“What do I need to do to buy a house?” Is the question many buyers have. Well, here’s a quick run down of the basics every buyer should know going into the home buying process.
Step #1 – Hire a REALTOR. Someone you trust, someone who’s professional, and understand the market. It’s nothing like hiring an agent who’s starving to make a sale and constantly telling you anything just to get you to jump at a deal. Go to a hero – not a zero.
Step #2 – Get Pre-Approved. Your agent can help you with this. You want a lender who can explain your financial options to you clearly and know how to meet deadlines. Here’s a big WARNING!! Don’t start looking at homes before you’ve been pre-approved. If you do there’s a possibility you could be looking at homes you can’t afford and it’s not a pleasant experience to become excited about a property you can’t buy.
Step #3 – Go House Shopping. This is the fun part. Go and find the right home for you, make an offer, and make a deal. But here’s a word of advice, please listen to the person you hired to represent you. If they know the market and know what needs to happen in order to make a deal work, do your best to at least use their knowledge in your decision making process. You certainly don’t have to do everything your agent tells you but 95% of it will certainly be more valuable to you than you think. Deals usually fall a part because a client decides not to listen to take heed to advice and instead opt to do things their way. That usually doesn’t work out well.
Step #4 – Get a Home Inspection. Home inspections technically are not mandatory, but with that said, they’re mandatory! Don’t be cheap and cost yourself more money down the line. Have a home inspector inspect the home and issue you a report that you and your agent can review and discuss. After that, have your agent to negotiate repairs with the seller. This will save you a lot of headache in the long run.
Step #5 – Follow up with your lender and make sure that all paperwork has been completed and sent over to the underwriter for final approval.
Step #6 – Go to Closing and Sign. This is the day you go to your attorney’s office to sign all necessary paperwork to convey the home over into your name. This is not only a day of relief, but for many, it’s also a day of moving which is more fun than one could imagine (sarcasm).