Home Buying Made Simple: Understanding the Process
September 28, 2018 |
Even for trained professionals, the home buying experience can be a long and trying one. For first-time home buyers, the process can be incredibly stressful. But it doesn’t have to be! Here is a simple breakdown of the steps involved. By giving you a
general overview of how the how buying process works, it can turn something stressful into something exciting.
The first step is securing funding. Unless you have a reserve of cash, you will need to work with a lender to find out how much you are pre-qualified to borrow. This will give you a budget to work with, and a price range to begin your search. Doing online
research and visiting open houses can be done anytime, of course, but the actual process doesn’t really begin until you secure pre-approval. We can always recommend a lender that has helped other customers in your situation.
2. Research and Real Estate Agents
Finding the right real estate agent is an essential part of the process. Not just because they have the most insight on and access to homes in your price range, but moreover because they have the experience to answer all the questions you will have along
the way. And make no mistake, you will have fresh questions almost every single day! If the home buying process is a quest through uncharted territory, then the real estate agent is your captain.
3. The Offer
Once you have selected the house you want, it is time to make an offer. The agent can handle the details and negotiations for you. Once your offer has been accepted, you move ahead with placing a deposit into escrow, applying for your financing, and signing
the contract documents.
4. Home Inspection and Appraisal
The buyer pays for inspections of the home, to determine any issues or potential problems with the property. The appraisal, on the other hand, is usually ordered by the lender, to determine the market value of the property. The appraisal is an important
part of the financial process, and can have ramifications for your loan, but the inspections are much more important to help ensure your quality of life in that home.
Closing often takes 30 to 45 days, and can be the hardest part because it involves waiting. All the pieces are in play now, and all the buyer can do is wait for the lender, the seller, the inspectors, and the agents to work out the details and finalize
the loan process. Once all the paperwork is complete, and the closing costs have been paid, you finally get the keys to your new home.
This should give you a general idea of the most important steps of your journey to becoming a new home owner. For more specific questions about any part of the process, contact one of the experienced team agents at Allison Ables Real Estate & Property
Management, at (352) 371-1828