The process of buying real estate is exciting, but there are many steps that are involved for a successful transaction. I have created a list below for you to follow so that you can be well prepared. Follow these steps to help make the process go smoothly.
Hire a Reputable Mortgage Agent:
Hiring a good mortgage agent is one of the very first things that you will want to do. They can help you with checking your credit as well as pre-approve you for an amount to borrow for a home loan. This will dictate the price range of homes that will be in your search. They will also provide you with a pre-approval letter that you will need to accompany your offer when you submit one.
Control Your Spending:
An important part of planning your real estate purchase is to save your money. You will need to have money available for your down payment, closing costs and other expenditures during the process. A mortgage agent can give you a good faith estimate of what costs to expect depending on your particular situation. It is always best to refrain from any large purchases during this time as that can affect your eligibility for a mortgage.
Each neighborhood offers its own unique amenities, culture and services so be sure to do your research and investigate which area might be best for you. Take into consideration things like proximity to public transportation and your work commute along with the cost of the homes that are suitable for your needs. I can also help navigate the right areas to focus on based on my years of experience and area knowledge.
Having a home inspection done is important for having a better understanding of what your new home may need in repairs. Not only does a professional know exactly what to look for with regard to current conditions, but this report can help you best in budgeting for future expenses. Should any extensive repairs be required, this can sometimes lead to further negotiation with the seller.
After your inspection has been satisfactorily completed, the next step is to sign your Purchase and Sale Agreement, often called “P & S.” This contract identifies all terms of your offer including important milestone dates and will be accompanied with your down payment funds. You may have further steps for your loan approval, but this will be the next big step until your closing.