Buying a home can feel a little overwhelming even for those that have been through the process before. While it is a very important decision and can be stressful, these six steps will help you to know the procedures ahead of time and make it a bit easier:
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1. Assemble your team – The home buying process has multiple steps, challenges and participating parties that will all be required to work together to help you to achieve your goal. Having a team that works well together and communicates well is important. Assemble them early and meet together so that everyone is on the same page.
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2. Get pre-approved – It is important to know not only what amount of a mortgage that you will be approved for, but what amount of a payment you are comfortable with. There are many different types of loans and down payment options available. Your lending professional will work with you to decide which option is best for you. Once you receive a pre-approval, you can move forward with your Realtor to the next step of the process.
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3. Find the perfect home – Once your pre-approved you can work together with your Realtor to discuss features that you are looking for in a home, what areas you want to live in, and choose home to visit. This is the FUN part! Enjoy the process and find the home that best fits your needs.
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4. Submit and offer – You’ve found the “perfect house.” Now it’s time to let the seller know that you want to make it yours. Your Realtor will work with you to assist you with determining an offer price and completing all of the necessary paperwork to make your dream a reality.
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5. Inspections and appraisal – After the seller accepts your offer, we move to the next phase of the process. You can choose to have building inspection performed that covers the basic construction and functions of the home as well as several more detailed inspections such as a sewer lateral or Radon inspection. If you are obtaining a loan, your lender will also order an appraisal that utilizes an outside part to verify the value of the home. During this time, your Realtor and lender will also be working behinds the scenes to make sure that all timelines of the contract are met, the title company has the information the need and the your loan can be approved for purchase of the home.
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6. Closing – Congratulations! You made it. You and your team made it to the finish line and you are a homeowner. You will sign the final loan and purchase documents to make it official.
Susan Brewer Service First Real Estate (636)936-8600
Published on 2023-01-19 20:45:14
