BUYING A HOME
Getting Started
Congratulations on your decision to purchase a home. Whether you are a first-time home buyer, a seasoned home buyer or an investor you want a realty team that will make the process pleasant and stress free. After all purchasing a home is one of the biggest and most expensive investment you will ever make. Choice One Realty Group has a team of professional realtors who work hard to not only find the perfect home for you, but also to handle every last detail of the purchase process. The following steps will help you to better understand the process of buying a home.
1.
OBTAIN A REALTOR®
A good real estate agent will put their clients first. They are accessible, responsive, and a good listener. They take the time to understand your unique needs and lifestyle. They are your advocate who will guide you throughout the process of making your dream of homeownership come true.
2.
SECURE FINANCING
Obtain a pre-approval letter from a mortgage lender of your choosing or your real estate agent can recommend a lender who is a part of their team. The lender will pull your credit and ask questions about your employment before issuing a pre-approval letter that will state the maximum loan amount for which you qualify. Once you obtain the pre-approval letter do not make any changes in your employment or secure additional debt as this make affect your ability to purchase a home.
3.
FIND A HOME
Your real estate agent will assist you in selecting homes which meet your specific criteria. Give thought to location, size, neighborhood, and specific wants and need. While the goal is to find a home that is perfect for you and your family, you will need to allow for some flexibility. A good agent will guide you through the decision-making process. As you look at homes, your priorities will probably adjust long the way.
4.
MAKE AN OFFER
Your real estate agent will research similar properties in the neighborhood to help you determine the market value, and fair price for the home you would like to purchase. The three basic components of your purchase offer are price, terms and contingencies. Price refers to the dollar amount you are approved for, willing and able to pay. Terms cover the other financial and timing factors that will be included in the offer. Contingencies are clauses that let you out of the deal if the house has a problem that didn’t exist or which you weren’t aware of when you went under contract. They specify any event that will need to take place in order for you to fulfill the contract.
5.
PERFORM DUE DILIGENCE
This is the time period that allows you to thoroughly investigate the property to ensure that you want to move forward with the purchase. You’ll need to have a property inspection that will expose hidden issues. This way you’ll know what you are getting into before you sign closing papers. Your main concern is the possibility of structural damage. This can come from water damage, shifting ground, or poor construction when the house was built. Small things which can easily be repaired are not uncommon.
6.
CLOSE ON YOUR HOME
Once you’ve made your offer and have completed the inspection process, you’re in the “home” stretch! You will have a few pre-closing responsibilities that you’ll need to be mindful of. These include:
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Staying in control of your credit and finances.
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Verifying with your lender that all mortgage funding steps are completed.
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Conducting a final walk-through of the home with your agent.
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Confirming with your agent, home insurance professional, and lender that you have the settlement statement, certified funds, and evidence of insurance lined up prior to closing.
7.
MOVE-IN
Congratulations, and welcome home! Now the fun of making your house a home begins.