Buying a Home the Traditional Way
|
1.
|
Getting Ready to Buy
|
Are you ready to build the "American Dream?" Preparing to buy a home can be both exciting and terrifying at the same time. Fortunately, a knowledgeable Real Estate Professional can lead you in the right direction toward the home for your dreams.
You first may want to ask yourself these questions:
|
|
2.
|
Contact a REALTOR®
|
A Trademark Realty Group Sales Associates can help you through the entire process of buying a home, starting with the mortgage and continuing right through to closing – and into the future. Your REALTOR® can help you shop for the best interest rate and terms and, if you wish, suggest mortgage lenders. - Call us on 386-603-4600 Extension 80
|
|
3
|
Get Pre-approved for a Loan
|
Your next step should be to contact several local & respected lenders and determine which one will give you the most favorable terms. Review your credit score with your lender. The higher your credit score, the better interest rate you can command. Your Real Estate Professional can assist you with a list of reputable lenders. Your lender should be able to provide you with a pre-approval letter, along with a "good faith estimate" of all closing costs associated with your mortgage. It is important as a buyer that you establish some kind of financing before you make any serious home offer. The "pre-approval" process allows lenders to take a look at your finances and credit history in order to make a general assumption about your loan amount.
The pre-approval process is when a lender looks at all of your finances and determines the amount of money you could afford for a mortgage. Doing your homework about loans will save you both time and money. There are thousands of loans out there to choose from, but it is important to keep in mind several key factors that will help you along the way:
|
|
4
|
Beginning Your Search
|
By now you should have a good idea of how much home you can afford. This will help your Real Estate Professional narrow down your home search. You should also begin researching the neighborhoods in which you might want to live. Your Real Estate Professional can help with this as well. Decide which amenities and features you must have – and which ones would be nice but not necessary.
Some things to consider while compiling your criteria:
|
|
5
|
Finding Your New Home
|
Beginning the search for your new home can be a great feeling. It is important that you directly communicate what you desire in a home to your Real Estate Professional.
Right here you can search for listings that meet your basic criteria. Identify properties that seem to be a fit for your needs and wants. Take an afternoon and go on a driving tour around the neighborhoods that you are interested in and then contact you REALTOR® to discuss what you have seen. Your REALTOR® will discuss what is available in your price range and explore the under lying trends in your selected neighborhoods. Looking for a home in an area where you feel comfortable is key. If appropriate, instruct your Real Estate Professional to look for homes in the specific areas you have designated. With Your Agent, Begin Seriously Looking at Homes. Your agent can add to the list of homes you've already identified – including ones that are "new" on the market. Look at homes with a critical eye – does the floor plan work for you, is the property in good condition, would it be right for your lifestyle? In short, can you imagine yourself and your family living there? Take notes at each home you visit. What do you like and not like? Narrow down your choices; re-visit homes in which you're interested. See them at different times of the day. |
|
6
|
Making an Offer
|
When you've identified the home you want to buy, your REALTOR® will help you prepare a written offer quickly. Your agent will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted.
At this stage, try not to become emotionally attached to a home. Your offer may not be accepted for any number of reasons. Have backup homes in mind. Be prepared to negotiate through your agent with the sellers. Once Your Offer is Accepted:
|
|
7
|
Closing Procedure
|
The closing process is always changing. It is even referred to as "settlement" or "escrow" in different parts of the country. With increased technology, most closings are completely automated and both parties do not have to be present at the same time to sign.
Closings usually take about 30-45 days to complete. This mainly depends on the buyer's financing availability, successful home inspection completion, and various lender conditions (ex. title search, title insurance, termite inspections, surveys and appraisals). The closing process is the transfer of the title of the property from the seller to the buyer. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes, and any additional closing costs. All legal papers are filed with the local record office. It is this step where the buyers and sellers do very little. It is important that the buyer take a final walk through the property to make sure the property's condition has not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale. Last Minute Checklist:
|
