Last month we discussed selling, this month it’s about buying. And the first step again-working with the right Real Estate Agent.
If you are like most people, buying a home represents your single biggest investment. So, it is not surprising that the buying process can be one of the most exhilarating but sometimes stressful experiences you undergo. This may be true whether you have bought many homes or you are looking to buy your first.
There are many factors to consider and many decisions to make. That is why, when buying, it is crucial for you to have all the available resources necessary to make a well-informed decision.
To get started:
–Contact a Houlihan & O’Malley Real Estate professional
–Define your goals/research options/make your plans
–Do a search-the key to the home search process is to know what you are looking for. That means distinguishing between “must-have” and “would-like-to-have.”
–Get pre-approved for a loan-generally, it is recommended that you get pre-approved for a loan before you start viewing homes. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of these findings, the lender will provide you with a document that details how much you can borrow to buy your home. There are great benefits to getting a pre-approval such as knowing how much you can afford so you can plan accordingly and being taken more seriously as a qualified, motivated buyer when you make an offer on a home.
–Found a house you love-make an offer and start negotiating
An offer consists of four components – The price, preferred closing date, how you’ll finance the purchase & contingencies. Contingencies are usually inspections (home, termite, radon & oil tank testing-if applicable) & mortgage approvals.
Once the terms of the contract have been negotiated, including any inspection items, the contract is ready to be signed and you are on your way to home ownership. But don’t get too excited, the closing can take 60-90 days.
In summary, your agent should be helping you at every step along the way. They should be mindful of your budget and understanding of what options are available while looking at the long-term investment. They should be on top of the recent market trends and keep you updated on all new inventory on a daily basis. They should also be available to answer any questions that you may have to ensure the process goes as seamlessly as possible. When you enlist the help of one of Houlihan & O’Malley’s trusted real estate professionals, you can feel confident that you will receive the right advice during each step of the buying process.
There is much more to discuss here-part two coming in April…