Want to know where to begin the home buying process? This guide will show you the high-level process for buying a home.
Whether you are moving across town or across the country, the real estate market is a big place, and an experienced agent can help you navigate it.
Tips for choosing a real estate agent:
Do Your Due Diligence
Research real estate agents online, read reviews, and get recommendations from family and friends. Then sit down and talk with them and see what kind of value and skills they bring to the table.
Are they educating you on the process of buying a home and making sure you’re fully informed? Are they available to answer your questions and do they call you back in a timely manner? Do you feel your concerns are being heard?
Not all agents are created equal. You want to find ones who really are a great fit for you.Talk to at least one mortgage lender and apply for a mortgage. Your agent can recommend lenders if needed.
A loan officer will look at your finances, talk to you about your mortgage options, and pre-approve a budget that works for you.
Once you have your pre-approval, don't make any big changes, like buying a car or quitting your job! That could hurt your ability to get a mortgage and buy a home.
Your agent will set up an MLS search according to the criteria you discussed at your initial meeting. You will be sent listings that match what you're looking for as soon as they become available.
After you look at the houses online and determine which ones you're interested in, your agent will arrange for you to tour those houses with them or with another member of the team according to a schedule that works for you.
As you're looking at houses, you may find that your idea of what you're wanting in a new home is shifting. Be sure to let your agent know so they can adjust your MLS search to match.
When you find a house you love, it's time to make an offer! Your agent will discuss the details with you and help you put together the strongest offer possible. They will talk to the listing agent as needed and submit your offer for you.
There may be some negotiation with the seller at this point, and your agent will work closely with you to represent you and protect your interest.
If the seller chooses your offer over any others they receive, congratulations! Now it's time to review and sign the purchase agreement.
You will also provide earnest money at this time, which is a good-faith deposit.
Your agent will be available to answer any questions and make sure everything is completed properly.
The offer you make will most likely be contingent on inspection. You will hire a licensed inspector to examine the home in detail for you, giving you important information about its condition.
Your agent can recommend inspectors for you to choose from.
If the inspection reveals issues with the property, your agent can negotiate with the seller for you.
Most lenders require an appraisal before approving a mortgage. They will send someone out to confirm the home's lending value.
Once the inspection and appraisal are done and any remaining details are worked out with the seller, it's time for you to finalize your mortgage loan. You will work with your lender to provide them with all the paperwork they need about your financial situation, such as tax documents and paychecks stubs.
It's important to respond promptly to their requests so the loan can close on time. Your lender will also require you to provide homeowners insurance on the property, so be sure to apply for that.
Your agent will help you schedule a final walkthrough of the home within 48 hours before closing. The purpose of the walkthrough is to confirm that the home is in the same condition as it was at the time you made your offer.
You will also need to arrange to transfer all utilities over from the seller's accounts to yours.
On closing day, there are a lot of papers to sign! The closing company and/or your agent will be there to explain everything to you. But when it's all done, unless some other arrangements have been made with the seller, you will be given keys to the house. Happy moving!
If you had a good experience with your agent, be sure to leave them a positive review and recommend them to others.
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