Last week’s post was about how to sell your house so the next logical step would be help with buying a house!
Whether you’re a first time homebuyer or buying your 5th investment property buying a home can be overwhelming.
Deciding to buy a home comes with many steps and puzzle pieces. So where do you even start? Luckily we have a guide to make the process easy.
1. Find A Realtor. This person will be your guide through the whole process. You’ll want someone with good communication skills and who you get along with well. They’ll find out what you’re looking for and help narrow down your search for the perfect home. Find an agent here!
2. Obtain a Pre-approval letter. You will need to speak with a lender about qualifying for a loan. Your Realtor will need this letter to help determine your price range. The letter is also important to have to turn in with a purchase agreement for proof of qualification. You wouldn’t want to lose your dream home because someone else’s offer had the pre-approval letter attached and yours didnt! Check out our favorite lenders here!
3. Find homes to see. You and your agent will find homes that fit your wants and likes and you will set showings on these homes.
4. Look at homes. You will go out with your agent to see the homes in person. Be sure to tell your agent what you like and dislike about each home so she can work on narrowing down the list to find your perfect fit home.
5. Select home to purchase. You will write a purchase agreement on the home with your agent. She will walk you through the agreement step by step.
6. Counter Offers. If necessary the seller’s will send back a counter offer and your agent will help guide the negotiations until a deal is settled upon.
7. Send in Earnest Money. You will have 48 hours to get the earnest money amount you agreed upon in the purchase agreement to the seller’s broker.
8. Order an Inspection. As soon as you have an accepted agreement you will need to order a home inspection. You will most likely have 10-14 days to have the inspection ordered and completed.
9. Respond to the Inspection. Your agent will type up a response to the inspection asking for the things you want fixed. Negotiations will take place if the seller’s respond back to the requests.
10. Appraisal. Your lender will have an appraisal come out and appraise the house for it’s worth. Hopefully it is the same as what your purchase price for the home was, if not this step may require additional negotiations that your Realtor will perform.
10. The Waiting Game. Your lender will keep in touch with you and your agent while the loan is being processed. It is usually about 30 days between when you submit the purchase agreement and when closing occurs.
11. Attend Closing. Be sure to bring a current ID. This is where you’ll sign the papers and become the new owners.
12. Congratulations! You’ve bought a new house!