What Is The Home Buying Process?
The home buying process is the various steps that an individual must go through in order to buy a home. Keep in mind, the home buying process does vary slightly from one state to the next. First, you need to hire a real estate buyer agent. This is a person who is going to represent you and your best interest. You may be required to sign a broker agreement, but it is going to be the seller who will end up paying the commission that you agree to. Obviously, you should take the time to interview buyer’s agents until you find one that you completely trust.
Next, you are going to want to get pre-approved. This means you are going to want to acquire a credit report and fix any errors on it. Then, you will need to talk to a lender and get a pre-approval loan letter. This is going to verify your income as well as your credit score. You should also be able to determine how big of a loan you are going to be comfortable acquiring. You will use this information to determine your price range for purchasing a home.
Finally, you are going to explore homes that are for sale until you find one you like and make an offer on it. You are going to want to take all homes into consideration and get your buyer agent’s opinion on what is a good deal and what is a waste of your money. You can give your agent a list of home owners you are interested in and they can do the research to determine whether or not any of them are worth purchasing.
Once you settle on a home you are going to go through a serious of steps to purchase the home these steps include offering a price, negotiating a price, making a deposit, setting up an escrow account, getting the home appraised, approving all of the disclosures provided by the seller, acquiring homeowner’s insurance, hiring a home inspector to do a walk through, issue a request for any repairs the home inspector suggests, do a final walk through, sign your loan, deposit funds into the escrow account, and close the escrow account. Then, the property deed will be signed over to you making you the official owner of a brand new home.