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Buying A Home The process of buying a home starts by determining your buying
capacity; that is, your financial reserves plus your borrowing capacity. If you give a
real estate representative some basic information about your available financial
resources, e.g. savings, income and current debt, he/she can recommend the lender/s best
qualified to help you.
Preparing To House Hunt
Once you know how much you want to invest, the next step
is to find the properties that most nearly fit your needs. You will need to make two
lists: your "Wish List" ( pool, den, fireplace, etc.) and your "Need
List"(# of bedrooms, garage, bathrooms, etc.). Items for your lists also could
include such things as privacy, size and architectural features to name just a few. This
is also the time to choose a real estate agent. You should strongly consider choosing an
exclusive Buyer's Agent who can represent you
throughout the home buying process.
Finding the Right House
Openly discuss your likes and dislikes about the homes
you visit with your agent. The more information you impart, the more likely he/she will be
to find the right properties. Your agent can assist you in the selection process by
providing objective information. Agents have access to a variety of informational
resources, and can provide local community information on utilities, zoning, schools, etc.
There are two things you'll want to know.
- Will the property provide the environment you want for a
home or investment?
- Second, will the property have resale value when your
ready to sell?
Once you have found the right property,your agent can
provide you with sales data of comparable "sold" properties in the area which
can help you in formulating an offer. Of course, only you can determine the amount of
offer you are willing to make.
Negotiating
There are a innumerable factors, including, but not
limited to price, financing, terms, date of possession, down payment and often the
inclusion or exclusion of repairs and furnishings or equipment.
The purchase agreement should also provide a period of
time for you to complete appropriate inspections and investigations before you are bound
to complete the purchase. Your agent can advise you as to which investigations and
inspections are recommended or required. Also consider purchasing a home warranty which
will cover many household repairs form plumbing to appliances.
Financing
As soon as you are sure the property is right for you,
the process of obtaining financing begins. Your agent can help you in understanding
different financing options and in identifying qualified lenders.
Closing
Finally, there is the closing, or settlement, as it is
known in different parts of the country. Every area has its own unique customs. In some
areas, the title or escrow company will handle this process. In other parts of the
country, an attorney does it all. Again, your real estate agent can guide you through this
process and make sure everything flows together smoothly. |
