8 Steps to purchasing a home.
- Talk with lender and get prequalified. Meeting with a lender allows you to get information on how much you can afford and your price range for purchasing a house. You will also save time when you do finally find the right house and it will improve your chances of your offer being accepted.
- Find a realtor. Do your research and ask for referrals for someone you trust. Buying and purchasing a home is one of the biggest investments you will make and it is important to find someone you trust and that is an expert in the field. Don’t go at it alone! When you are a buyer it does not cost a thing to use their services because sellers typically pay the agents commission.
- House hunting. Now comes the fun part when you actually get to look at houses. Its important to make a list of things you want and need in your home. Consider an area or location that works best for you. Decide what you can live with out. No house will be exactly what you are looking for and will have to decide what is the most important to you during your house search. Work with your agent so they can help you find the right house for the right price.
- Write an offer/ negotiations. This is really where your real estate agent will come in handy. They will walk you through the purchase contract and any terms that might apply to your situation. You can also negotiate things like appliances, buyers credit for closing costs, and home warranties.
- Open escrow. Once you have an executed purchase contract and negotiations completed you now open escrow. On the day of opening escrow you will put down earnest money deposit. You will have paper work and have escrow officer information. You will also be given a preliminary title report on property that gives you any easement information on the property and any other matters that affect the title to the property.
- Inspections. The typical Inspection time period is 17 days from date of signed and completed purchase contract. This is where your agent will make appointments for any inspections like home inspection, pest inspection, well and septic inspections. These reports are for your benefit to find out any and all information about the property and house. If any inspections come back with issues you are concerned about, you can renegotiate with sellers or back out of sale with out any default.
- Final loan approval and appraisal. You will work with your lender to get final loan approval by the specific closing date. The lender will schedule an appraisal by a third party licensed appraiser. The appraiser will set the appointment up with listing agent of the property.
- Closing. Before closing you will do a final walk through of property with your agent. You will sign closing documents with the escrow officer. Once the final loan documents are signed and funds deposited with escrow then it will record with county recorder a day or two after. Once it records then you own the property and will get keys!
Congrats you did it!
