How exactly do I buy a house?
This article is a free resource in the Home Buyer University course offered by Life & Legacy Properties.
“How-to” home buying resources like this can range from my list of six-steps to long articles that outline “111 To-Dos” when buying a house.
You’re just learning right now, not getting your real estate license, so let’s keep it simple.
Your Realtor’s job is to handle the million details.
Your job is to follow these six circles:
1. Select Your Realtor & Mortgage Lender
Hiring a Realtor and choosing a Mortgage Lender are two of the most important steps you’ll take to begin your home buying process. They will be your guides and advocates from start to finish, doing their very best to ensure you get the home you want at a price you can afford.
2. Start Your Home Search Online and Begin Showings
The home search process is normally a combination of reviewing online home listings and guided in-person home tours with your Realtor. National surveys report that buyers typically search for 10 weeks and view a median of 7 homes during the buying process.
3. Submit a Winning Offer and go “Under Contract”
This is the fun (and occasionally anxiety-inducing) part! When you find the home you love, we’ll submit an offer and seek to negotiate terms that beat the competition and meet the needs and desires of the seller. Once both parties have signed, you are officially “Under Contract” on your new home!
4. Complete Home Inspection and Negotiate Repairs
A home inspection is a safety and quality assessment on a property that is going to be sold. The inspector examines the structural aspects of the home, heating and cooling systems, plumbing, electrical work, water and sewage to ensure they are all functioning properly.
This is also the time you will select acceptable homeowner’s insurance based on the condition of the property.
5. Receive Copy of Appraisal and Finalize Negotiations
An appraisal is an unbiased professional opinion of a home's value ordered by your Lender and completed by a third party company.
It is required whenever a loan is involved in buying, refinancing, or selling property.
It is important that the appraised value supports the contract price and terms.
6. Sign Final Documents and Get Keys to Your Home!
Commonly referred to as “Closing,” this is the appointed time where both buyers and sellers and their agents sign all the final real estate and financial documents necessary to complete the sale of the home and transfer ownership from the sellers to the buyers.
Questions? Email me here.
