Buying a Home - 7 General Steps to Making a Transaction
With the understanding that purchasing a home is the 2nd most important decision behind marriage and first financially, here are some careful steps that I would like to inform you of to help make your experience as less stressful and more enjoyable as it should be:
1) Be Prepared before approaching a lender
- Have the required supporting documentation of income along with other
identification readily available
- Beware of making substantial purchases or applying for credit before
and up to the purchase of a house
- Look into possibly attaining a free credit report
2) Know what you can afford
- Get pre-approved by a mortgage lender for a loan amount. By establishing
a projected monthly goal, you can help sustain your current lifestyle
while experiencing the enjoyment of ownership.
3) Identify your needs
- Whether by yourself, with a spouse, partner, or investor, select desirable
features and amenities that you would like for your new home. If another
person is involved, separately write down about 5 features/amenities and
compare after.
4) Go House Hunting
- Now that you have clarified your affordability as well as needs, let
your realtor save you valuable time by matching and researching available
homes for sale in the areas that most compliment your needs and personally
go to visit with your realtor.
5) Let’s make an Offer
- Being pre-approved is already a reflection of your serious commitment
for any seller. You and your agent should discuss negotiation strategies
once you have made your selection. Have your “good faith”
deposit available if the offer is accepted based on the negotiated terms
and conditions.
6) The Purchasing Transaction
- With the assistance of your realtor, the escrow, title, and closing
process will be handled accordingly. Timelines, necessary paperwork, and
monetary transfers will be discussed.
7) Accept delivery of your new keys
- Barring any settlement or closing issues, you are ready to embark on
the journey of ownership, CONGRATULATIONS and ENJOY!
