Buying a home is not that complicated when a buyer is prepared for the process. For the best outcome, buyers should begin preparing themselves months before actually selecting a home to purchase. This includes getting one’s finances in order and researching neighborhoods, prices, and how much house a buyer can comfortably afford. Once this is out of the way, the remainder of the process will go much smoother.
Getting Pre-Approved for a Mortgage
It is always a good idea to be pre-approved for a mortgage. When presented with several offers, a seller is likely to take those with a letter of pre-approval more seriously than those without. Becoming pre-approved also helps buyers stay within a certain price range when shopping for a home.
Working with a Realtor
A realtor can help a buyer find a home in the chosen location and price range. A real estate agent’s duty is to represent the homebuyer, facilitate the sales process, and keep the process on track by meeting deadlines.
Making an Offer
Once the buyer decides to make a purchase, he will submit an offer to the seller. The contract should list various contingencies that protect both the seller and the buyer. If the seller accepts the offer, the home will go into escrow while the remaining steps in the home buying process move forward. If the seller disagrees with any term in the contract, he may submit a counter-offer.
Home Inspections and Testing
Within a few days of the seller accepting an offer, home inspections should take place on behalf of the buyer. These inspections look for structural damage or other problems like the presence of radon. If problems are found and a contingency is included in the sales agreement, the buyer can ask the seller to make repairs, renegotiate the price or withdraw the offer without penalty.
Closing the Sale
During the days leading up to the closing date, a title company checks to see if the home has a clear title. Mortgage papers are signed by the buyer and all the paperwork that is needed to be signed at the closing is prepared. At the closing, the buyer, seller, realtors, and real estate attorneys will meet to finalize the sale.