How to buy a house??? This may seem like a very simple question to some, but to others extremely difficult. As a real estate professional it is important to remember that this is what we do non-stop, day in and day out we look at how to buy a house. Everyone else typically handles a real estate transaction every 5 to 7 years. So you cannot expect them to be completely knowledgeable with the process. If you are wondering how to buy a house, keep in mind a great agent will be by your side every step of the way and you should never feel alone in the process. Here is a simple break down of what you can expect to experience in a real estate transaction:
*Finding an agent
*Hiring an agent (Remember that typically the seller pays the buyer agent. Great news for you!)
*Getting pre-qualafied through a lender (your agent should have some great referrals)
*Identifying property online in collaboration with your agent (which you can do here!)
*Narrowing your search to a handful of homes you would like to see in person
*Picking out the home you would like to make an offer on
*Negotiating the purchase price (Make sure your agent shows you comparable sales to ensure you are making a sound investment)
*Open Escrow (Earnest money is collected by title company)
*Order inspections (Your agent should do this for you)
*Negotiate any repairs needed/wanted that were identified on the inspection report
*After inspection issues have been resolved, the lender orders the appraisal
*Appraisal comes in at value! (if not you will have to renegotiate with the seller. The lender will not loan money on a asset that is under water from the start, either the seller will have to come down to the appraised value or the buyer will have to bring in the difference in cash at close of escrow)
*Loan goes to underwriting
*Final conditions are met if needed (last minute documents, signatures, updated bank stubs etc)
*Clear to close from the lender
*Sign docs with Title
*Lender funds the loan and the county records the transaction
*YOU OWN A HOME!
*Last but not least, THE WALKER TEAM gives you your keys and a house warming gift
Please keep in mind this is just a basic guideline on what to expect for your upcoming home purchase. It is critical to hire the right team or agent to handle your transaction and deliver what is in your best interest because there are many intricacy's and pitfalls you must watch out for through out a real estate transaction.
We here at THE WALKER TEAM would love to answer any of your questions on today's market and help you buy or sell that perfect home! Visit us at Valleyrealtyexperts.com or call anytime 480-823-5672
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