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The Home Buying Process

Wednesday, June 22, 2022   /   by Bob Cowan

The Home Buying Process

The Home Buying Process
Your Home Sold Guaranteed Realty Bob Cowan

Depending on factors impacting inventory, the buyer's level of pickiness, their budget, and other considerations, the process of buying a property can take anything from a few weeks to several months. In some cases, chance plays a role as well. For starter, future homeowners should kick off the process of buying a house months in advance with the research phase:

1. Do your research right away:

It's a good idea to start your research as early as possible if you're considering buying a house. You may create financial goals by reading articles on the home-buying process, and you can get an idea of the kind of property you can afford by looking through real estate listings.

2. Determine your financial capacity:

The next stage is determining how much house you can afford once you have a general idea of the type of property you'd like to purchase. To obtain a better idea of what the purchase price, down payment, and mortgage payments would be, use an interactive mortgage calculator, like the one provided by Zillow.

3. Obtain mortgage loan preapproval:

Since you can make an estimation as to how much house you can afford, a conventional mortgage lender might think otherwise. You can acquire a firm estimate of how much a financial institution will loan you by getting pre-approved for a mortgage loan. Prepare copies of your financial records to be submitted as part of this process.

4. Investigating real estate agents:

Your search can be greatly facilitated by working with a real estate agent. The National Association of Realtors reports that 88 percent of all buyers in 2022 did so through an agent. A professional real estate agent will educate you on the procedure for purchasing a home and share their knowledge of current market conditions. They will also assist you negotiate the buying price and connect you with listings that are within your budget.

5. Make a bid on the house of your dreams:

Listing websites, local publications, and your real estate agent are all good places to look for properties that are for sale. Begin visiting homes to get a sense of what you want and don't want in a home as well as what kind of inventory is offered in the community of your choice. Once you've located a house that suits your needs, collaborate with your agent to bargain a reasonable price with the seller.

6. Have your home inspected:

The acquisition should be contingent to the property passing a home inspection after it has entered escrow. When your offer is accepted, make plans for an inspector to visit the property and note any issues. Home inspections are not required, according to Mike Branson, CEO of All Reverse Mortgage Inc.

You and the seller should both receive a copy of the inspection report, after which you can renegotiate with the seller if anything needs to be fixed. However, they continue to be important because they "will help determine the safety of the home, locate any problems, and possibly help you save on repairs and maintenance in the future." In the worst cases, the contingency also protects you if you would like to withdraw your offer.

7. Consult your lender:

Next, discuss your financial objectives with your lender and choose the mortgage loan type that will work best for you. For instance, you might want to have a loan that is best suited for selling the house in a few years, fixed payments over time, or the lowest monthly payment possible.

Additionally, Precondo experts claim that "the majority of first-time purchasers frequently overlook several expenditures related with closing and legal documentation. Aside from the down payment, there are other expenses related to home ownership. They should be prepared to borrow money and work with their financial advisors to investigate all loan choices.

8. Plan a house inspection:

Your lender will make arrangements to have a third party organization appraise the property once your mortgage loan application has been authorized. To make sure that they offer a loan for a property that has been priced correctly, this process is in the best interests of both you and your lender.

9. Engage a title company:

There will be a ton of legal and financial paperwork generated during the home-buying process. Typically, a title company will handle the paperwork procedure under the direction of the mortgage lender. They will confirm that the seller is the property's legitimate owner.

10. Close the deal and take your new house:

The property will be legally yours once the deal is completed and all purchase documents are signed. You'll get the keys to your new home as soon as the seller gets the check.

Your Home Sold Guaranteed Realty

Author:  Bob Cowan - Your Home Sold Guaranteed Realty

Home buyer  Home for sale
Home buying   San Clemente

  your home sold guaranteed, bob cowan, san clemente, june 2022

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
DRE# 01970237

Based on information from California Regional Multiple Listing Service, Inc. as of July 15, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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