Purchasing a home should not be scary! This should be of the most exciting times in your life. Home buying is your “ultimate” purchase. Buying a house can be one of the most rewarding things people do in their lifetime so let the experts help hold your hand all the way thru.
🔎 Home Buying | How it Works!
The procedure to home buying may initially seem really complicated and stressful. However, if you earnestly desire to own a house, it is crucial to know what you should do and who you should turn to.
Below is a step by step guide to walk you through each step in the home buying process. This guide should serve as a reference. However, don’t forget to ask your REALTOR® whenever you have questions. You will be guided by your REALTOR® through each step.
Locate a seasoned and experienced Realtor
The strongest asset you have when buying a home is an experienced and seasoned Realtor®. They are so important in this process because you will be provided with online tools to update you whenever a new home is listed on the market. Besides, they will guide, enlighten and assist you to overcome all challenges that may arise throughout the process. Hiring just any realtor is not advisable. Take your time and search a good Realtor® who has a proven track record of assisting people.
- Do your research
Have you thought of which part of town you desire to live in? Home buying requires research. Endeavor to carry out research about local crime statistics, area amenities and school ratings.
Home buying research will enable you to determine which area you will enjoy living in. Remember that future resale is also influenced by these factors, hence; consider these factors in your research. Determine specific neighborhood that may or may not interest you. All of this information should be gathered with patience and due diligence.
Search homes online
Now that you know the areas you like best, go online and search homes for sale that are available in your desired location. You can also set up instant notifications so that you receive an email whenever new listings are added to your choice areas. This is among the best ways to keep up to date with the ever change real estate market. Note that homes usually look different in physical appearance than they do online.
Visit the homes
Having compiled the list of homes you desire to see, contact your Realtor® and arrange a time to view them. Every showing coordination and details will be handled by your realtor. You can take notes, photos or videos of the details to serve as a reminder since you will be viewing multiple homes same day. Endeavour to communicate your styles and preferences with your realtor.
Make an offer
Next, having found the ideal and perfect house, you are ready to make an offer. At this point, your estate agent will assist you to determine a good offer price by providing you information about current market data and recent past sales. Furthermore, factors that should guide you to determine a fair and strong offer are house location, price range and home style.
By now, your finances have been prepared and a home has been found. The next step is to close the transaction and obtain the keys! You are now approaching the final steps of buying your new house.
Negotiate the terms of transaction
You may likely receive a counter offer from the seller, having put in an offer. Negotiate the contract terms such as closing date, deadlines for appraisal and inspection, seller concessions, repairs, and so on. Your estate agent will guide you through the process. Be patient to go through variety of variables to negotiate on a sales contract because it is not easy to change things afterwards, once you are under contract.
Having executed the sales contract duly endorsed by both parties, the next step is to provide earnest money for the transaction. The earnest money will be credited back to your loan or cash purchase at the time of closing.
Most sellers require more of a commitment to the deal prior to taking their house off the market. Doing this will portray you as a serious buyer who is ready for home purchase. However, if you are unable to conclude the contract, your money will be refunded at closing.
Carry out the home inspection
Hire a professional, qualified home inspector to do a complete home inspection of the house. Inspections may take various forms like structural, radon, pest, mold or full house inspection. Click here for more information on home inspections.
This step is among the most essential part of the home buying process. Ensure you schedule adequate time for a thorough home inspection within the days specified in the sales contract. After this stage, you are almost done.
Order an appraisal
This is among the last stage in house buying process.
Appraisals are required by mortgage firms to ascertain if the amount of loan they intend to provide is commensurate or higher than the appraised home value. The lender does this as a form of protection. A contract will either be renegotiated or terminated if the home does not appraise at value. The appraisal should be ordered immediately after your inspection.
Final Walk Thru | Close the Transaction
Having concluded the inspection and appraisal process, a closing time can be set up with your title firm as well as the other party. Prior to closing it is imperative to one last final walk thru of the home with your Realtor® to insure the home is still in good, quality condition. You will obtain the keys as soon as both parties sign every document and the mortgage company funds the loan. Your new home now fully belongs to you. Congratulations!
🏠 In Conclusion
Overall, the home buying process can be complicated if you go through it all alone. Working with an experienced realtor can ease the process. Fortunately, Regan Laughlin and her team at RL Real Estate Group will handle the whole buying process from start to finish. A seasoned, experienced and highly successful Real Estate Agent like Regan Laughlin and team credits her success to hard work, integrity and honesty. RL Real Estate Group has been helping people buy and sell real estate for many years. Consequently, clients continue to refer to RL Real Estate Group over and over again.
If you’d like a free consultation, email RL Real Estate Group here or call/text 605-212-8431.