Owning a home is the core concept of American dream, when a person is ready to make that dream into reality. He or her has to follow certain steps in home buying process
1 Having a downpayment : First step is to keep aside 15 % to 20% depending on the lender towards the purchase of the home.
2 Getiing pre approved : Very important step before start looking to see what a buyer can afford.
3 Determing what type of home : Before start looking crucial step wht time of home they are looking Single family home, semi detach ( duplex), Townhouse or Condo.
4 Search area: Narrow down the area that is suitable , some questions about commute to work. If has kids going to school, school distric very important as well. Once the buyer dtermines the area of preferance . Look for a reputable licensed buyers agent . Seller’s agent is working for the Seller to get him maximum value in $$$ in a minimum time. Usually Sellers pay the comission to both buyer and seller’s agent but sometimes Buyer has to pay fee if its not in the Multiple Listing contact . Rarely is the case , most of the listing have builtin 2 comissions buyer/ seller in the contract and 99% tomes the seller pays for that and no obligation to the buyer. Buyer agent can have exclusie buyer contract with buyer. Both Seller, buyer agent has fudicary duty to represent their clients. Buyer agent will try to get his or her client the best offer and show comparables sold in last 3 to 4 months.
5 Make an offer, depending on the market if the inventory of homes is less then the buyer might see multiple offers. But Buyer agent can advise on that issue by showing the stats how many offer being entertained on the listings.
6 Mortgage approved : Once the offer is accepted, buyer has to get the mortgage, If the buyer is already approved the process is shorter . Agent willl draft the contract that is agreable to the home buyer including the price and terms of the seller.
7 Offer accepted : Once the offer is accepted the buyer will hire a property inspector to inspect the house. Buyer agent will provide 3 qualified licensed inspectors names that buyer can hire any one of the inspector his choice. Inspection consists of Foundation, electrical, plumbing, roof, walls and visible insulation including mold and pest. A good agent will never advise a buyer to waive the inspection. Inspection is usually part of contingency in the Purchase contract. Seller has to get everything fixed before closing.
8 Obtain Home insurance : Buyer has to get an insurance on the house to propect his or her asset. Usually its equal to the amount the buyer paid for the house.
9 Close : Prior to closing buyer will verify all the signatres and documents . Insure all the conditions are met . If any incomplete signatures , shall be taken care immediately to ensure no problems at closing.
10 Final walk through : Buyer need to see all the repairs are complted according to the contract . None of the appliances have been moved or anything that was agrees uopn in the contract is not at the property .
11 Possession: once evrything is done to buyer satisfaction the Agent will arrange to hand over the keys of the new home owner. Mostly the Buyers will change the existing Locks to secure the house same day of the possession. #realestate#homebuying#firsttimehomebuyerz#stepstobuyhome#homedesign#homestaging#homerenovations#yourlocalrealtor#elkgroverealtor#lovehomes#sellinghomeprocess#curbappeal#homesonlake#westlagunahomes#empathy#curbappeal#sunshine#lovesunshine#motivationmonday#homesinelkgrove#bringindoorsout