Step 1.
The decision to buy a house
There are many justifications for buying
your new home. Many are emotional and logical. For instance
the tax savings can be substantial and the possible investment
value is important for sure. But emotionally that pride of
ownership thing that wells up in many home owners makes the
desire to purchase that much stronger.
Step 2. Find out if you are in the game
Can you afford a home. How much do you
have to put as a down payment. With that amount how much will
your loan payment be. Remember to add in the taxes and
insurance and other fees like upkeep and you are in for some
new expenses.
Can you afford these new
expenses?
Step 3. Get approved for a loan
Ask a local mortgage
banker to approve your loan. If you qualify you can often get
approval subject to certain conditions. This can be a
strong statement when you are bidding against other would be
buyers that want the same home as you.
Step 4.
Use the
MLS listings
to find out what prices homeowners are asking in
your area. Narrow in on a couple areas of interest. Once
targeted, use your local Realtor (hopefully you will use our
network of fine agents) to show you the homes that you find
appealing.
Step 5.
Negotiate and make an
offer
Use your agent to evaluate and help you in making an offer.
Your agent should know the market conditions and can coach you
in areas of offering price in relation to your affordability
and market conditions.
Step 6. Enter Escrow-
In many states the transaction will be
placed within an escrow whereby the escrow company will
act to work with the many actors that are involved in a
transaction. These could be; title, lender, pest control, home
warranty, etc. Your agent will help coordinate these actors
along with escrow to help move your escrow along.
Step 7.
The closing
Congratulations the house is
yours! Moving time!
It isn't quite this simple.
For instance it takes a ton of savvy to massage a deal
together and to keep it together. This is where your
professional Realtor can really be of help.
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