The Home Buying Process for First Time Home Buyers
If you’re a first time home buyer, you may have heard horror stories from friends and family members about choosing a home, getting into a bidding war, or securing a lender. The truth is that most home buying experiences are pleasant. The process can take as little as three weeks to a month to find, purchase, and close on the home of your dreams. Where to Start?
Most people start their home buying search online. Thanks to real estate web sites, online classified ads, and online sell by owner listings, you can find the perfect home in a few hours. While searching online, you can learn more about the home, the neighborhood, view pictures, and gather listing information.
Once you have a few homes in mind, you should find a real estate agent in the area who is familiar with the neighborhoods you’re considering. A local agent will be able to tell you more about the schools, the location of grocery stores, community events, and other information that is important to you. If you have a particular home in mind, give your real estate the MLS number attached to the home so they can tell you if the home is still for sale.
A good real estate agent will take the time to learn more about your needs. They will also try to find homes within your price range. Most people will look at ten to twenty homes before making a decision, so be sure you have a few days during the week or a free weekend for your search.
Take pictures of properties that are of interest and ask to visit these homes again within a few days. By this point, you will have narrowed down your search.
Making an Offer
After finding a home, you will have to complete the paperwork necessary to make an offer. Your real estate agent will give you advice on how much to offer and let you know the next steps in case your offer is rejected or a counteroffer is submitted. During this time, you can search for a lender.
Some people secure a mortgage before shopping for a home. This allows you to create a maximum budget. While this is not necessary, depending on your credit history, income, and the current market, securing a loan before finding a home could save you a lot of time.
If your offer is accepted, the next step is to arrange for property and home inspections. In many cases, the seller will pay for any inspections and repairs that may be needed within reason. If they are not willing to pay for repairs, they may agree to lower their asking price. Your real estate agent should guide you through this process.
Closing Day
Closing day should be a joyous occasion because you are very close to owning your first home. Most closings take place at the selling agent’s office, but it may take place at your real estate agent’s office. This is where you will sign mortgage papers and other paperwork needed to transfer the deed to your name. Once this is done, the keys are handed over and you will be able to move in.
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