The Secrets For A Stress-Free Home Purchase!
It may be natural for first-time buyers to be unsure of the process of buying a home because they have not been through it before, but even repeat buyers need to know the changes that have taken place since the financial housing crisis.
In the initial interview with your real estate professional, you share the things you want and need in a home, discuss available financing and learn how your agent can represent you in the transaction.
The pre-approval step is essential for anyone using a mortgage to purchase a home to assure that they are looking at the right price of homes and so they will know what they can qualify for and what the interest will be.
Even with lower than normal inventory, it is difficult to stay up-to-date with the homes currently for sale and the new one just coming on the market. Technology has simplified this process, but the buyer needs to implement them.
Showings can be accommodated online through virtual tours, drive-bys and finally, a personal tour through the home. Your real estate professional can work with you to see all the homes in the market through REALTORS®, builders or for sale by owners.
When a home has been identified, an offer is written and negotiation over price, condition and terms takes place.
A contract is a fully negotiated, written agreement.
Escrow is opened to deposit the earnest money from the buyer as a sign they are acting in good faith. The title search is also started so that clear title can be conveyed from the seller to the buyer and that the lender will have a valid lien on the property.
88% of home sales involve a mortgage. The lender will require an appraisal to be sure that the home can serve as partial collateral for the loan. If the buyer has been pre-approved, the verifications will be updated to be certain that they are still valid. The entire loan package when completed, is sent to underwriting for final approval.
When the contract is completed, at the same time the title search and mortgage approval is being worked on, the buyer will arrange for any inspections that were called for in the contract.
After all contingencies have been completed, the transaction goes to settlement where all of the necessary papers are signed, and the balance of the buyer’s money is paid. This is where title transfers from the seller to the buyer.
Possession occurs according to the sales contract.
Here’s an infographic showing The Secrets For a Stress-Free Purchase!
Here’s an infographic showing The Home Buying Process!
One of the responsibilities of your real estate professional is to make sure that things are done in a timely manner and with minimal stress so that the transaction will close according to the agreement on time and without unforeseen or unnecessary problems.
Even if you are not ready to buy or start looking yet, you want to start assembling your team of professionals. Let us know and we will send you our recommendations, so you can read about them on their websites.
If you have any questions, call a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors Group | United Real Estate at 469-262-5411; we are happy to help. Informed buyers lead to satisfied homeowners and that is better for everyone involved.