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Seven Simple Steps to Buy Your First Home
"What do I need to do to buy a house?" This is the questions I get from most of my customers, when they call me the first time.
"What do I need to do to buy a house?" This is the questions I get from most of my customers, when they call me the first time.
What a great, fundamental question! The process of buying your first property has many details and steps to it. And it is a difficult process to understand if you are not involved with real estate on a daily basis.
I will try to summarize the home buying process in seven simple steps. This will get you started. If you have more questions - and I bet you will - then give me a call and I'll help you along.
They are:
Proof of Financing. If you do not have the money to buy a home or can not get financing, then there is no reason to spend anyone's time looking for property. Proof of financial ability is the prerequisite for the entire process. If you have the money already in the bank, then a current bank statement or letter from the bank will suffice. If you plan to borrow the money, then a pre-approval letter from a mortgage lender is needed. If you do not already work with a mortgage lender, call me and I can give you a number of referrals.
List of Requirements. Make a list of all the features you want in a home, including its general location, school district, square-footage, finished basement, garage, yard space, etc. Also it's very important to list the price range of home you can afford. Then drive around the neighborhood and get an idea what properties are available. Take down the addresses of all the properties listed for sale.
Work with a Real Estate Agent. It is best to work with a full-time realtor. This will not cost you anything, by the way. Your realtor's commission will be paid by the seller upon closing of the property. You want to find a realtor who has been successful at closing transactions in the past and who specializes in representing buyers. Beware engaging the services of someone who works in real estate as a hobby, even if it's a family member or friend. If you don't have a realtor yet, give me call and let's talk.
Looking at Houses: Give your wish list from Step 2 to your realtor. Based on your preferences, she will locate a number of properties that fit your list, and send you their addresses. Go online and look at them. Most listings these days come with pictures, and some even offer virtual tours. Choose the 5 you like most, and then ask your realtor to set up showings for you. Bear in mind that this first round of showings will probably not be the only properties you'll tour. It often takes 15 viewings to find the right home. If the home you want is out of your price range, consider making some concessions for a good lower-priced home.
Make an Offer on the Property: In Columbus Oh, you will usually find one or two houses you like. If you can yourself imagining living there, then that's a good sign that this is a property you should write an offer for. Work with your real estate agent to come up with a good asking price. Your agent will also have a standard Purchase Agreement to fill out, and will talk with you about any terms you might want to include in the offer, such as contingencies, inspection terms, etc. Typically, your realtor will submit your signed offer to the seller's realtor.
Property Inspection: Once your offer is accepted, many steps have to be put into motion. First you'll have to go to the lender who pre-approved you and submit your final paperwork for the official loan. At the same time, the lender will order a title search, and a property appraisal and survey. You will need to hire the services of a home inspector, but your realtor can schedule the inspection with the seller. Plan to accompany the inspector on his tour of the home. He will probably spend 2-3 hours examining the house from top to bottom and will explain to you whatever he sees along the way. You will learn a tremendous amount about your new home from him, including the condition of the roof and in what timeframe you might need to replace it. The inspector will send you a written report which you should review with your realtor. Depending upon the findings, you may need to go back to the seller o request remedies to problems.
The Closing: This is the final step in your home purchase. After a successful inspection and appraisal, your agent will schedule a closing at a title company. This is where sellers and buyers meet sign all documents to finalize the transfer of the property and where you will sign the loan documents, if you get bank financing. The title company will insure that you buy the property free and clear of any liens. They will also record your deed to the home and the mortgage you sign for your lender. A typical closing takes half an hour to an hour, and your agent and your loan officer will be there to assist you with any final questions. When all is signed you will get the keys to your new house.
That's it. It may be confusing, but don't worry. If you work with an experienced real estate agent your home purchase experience will not be stressful and everything will go smoothly.
by SusanneNovak
"What do I need to do to buy a house?" This is the questions I get from most of my customers, when they call me the first time.
What a great, fundamental question! The process of buying your first property has many details and steps to it. And it is a difficult process to understand if you are not involved with real estate on a daily basis.
I will try to summarize the home buying process in seven simple steps. This will get you started. If you have more questions - and I bet you will - then give me a call and I'll help you along.
They are:
Proof of Financing. If you do not have the money to buy a home or can not get financing, then there is no reason to spend anyone's time looking for property. Proof of financial ability is the prerequisite for the entire process. If you have the money already in the bank, then a current bank statement or letter from the bank will suffice. If you plan to borrow the money, then a pre-approval letter from a mortgage lender is needed. If you do not already work with a mortgage lender, call me and I can give you a number of referrals.
List of Requirements. Make a list of all the features you want in a home, including its general location, school district, square-footage, finished basement, garage, yard space, etc. Also it's very important to list the price range of home you can afford. Then drive around the neighborhood and get an idea what properties are available. Take down the addresses of all the properties listed for sale.
Work with a Real Estate Agent. It is best to work with a full-time realtor. This will not cost you anything, by the way. Your realtor's commission will be paid by the seller upon closing of the property. You want to find a realtor who has been successful at closing transactions in the past and who specializes in representing buyers. Beware engaging the services of someone who works in real estate as a hobby, even if it's a family member or friend. If you don't have a realtor yet, give me call and let's talk.
Looking at Houses: Give your wish list from Step 2 to your realtor. Based on your preferences, she will locate a number of properties that fit your list, and send you their addresses. Go online and look at them. Most listings these days come with pictures, and some even offer virtual tours. Choose the 5 you like most, and then ask your realtor to set up showings for you. Bear in mind that this first round of showings will probably not be the only properties you'll tour. It often takes 15 viewings to find the right home. If the home you want is out of your price range, consider making some concessions for a good lower-priced home.
Make an Offer on the Property: In Columbus Oh, you will usually find one or two houses you like. If you can yourself imagining living there, then that's a good sign that this is a property you should write an offer for. Work with your real estate agent to come up with a good asking price. Your agent will also have a standard Purchase Agreement to fill out, and will talk with you about any terms you might want to include in the offer, such as contingencies, inspection terms, etc. Typically, your realtor will submit your signed offer to the seller's realtor.
Property Inspection: Once your offer is accepted, many steps have to be put into motion. First you'll have to go to the lender who pre-approved you and submit your final paperwork for the official loan. At the same time, the lender will order a title search, and a property appraisal and survey. You will need to hire the services of a home inspector, but your realtor can schedule the inspection with the seller. Plan to accompany the inspector on his tour of the home. He will probably spend 2-3 hours examining the house from top to bottom and will explain to you whatever he sees along the way. You will learn a tremendous amount about your new home from him, including the condition of the roof and in what timeframe you might need to replace it. The inspector will send you a written report which you should review with your realtor. Depending upon the findings, you may need to go back to the seller o request remedies to problems.
The Closing: This is the final step in your home purchase. After a successful inspection and appraisal, your agent will schedule a closing at a title company. This is where sellers and buyers meet sign all documents to finalize the transfer of the property and where you will sign the loan documents, if you get bank financing. The title company will insure that you buy the property free and clear of any liens. They will also record your deed to the home and the mortgage you sign for your lender. A typical closing takes half an hour to an hour, and your agent and your loan officer will be there to assist you with any final questions. When all is signed you will get the keys to your new house.
That's it. It may be confusing, but don't worry. If you work with an experienced real estate agent your home purchase experience will not be stressful and everything will go smoothly.
About the Author:
Author Susanne Novak is a long-time Columbus realtor who helps home owners buy properties at discounted prices. Her blog shows how to find and successfully purchase the best Columbus OH Homes for Sale.