By Lynn Bird
Buyer's Agent, Howard Hanna Real Estate Services/The Lauren Mingay Team
Buying a home will be one of the most important and largest purchases that most will make in their lifetime. Being well-informed will help you find a home that best fits not only your family’s needs, but also your budget and future plans.
The following tips describe some of the major steps you’ll take during the home-buying process, as well as some of the relationships and experts you’ll need along the way:
Step One- Make a List
Be sure that you know your "wants" and "needs" in a home. Make a list of these items so you can evaluate their priority. Things such as price, size, type, and location are a few things to consider. You should start looking online to see if your “wants” and “needs” are realistic.
If you’re purchasing with someone else, like a spouse or partner, be sure that you are both on the same page with your wants and needs.
Step Two- Find a Great Agent
This will be the person you rely on the most throughout the home buying process. Find one that best fits your needs and can accommodate your availability.
Step Three- Choose a Lender
Ask your real estate agent for their list of preferred lenders. Then, choose one that you feel is most compatible with your needs.
Step Four- Choose a Mortgage
Once you’ve decided on a lender, you’ll work with your loan agent to determine which mortgage is right for you. You will determine what percentage of your income you feel most comfortable spending and provide the lender with paperwork showing proof of income, employment status, and other important financial records. They will use that information to come up with your approved loan amount
Step Five- Begin Viewing Homes in Person
Now that you have your real estate agent and your lender you are ready to attend open houses and private showings. Your agent will provide you with a list of homes that meet your specific parameters, based on the information you and your lender have given them. This gives you the opportunity to evaluate properties in a way you can’t online.
Step Six- Make an Offer
Once you've found the home you wish to purchase, you and your real estate agent will prepare an offer. This will include, not only the price you’re willing to pay, but also the proposed settlement date and contingencies — other conditions that must be agreed upon by both parties, such as giving you the ability to do a home inspection and request repairs.
Step Seven- Time to Negotiate (if necessary)
Some home sellers simply accept the best offer they receive, but many make a counteroffer. If that happens, it’s up to you to decide whether you want your agent to negotiate with the seller or walk away. This is an area where your agent can provide real value by using their expert negotiating skills to haggle on your behalf and nab you the best deal.
Step Eight - Inspections
If your offer is accepted, then you’ll sign a contract. Most sales contracts include a home inspection contingency, which means you’ll hire a licensed or certified home inspector to evaluate the home for needed repairs. This mitigates your risk of buying a house that has major issues lurking beneaththe surface.
Step Nine - Appraisal
When you offer to buy a home, your lender will need to have the home appraised to make sure the property value is enough to cover the mortgage.
Step Ten - Close the Deal
Congrats! You are a homeowner! This is when you sign the final paperwork and the home officially becomes yours.
The Lauren Mingay Team is equipped with a team of experts who can guide you each step of the way. Call me today to get started on the path to home-ownership!
Lynn Bird: 330-465-1281, LynnBird@HowardHanna.com, www.MingayTeam.com
Information borrowed from: https://www.houselogic.com/buy/how-to-buy-step-by-step/home-buying-steps...