Kitchen Table Real Estate:
Steps to buying a house
Hello All. Ok so you made up your mind and you are serious about buying a house, but where do you start?
If you remembered from the last article, one of the most important things whenever you are selling your house or looking to buy a new one is to be prepared. Give yourself a pat on the back.
Here is how you prepare to buy a new home:
Step #1 - Find the Right Realtor
Buying a home is a detailed process involving a significant financial commitment. Finding the right home starts with choosing the right realtor. Your relationship with your real estate agent is the foundation of the home-buying process. (Your agent = your rock). Your agent is the one who understands your goals and serves as your trusted advisor, guiding you in every step of the way to achieve your goal. The process isn’t always easy, but when you get the keys of your new home, that my friend, can be one of the most rewarding moment ever.
Step #2 - Get Pre-Approved for a Mortgage
Imagine you finally found your dream home, only to learn that you don’t qualify for the mortgage, how disappointed would you be? If you are pre-Approved your Realtor would know what exactly to focus on, making it easier to find what you want. With present market conditions in Sioux Lookout, sellers are less willing to accept offers from a buyer without a pre-approval. Chances are they will go on to the next offer and you will miss out.
Step #3 - Viewing Homes
Now that your realtor knows what you want and you are pre-approved it’s time to get out and view some homes!
Step #4 - Making an Offer
When you find the home of your dreams, your Realtor will help you make the best possible offer by considering the market condition and studying sales price of similar homes sold in the area.
Step #5 – Fulfilling the Conditions
Now that your offer is accepted there will be some condition to fulfill. The most common ones are the home inspection to ensure you are satisfied with your purchase, the financing of your house by your bank and insurance to cover the house. There may be other conditions more specifically related to the property or situation.
Step #6 - Closing the sale
When the conditions are met and “waived” the property is sold FIRM. At this point, all documents are forwarded to your Lawyer who will prepare the closing documents.
Now it’s time for you to start packing!
This is a simple plan to prepare you for the steps to buying a house. There is much more to it, but you need not worry, your realtor will help you with all the details. Next time we will look at how much do I need to buy a home.