There are some situations where doing things out of order can lead to anything from added stress to complete failure to meet the anticipated objective. For example, you wouldn’t want to marry a complete stranger, and then go out on your first date. It might surprise you that this is also true when buying a house. It is not uncommon to jump right into touring properties when there are a few steps that should come before that. Here are the recommended steps to take, in order, so that buying a house can be the fun and exciting time it should be, and ultimately a great success.
- Step #1 – Research: Whenever you are jumping into a new endeavor, it pays to spend some time learning about it before you jump in. Buying a house is not something to go into without getting a feel for the area, trends, and the overall process involved. Reading this article is a great first step to getting some research under your belt.
- Step #2 – Budget: It is one thing to have an idea of the amount you can allocate to buying a house. It is quite different to know how much house you can afford and whether you can get the financing you need. It might seem odd to talk to a mortgage company before you’ve even picked out a house, but it is definitely better so you know if you can qualify and what price range you should use for your house search. A mortgage lender will do a preliminary financial assessment to prequalify you for a certain loan amount. This is not a guarantee, however, but it gives you a starting point or lets you know if you have to do a bit more work to get approved.
- Step #3 – Hire a Real Estate Agent: The skills and services that a real estate agent brings to the table are invaluable. They know the local communities and have access to all homes listed on the MLS, as well as those you wouldn’t find on your own. There is no reason not to hire one, since you don’t even have to pay for their services. Their commission comes from the sale and is paid by the seller.
- Step #4 – Tour and Select a Home: Your real estate agent will be a huge help not only in finding the ideal home for you, but also handling the negotiations so you offer a price that isn’t above its actual value. They will also help you pay attention to your list of wants and needs, so your emotions don’t trick you into a home that is missing a critical element. They’ll get the paperwork done for your offer and walk you through the contract.
- Step #5 – Inspections: While the closing company or attorney are doing their tasks, you should have a home inspection completed. Your contract will give you a set period of time in which to do this and bring any matters up that need to be resolved. If you miss this date, you are contractually responsible for those issues, so it is important to handle this in a timely manner.
- Step #6 – Finalize Mortgage: Your next step is to work with your lender to get the loan approved and the loan terms agreed upon. You’ll have options to consider such as how much to put down, how many years to have the loan, and whether a fixed or variable rate will be part of the loan terms. During this process, the home will need to be appraised to be certain it is worth what you have offered and which the lender is willing to finance.
- Step #7 – Closing: The closing process involves coordinating the paperwork, doing a final walkthrough of the property, signing the paperwork, and finalizing the fund transfers.
You can be confident that once you reach step #3 and have me, Sherri Dyer – Keller Williams Realty, assisting you with navigating the rest of the steps, you will be on your way to a successful closing. Buying a home doesn’t have to be stressful or complicated. I make it my duty to make sure you have the enjoyable and successful experience you deserve. My motto – Results Matter. Service Matters. You Matter. – really sums up what I’m about. Call today to learn more.