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Four Part Series; Buyer's Guide to buying a home. (part1)

By
Real Estate Agent

I have decided to write a four part series educating buyers on a step by step process to home buying. I am going to write part 1 of 4 today, and more will be to follow this week. I am going to try to post one part per day if time allows. Please check back periodically to check for updates.

HOME BUYER'S STEP BY STEP GUIDE.

Meet with a Realtor to discuss the following:

What type of home you would like to purchase; acceptable price range; a date you would preferably like close by; specific items you would want a your home to include or not include (i.e. in ground pool, central air conditioning, garage, basement, property size etc.)

Get pre-approved through a lender:

At this point, before you actually go out to look at homes, you should meet with a lender to get pre-approved. You will probably need to bring things such as 2 years tax returns, 2 years W-2, recent pay stubs, recent bank statement. You and the lender should be able to determine a ballpark idea of what you will be able to afford. This step is very important. You do not want to go out to look at homes before determining a realistic price range because if you find the home of your dreams and you can not afford it, it will be hard for any other homes to measure up to that property. 

View Homes wit your Realtor:

Keep your Realtor informed as to what you like and dislike about the homes he or she is showing you. This will help them narrow the search for homes that fit your specific criteria and will assist in saving both of you time.

Offer to purchase:

You can basically consider an offer to purchase as placing a bid on a home. You and you Realtor will discuss how much you should offer. Keep in mind that there may be some negotiating during this period. You will also need to have your best and final offer in mind should a bidding war begin between you and another interested buyer.

Comments (3)

Josh Murphy
Windermere Peninsula Properties - Belfair, WA
Belfair WA Real Estate, 360-710-3972

Great tips, I keep a very detailed business plan, and I stick by it throughout the process.

Its importand for us as agents to have a game plan, otherwise its easy to get distracted and waste our time and the time of our clients.

Jan 27, 2009 06:03 AM
Sharon Harris
Keller Williams Keystone Realty - Hanover, PA
Realtor

Sounds like you have your game plan on. Good luck. Looking forward to more.

Jan 27, 2009 06:46 AM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

I think before discussing the "must haves" and would "like to haves" in a homes purchase, you should talk to a mortgage professional.  No sense in making your list til you know if you can afford it and first qualify!

Good post David, very informative!   

Jan 29, 2009 12:55 AM