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Home Buying Process In 6 Steps

There are 6 steps to buying a home.  We are going to break them down to help make the process easier to understand as you are going through it.

1) Get Ready for Home Ownership

  •          Build a good credit history
  •          Get mortgage pre-approval
  •          Find out what type of mortgages you quality for
  •          Consider hiring an attorney to review all contracts and agreements associated with the home buying process
  •          If possible, save up for a down payment (typically 10-20% of property’s value; if FHA-qualified, then possibly less)
  •          Consider closing costs which can include taxes, attorney’s fees, and transfer fees
  •          Consider utilities and monthly bills, such as homeowner’s assessments

2) Find a Real Estate Professional

  •          Get a referral from friends, family, and work colleagues, or search our website
  •          Ask the real estate professionals you interview about buyer’s representation contracts and agreements; make sure you understand                 the terms
  •          Explain your needs and expectations to the real estate professional you choose to work with

3) Find the Right Property

  •          Determine what is important to you, such as particular schools, monthly mortgage payment, public transportation, walkability, etc.
  •          Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment

4) Finance the Property

  •          Contact your mortgage broker or lender
  •          Make sure you understand the financing terms—ask the lender for clarification, if needed

5) Make an Offer

  •          Ensure the property is inspected by a licensed home inspector
  •          Acquire title insurance
  •          Make sure the title is clear, or make your offer contingent upon title clearance
  •          Read all contracts before signing—make sure you understand all of the terms, don’t be afraid to ask questions
  •          Place a competitive bid and be prepared to make a counter-offer
  •          Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after the closing
  •          Only one offer will result in a sale, so be prepared to move on if your offer is not accepted

6) Closing and Life After the Big Purchase

  •          Protect your new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire
  •          Weatherproof your new home
  •          Maintain files—digital or print—for all warranties, insurance documents, contracts, etc.
  •          Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit box)
  •          Set up utilities bills in your name, maintain files
  •          Implement desired aesthetic changes such as painting, minor construction, and re-flooring
  •          Set a move date and hire movers or plan a move party with your friends
  •          Get to know your neighbors and explore your new neighborhood
  •          If you’re happy with the work of your real estate professional, be sure to recommend her/him to friends and family.

As always, thanks for reading and we welcome any additional information or comments you may have.

 

www.EverStarRealty.com

www.EverStarPropertyManagement.com

509-735-4042

1920 N. Pittsburgh St., Suite A

Kennewick, WA 99336

Source: NAR

#homebuying #homebuyer #buyingahome #realestate

Posted by: everstar on December 18, 2017
Posted in: Uncategorized