Your Home Buyer's Guide
Assess your savings: Consider your down payment, closing costs, and reserve funds.
Review your credit score: A higher score can secure better mortgage terms.
Budget for additional expenses: Include property taxes, insurance, and maintenance costs.
Step 2: Hire a Realtor
Research realtors: Look for experience, local market knowledge, and a good track record.
Interview candidates: Choose someone who understands your needs and communicates well.
Discuss your preferences: Be clear about your desired location, type of house, and budget.
Gather necessary documents: Income proof, tax returns, employment verification, etc.
Consult with lenders: Compare rates and terms from multiple lenders.
Obtain a pre-approval letter: This will make you a more attractive buyer.
Visit properties: Attend open houses and schedule viewings.
Evaluate homes: Consider size, location, condition, and potential for appreciation.
Stay within budget: Don't be tempted by properties outside your price range.
Determine offer price: Base it on the home's value and market conditions.
Include contingencies: Protect yourself with finance, inspection, and appraisal contingencies.
Submit your offer: Your realtor will handle the paperwork and negotiations.
Conduct a home inspection: Identify any issues or needed repairs.
Review reports: Understand the condition of the property.
Decide to proceed or negotiate
Request repairs or credits: Based on the inspection results.
Negotiate with the seller: Through your realtor.
Finalize the agreement: Ensure all agreed-upon repairs are legally documented.
Lender arranges an appraisal: To confirm the property's worth matches the sale price.
Review appraisal results: Ensure the value is at or above the purchase price.
Address any discrepancies: This may involve renegotiating the price.
Check the condition: Verify repairs are completed and the house is move-in ready.
Test everything: Appliances, fixtures, and systems.
Address any last-minute issues: Before proceeding to closing.
Review closing documents: Understand every detail before signing.
Pay closing costs: These include fees for the loan, title, and escrow.
Receive the keys: Congratulations, you are now a homeowner!
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