Congratulations, you have gotten through the hardest part; you have found your dream home! But what next? The following steps will help guide you through the home buying process.
1. Make an offer
- Having a real estate agent will be very helpful in doing this. The agent will help you develop an offer and present it to the seller. They will help you come up with a reasonable purchase price and conditions that you might want the seller to meet prior to buying. The agent can also advise you on a reasonable partial down payment, or “earnest money deposit,” to show you are serious about the property.
2. Negotiate
- The asking price and price you want to pay often times may not match up, or they might but you may be fighting someone else who is also interested in the property. In these instances, having a real estate agent to advise you on how to negotiate with the seller can be the difference in you getting your dream house or not.
3. Look over the contract (and sign)
- Once you come to a sales agreement and the seller accepts your offer, the final step before you become an official homeowner is to sign the dotted line. But, before you do so, make sure to have a reputable professional such as a lawyer review the document and make sure all of the conditions you made are included. You may also want to insure the agreement is “subject to inspection” if you have not had a professional inspect it. Do not forget to ask questions about anything you do not understand because once you and the seller sign it, the contract is legally binding.
4. Get a home inspection
- As perfect as a house may seem, there may be major issues that go unnoticed to the normal eye. Having a professional inspect the property can save you thousands of dollars down the road and will help insure you know as much about the house as possible. A real estate agent can provide you with a list of professional home inspectors who can identify any problems with the home or repairs it may need. Agents may also suggest arranging inspections for lead paint, soil contamination or termites to help assure the health and safety of your family. Depending on what the inspector finds, these problems/repairs may become a negotiating point or even change your mind about weather this is the house for you.
- There is usually a “step out period” in which you can back out of a deal if the inspection results are not to a buyer's satisfaction. This period usually lasts a week after signing the contract so it is imperative to get the home inspected as soon as possible.
5. Get an appraisal and receive loan approval
- An appraisal will determine if your home is “fair market value” in order to confirm that the house is worth more than the amount of your loan. Your lender will then send you an official notification of approval and confirm the loan amount.
6. Finalize the sale
- The last step in purchasing a home is to finalize the sale or “close” on a property. An attorney or title agency representative may act as a closing agent and prepare the official documents related to the sale. Once closed, you will officially become a new homeowner!
If you have found your dream home or started looking, get connected with a Cortiers Real Estate agent to assist you in the process!
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