Anyone can purchase a property. It’s not difficult at all. However, if you are searching for your dream home, you need to formulate a plan that ensures you get the home you are dreaming of, and not one you happened to fall in love with.
The first thing you should do is select a Realtor to represent your interests as a buyer. Having an advocate on your side will ensure each step of the process goes smoothly, and that you select a fantastic home. He or she will ask you to go to a lender for a Pre-Approval. This will ensure you know what your budget is and will get you a pre-approval letter that shows the sellers what you qualify for.
Next comes the fun part-time to go shopping! The home search process should begin with making a list of your ‘must-haves’ and sharing them with your Realtor. You will review a number of homes electronically and attend a few open houses and showings until you locate the right one.
Once you have found the right home for you, talk to your Realtor about what a fair price would be. Everyone wants a good deal, but you need to weigh the pros and cons of each part of your offer. A quality real estate professional will submit an offer on the home and will negotiate terms you are willing to accept.
After the offer is accepted, Normally you have three days to deposit escrow to the Title Company. You also have a specific period to get an inspection completed. This step is critical because it tells you exactly what condition you are buying the property. This will also give you a chance to let the sellers know what you want to be fixed. There may be some renegotiation here as the sellers could be willing to fix some things but not others.
While this is going on, an appraisal will be scheduled by the lenders to ensure the home is worth its purchase price. Stay in close contact with your lender here so that they receive all requested documents in a timely fashion. If they do not, they will reschedule your closing.
The final walkthrough is generally scheduled just before closing to ensure the home is in the same shape it was when you put the offer in. You want to look for damage before moving to the closing carefully. All of the seller’s belongings should have been moved out, and the floors swept.
Finally, you will get to the big moment—closing! After all the fun and hard work of finding the perfect property, you sign the final paperwork and receive the key to your new home!
There are several steps to this process, but it really isn’t too bad. Your Realtor will be with you throughout the entire process. Work closely with them, and you will be closed before you know it.