In this continuation we continue to define the steps buyers can take to simplify the home buying process.
Look for a new home: This is where you’re your realtor comes into play. Your realtor will help you narrow down the homes for sale that meet the criteria you set. They will only have you look at homes within your budget that fit your needs. If you are looking for a three bedroom home there is no use looking at homes with anything less than that. These are the types of criteria that you will share with your real estate agent that will allow them to find you a selection of homes to look at.
Make an offer: Once you find your dream home your real estate agent will help you draw up a contract and submit an offer to the homes seller. They will look at your offer and determine whether they will accept the offer or counter offer. This process continues until an offer is agreed upon and a contract is drawn up.
Get an inspection: Every contract should be written with a stipulation that states a final sale is pending the results of a home inspection. Hire a reputable home inspection company to come in and evaluate the state the home is in. They will create a checklist and booklet that states clearly what issues the home has. They will divide the list into categories about repairs that must occur now, that can wait or are optional upgrades that would allow the home to function smoother. The inspector will give you a better understanding of how old the utilities and appliances are. This information allows you as a home owner to get a solid understanding of money that will need to be spent on home repairs and a likelihood of when it will be needed. If the inspector will basically let you know if the home is a solid investment or if it has issues that need to be fixed before the home should be purchased. If the contract is contingent on the inspection it is then up to you to decide to move forward, the contract needs to be reworked or if the deal is a no go.
Apply for a mortgage/Close on your new home: The final step of buying a home is applying for a mortgage and closing on your new home. To find out more information on applying for a mortgage talk with a local mortgage broker or lender. These professionals will offer guidance in finding the best mortgage rate and home loan option for your exact situation. After this is done a closing date will be set and you will close on your new home.
The process of buying a home is one that can be quite simple with a bit of knowledge on how the process works and the wisdom to hire experts when needed. Real estate agents, home inspectors and mortgage brokers all help to simplify your home ownership quest.
Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. More information can be found at http://www.ladyofthelakes.com.