The Buying Process for Acquiring a Home
The buying process can be a daunting task for many first-time home-owners. Depending on who you talk to, the buying process for houses can seem very complicated. It doesn’t have to be as complicated as some people make it out to be. In reality, owning a home is something almost every working class person strives for. There are a series of logical steps that you need to go through before you complete the buying process. In order for you to have a fair idea of what steps you should take, we present to you a logical progression of the buying process.
Step 1: Find a Suitable Home – Sounds simple enough until you realize that you need to be looking for a home that fits your needs without being frivolous. In order to cover all the possibilities for housing, extend your search to include all the possible places where you can locate affordable housing. This means going beyond the classifieds and reaching out to your mortgage or lending company for listings and even manually driving around the neighborhoods you’d like to live in keeping an eye out for any “for sale” signs.
Step 2: Consider Your Options for Financing – If you’re a first-time buyer you’ll probably have a plethora of options for you to complete the buying process. Depending on the state, you may be entitled to a first-time homeowner loan. Barring that, there are also federal loans available for first time home owners. Shop around for a bit to get a mortgage rate that is suitable to you, as a higher rate will result in you paying more for your dream home.
Step 3: Make an Offer – After you’ve got your financing in order, you can consider making an offer to the owner or real estate agency. With the help of a real estate agent you can figure out what a good offer price is and what is included in the offer price. If you decide upon a price, you will be expected to make a deposit into escrow. During this time the buyer removes the house as a listing while you arrange for an inspection report on the house.
Step 4: Home Inspection Report – You need to have a trained professional inspect the premises. Even though a house may look solid on the outside, having a professional check the small details will help put your mind at ease. Remember, a house is a long-term investment: ensure it’s worth the vast amounts of money you’re planning to spend on it.
Step 5: Close or Move Along – If your inspection shows that it’s a good buy, then you should move to close the deal. You can also consider closing if you get a really great offer for the house. There will be a number of things that you may have to do upon closing including a title search (to ensure no one else has a claim to the property) and other closing fees. If the house does not meet your approval you are free to pass up on it and find another one.
The buying process is relatively simple when outlined like this. Most first-time home-owners think it’s a complicated process when, in reality, it’s straight forward. The hardest part of the entire buying process is beginning. Once you find yourself in the market for a house, you’ll be surprised at how quickly and easily things progress.
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