For most of us buying a home is the most important purchase in our lives.
Making good choices can save time, money and future issues. As Real Estate professionals we are often asked about the process of buying a home. Here is a quick Real Estate 101 crash course on buying a home.
- Contact a Lender
- Choose your Real Estate Professional
- Identify a home
- Write & negotiate an offer
Contact a lender. This important first step and the most important… you need to know how much you’re qualified for before looking at homes.
Choose a Real Estate Professional. All real estate agents are NOT the same – experience and knowledge can vary. Choosing the right agent to represent you can make buying process go smoothly and often times save you time and money. (Hint – we are professional buyer representatives!)
Identify a home. Before starting your search, we’ll meet with you to do a brief consultation so you know what’s happening in the market, what to expect when previewing homes & writing offers, and we’ll learn more about what you’re looking for in your new home and neighborhood.
Write and negotiate an offer. Remember everything is negotiable – but some homes sell faster and for more than others based on location and amenities. We will be able to explain each and every item you might have questions about.
Inspections. The inspection period is typically the first 10 days of the contract when buying a home. This time is used to not only inspect the home to make sure it’s in good condition and no major repairs are needed… but also includes checking out the schools, HOA, utilities, square footage, services, crime statistics, and anything that a professional inspector finds that could affect your decision to purchase the property.
Appraisal. If you’re getting a loan to buy the home, the bank wants to make sure that what you’re willing to buy the home for is in line with what the actual value of the house. They’ll send out an appraiser who will give the bank their opinion of the official current value of the home.
Closing. You’re almost “home”! Closing is where we sign the loan documents, transfer title from Seller to Buyer and get the keys so you can move in!