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Home Buying Anxiety: Anyone Can Do It One Step at a Time

Home Buying Anxiety: Anyone Can Do It One Step at a Time

The process of buying a piece of real estate can seem pretty overwhelming. There are so many overlapping things happening at any time, with so many individuals involved, and it’s all too easy to get lost in knowing what comes next. In this article we will explain just how it all works.

Get Yourself Pre-Approved
The highest priority thing you should do when you are looking for a home is to get yourself pre-approved for the home loan. This will involve completing forms showing your income and assets. Once you are pre-approved, you will know how much money you can plan to spend.

Home Search
Start looking. It’s better if you start the process already having defined what it is that you actually want.

You can define your ideas methodically, by making a list.

Find the Perfect Home
So, you’ve found what you’re looking for! The right place might be the first home you see or the nineteenth.

Making an Offer
Before making your offer, do your research. Find out what homes in that particular neighborhood have recently sold for. Make the seller an equitable offer — too little and you might alienate them, or too much and you would end up paying a higher price than you have to. When you make an offer, you will probably need to put up anywhere from 1% to 3% of the asking price in earnest money. The offer will cover terms of the transaction in addition to the price, such as being subject to inspection, any needed repairs, and your preferred closing date.

Acceptance of the Offer
After a little negotiation back and forth, the seller and you will reach an agreement on the terms of the deal.

Review of Title
Title review, in most states, is normally done by a real estate attorney who examines the title and gives a written opinion as to whether the seller’s title is clear and meets the requirements of the contract of sale.
In some states this is done without a lawyer but almost without exception there is a requirement for some kind of title search.

Home Inspection
Never buy property without having it inspected by a reliable inspector. An inspection can reveal problems that could be significant, from mold to a crumbling fireplace. If the inspection does uncover problems, you will have to discuss and agree on doing repairs with the seller.

Getting an Appraisal
An appraisal offers a professional estimate on the matter of the property’s legitimate value. The lender will not lend you more than the appraised value of the home. If the appraisal comes out to be lower than the agreed sale price, your deal is in trouble. Possible solutions include your making up the difference additional cash, the seller agreeing to lower the sale price to match the appraisal amount, or getting a second appraisal.

You will feel a big sense of accomplishment when the lender reviews the files and finalizes your loan — almost done!

Final Walk Through
Your final walk through inspection is conducted shortly before closing. During the inspection, you have the opportunity to ensure the property is in the shape in which you agreed to take it. Any and all of the repairs required to be done by the seller need to have been completed satisfactorily. The final inspection is your chance to assure yourself that the property has not been damaged since you agreed to buy it.

Closing and Possession
The closing process will transfer the title to you, the buyer. As the buyer you will be expected to hand over the agreed down payment on the home and the closing costs. Before going to the closing find out exactly how large a check you’ll need to have on hand.

That’s it! You’re done. Once you’ve accomplished these simple steps, you’ll have your dream house.

This article was presented by Automated Homefinder, the best Louisville Colorado home specialists.

home buying steps

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