If you are looking to purchase your first home, the process can seem confusing and complicated.? However, if you follow a proven set of steps, buying a home should be easier for you and everyone involved.
First: Talk to a Mortgage Lender
The first step in buying a home should be getting pre-approved for the loan.? A competent mortgage lender can review your finances and determine the amount you qualify for.? With a pre-approval letter in hand you can look for homes that fit in your price range and it makes it easier for realtors to arrange showings.
Second: Find a Real Estate Agent
Ask your friends and relatives for suggestions on realtors.? Find someone that has a good track record working with first time homebuyers. Make sure you are comfortable with the person.? After all, this person will likely spend considerable time with you looking at several homes.? You want to be sure that your personality agrees with the agent’s personality.
Third:? Decide the Area Where You Want to Live
Some people have strong concerns about particular school districts.? Others are more concerned about overall home values.? And some people tend to pick a spot based on their current employment situation.? Whatever your reasons may be, you need to consider areas that make you happy so the agent does not spend time searching for homes outside of your comfort zone.
Fourth: Inspect Several Homes
Once you have picked an area of town your real estate agent can pick out some homes that meet your price budget as well as certain needs for size and function.? Take the time to inspect several homes.? Price should not be the only deciding factor for purchasing a home.? You want to go through the home and see which one feels right to you.? After all, you will likely live there for several years.
Fifth: Put a contract on a Home
Once you have chosen a home that you like, it is time to make an offer on the home.? Your real estate agent will be able to provide you with a contract and help you submit the offer.? You can discuss with the agent possible offer prices and any caveats that may be necessary.
Sixth: Home Inspection
Once the contract has been accepted, you will usually have a certain amount of time (7-14 days) to have the home inspected.? The home inspection will provide you, the buyer, with any deficiencies the home may have and protect you and your family from buying a money pit.? Your inspection report can help you negotiate any repairs needed to correct the deficiencies in a homes systems through the use of a repair request document that your agent can help facilitate.
Seventh: Home Appraisal
Once the seller has agreed to your contract, the mortgage lender begins their work.? An appraisal of the home will be completed.? This appraisal will determine the value of the home to make sure it is in line with the asking price.
Eighth: Loan Approval
Once the appraisal is completed the lender will go through the steps to approve your loan.? The lender will verify all of your financial information and make sure you meet the guidelines for the mortgage.
Nineth: Loan Closing
This is the good part!? You, along with your real estate agent, will sit down with the sellers at a property title office.? This is where the seller will sign over the deed of the home to you and you will sign the paperwork to consummate the loan.? It is also the usual place for you to receive the keys to your home!
Tenth: Moving Time
Your almost there…This step really depends on how much stuff you have to move and the distance to your new home.? You can hire a reputable moving company to do it all for you or you can box everything up and move it yourself.? Be sure to ask your realtor or check with your local Better Business Bureau for a referral.
Murphy Real Estate is the go to source for real estate in Ulster County NY.
