The most common questions of a first time home buyer is how to get started and what the home buying process is all about. What are the benefits of buying a home verses renting? I put together this Home Buyer Flow Chart to illustrate what happens in the process.
Step One: Decide To Stop Renting
Step Two: A mortgage pre-approval certificate will be necessary to make an offer and a knowledgeable lender will guide you with what you are comfortable with verses what you can afford. Click here to view => 8 Best Ideas For Home Financing and my recommendations for the best “go to” lenders.
If you find you are not able to get a pre-approval, don’t lose heart. Your lender can help you with how to get your credit score improved, build credit, and save money for the future and I don’t mean six years out. It could occur in as soon as six months.
Step Three: Hire A Buyer Agent
Why do you need a buyer agent? Sellers will have an agent representing their best interests and you should have a professional on your side too. Your agent will have the experience to guide you in the process and make sure your interests are protected.
Step Four: The internet is a wonderful thing for searching properties for sale and it can be a curse at the same time. Your agent will know the market and the neighborhoods that will best suit your wants and needs and will be on top of all the available listings for you. Search for homes like a pro for free with my home finder service => Find A Home For Me
Step Five: You have searched and found a property you would like to make and offer on. Your agent will be able to help you research the actual value of the property and with due diligence help you write a winning offer.
Many folks aren’t comfortable with the negotiating phase. This where your agent can smooth out the rough edges and remember sometimes the terms are just as important as the contract price. If you and your agent are successful with your offer, you’ll move on to the “contingency phase” and if not, we keep looking.
Step 7: Contingencies
Your agent will help you choose and schedule a home inspector to evaluate the condition of the home. A good agent will also help you with all the necessary information to make a sound real estate decision. If all is satisfactory, your lender will help you finalize your financing.