BUYING
Some real estate laws and customs differ depending on where you live, but there are many home buying steps that are standard,
even though they might not be accomplished in the same order in every location. Here are the 11 steps to buying a home:
Step 1 – Get Your Credit/Finances in Order
Your credit reports is a primary factor in determining what interest rate you will receive and how much the banks are willing to loan you
toward the purchase of the property, so make sure you check it and ensure there are no issues before starting the property search
process Know your financial history before you apply for a mortgage, as errors on credit reports are common and often require a lot of
time to clear up.
Step 2 – Get Familiar with the Mortgage Industry
Have at least a bit of background about the loan process before you talk to a lender (if you do not already have it, find some one who
does or consult with your realtor who can assist you in the process). Find a lender that you are comfortable with and that fits your needs.
Step 3 – Get Pre-Approved for a Mortgage
Once your credit/finances are in check, apply for a pre-approved mortgage to establish how much house you can afford? It also helps if you are involved in a bidding war for a property, the potential buyer that has already been pre-approved will get preferential treatment from the seller.
Step 4 – Determine Your Wants and Needs
Grab a piece of paper and divide it into three columns. If you’ll have a co-owner, have that person make a list too, but don’t share ideas just yet.
Column 1 – List Must-Have Features:
Column 2 – List Features You Would Like:
Column 3 - List Features You Do NOT Want:
Review your list. If your co-owner made a list, compare them to see if your priorities match. If they don’t, you’ll need to compromise, revising your lists so that both of you are happy.
Making a list is a good exercise because it forces you to think about your wants and needs, but I can almost guarantee you that the list will change and evolve when you actually begin to look at houses. Even home buyers with an unlimited budget rarely find the “perfect” home.
Step 5 – Select a Qualified Real Estate Agents
Basically, there are many agents, all adhere to the professional standards or code of ethics established by the National Association of Realtors, but here are some reasons of what you should look for in an agent and why you should do business with me
Step 6 – Start Searching for a Home
As a Realtor, I have many tools at my disposal to help you through the process. I can help you by searching the multiple listing service (MLS) system to find listing that match your desired criteria, providing you with Comparative Market Analysis (CMA) reports, lend my knowledge of the area, school systems and more.
You can also pick up House For Sale magazines and read classified ads in your local newspapers, surf the Internet for homes, we plan afternoon drives to preview neighborhoods.
Hint: You can use my website to search and find and then I can show you any property in the area!
Start looking for two types of real estate:
1. Houses that seem to match the one you’d like to buy
2. Houses that are similar to your current home.
Step 7 – Handle Pre-Offer Tasks
Deciding whether or not you want to buy a house involves a look at its structure and its features, but there are many other topics that are every bit as important to your purchase.
Step 8 – Make an Offer
Here are some tips that can help you get the best deal when it’s time to make an offer on a home. No matter what your strategy is, you should have a very good idea of the home’s market value before you make an offer.
Other factors that affect price
Bottom line
Analyze each home’s condition and compare it to others on the market, but your final offer will likely involve a good deal of gut instinct. Is it the house for you? If you’ve been searching for a home for awhile, you will probably know the answer to that question the minute you walk in the door.
Step 9 – Home Inspections and Other Tests
In some states, home inspections are accomplished before the final purchase contract is signed. In other
states, inspections take place after an offer is finalized. No matter when you do them, it’s critical to decide
which inspections and tests you want to perform.
Talk with your real estate agent or other advisor to find out when inspections should be handled and if
additional types of testing are important for your specific area.
Step 10 – Avoiding and Correcting Last Minute Problems
As your closing date nears, everyone involved in your real estate transaction should check its progress on a daily basis, because staying on top of things means you’ll know immediately if there’s a problem that must be dealt with. Here’s a bit of information that focuses on a few common problems that home buyers must deal with before they close on a house.
Step 11 – You’re on the Way to Closing
Most of your home buying problems are behind you now and you’re on your way to closing, also called settlement, the event that transfers ownership of the property to you, here the realtor and the closing agent (can be broker, lawyer or closing specialist) will help guide you to your new home.
239-848-5646
josh@mcwilliamsbuckley.com
8971 Daniels Center Dr, Suite 303, Fort Myers, FL 33912