My wife and I are going through the process of buying a new home! Over the next couple of months, I will walk you through the process as my wife Amy and I purchase our new house.
We know that it is a buyer's market right now, so we thought it would be a great time for us to buy a new house. We realized that we may loose on the current home that we are in, but that ultimately we will gain on the new house what we loose on the old.
We knew we were willing to do a lot of work to a house if it needed it. We wanted to look at some foreclosures and as with all foreclosures, we had to make sure that we would be ready and prepared to make a clean offer to the bank. The bank just wants to get the property sold in the quickest amount of time with the least amount of hassle.
So what did we do to prepare?
- We were keeping an eye on the market and researched what type of house we were looking for.
- We went online and filled out an application online to start the process of figuring out what loan options we have and what we could afford.
- We met with Jon Potvin at First Horizon Home Loans to get pre-approved.
- We kept an eye out on houses in the price range and areas that we were interest in. For us this included the North side by Riverside Park and Alger Heights. We went to go look at a couple of different houses. Some of them were more work than what we wanted and others we knew would be out of our price range by the time we made the repairs that we would want.
These steps allowed us to be ready to make an offer right away when we found the right home.