that you wish to focus upon so that there is no dispute later on. Negotiation and contract are two steps where the expertise and negotiation skills of your agent are tested to the core.
Final detailsOnce you have got the property inspected, you can review the report one last time before you are ready to close the deal. You arrange the money by getting the mortgage loan from the lender. Discuss the terms of repayment before singing the mortgage deed.
Closing on your new homeThis is the last step in home buying process. You hand over the check and take the possession of the property. A title company facilitates closing after studying the title deed of the property.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com. To contact one of our real estate agents call 734-426-6060 today.