Monday, April 20, 2015

Home buying in six steps

Buying a home is and can be a daunting process to home buyers. However, having a qualified Realtor who understands the process of what it entails will make the process a lot easier.
The first step to home ownership is building a good credit history, meeting pre-approval qualifications, knowing what kind of programs you qualify for, saving up for a down payment (10 -20%) of the property’s value, and considering closing cost (e.g. taxes, attorney fees, monthly bills, and/or Homeowners Association fees).  
Secondly, find a qualified Realtor, obtain a referral if possible from a friend, relative or search  Upon interviewing the agent, be sure to have an understanding of the buyer representation and contract agreements terms. 
Next, find the right property.  Always consider school zones, neighborhood amenities, monthly payments, accessibility, etc.
Later, finance your potential property. Contact the lender, and don't hesitate to ask questions about unclear financing terms (e.g. property taxes, escrow, and other real estate jargon).
Now, time to make your offer.  Have your property inspected by a licensed home inspector. Read all contracts before signing, and be certain you understand what your are signing.  Place a fair and competitive offer, because a counter-offer is possible at this time.  Remember, this is a critical time in your home buying process, so please don't purchase "big ticketed items" (e.g. cars, furniture, vacations, etc.) until your settlement is complete.

Lastly, settlement and life after purchasing your home.  By this time you will have signed your name hundreds of times.  Settlements usually occur at the title or mortgage company.  Your Realtor will be with you throughout this process, and an attorney will do most of the paper work.  Feel free to ask questions at anytime in order to gain a better understanding! Now Breathe!! You are officially a HOMEOWNER!!!! 

Nothing contained in this blog is intended as or shall be construed as establishing an enforceable agreement between the parties and such an agreement shall be formed only upon written execution of a mutually acceptable agreement which incorporates all terms agreed by and between the parties.

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