The Real Estate Encyclopedia
What is the Home Buying Process?
Category - Home Buying Questions - General Home Buying FAQ's

For many first time home buyers buying a home can be a daunting tasks. Here's a step by step approach:

1) Do you home work: Research the internet to see what is available. Seek out desireable areas based on commuting to work, schools, shops, entertainment and other things that are important to you.

2) Detemine your price range: Although there are many innovative loan programs available that could provide you with that much needed mortgage loan, you don't want to buy more house than you can afford. Saving up a reasonable deposit of 20% will save you much on your interest rate and PMI

3) Interview your team: Ask friends and collegues you trust for referrals to real estate agents and mortgage brokers that they can recommend, or visit the local chamber of commerce, or pay attention to who is active in your area. Meet with several agents and ask them pertinent questions and get educated. Don't let sales people mislead you on the bigest purchase of your life. Always get an upfront GFE from your lender or broker.

4) Know your market: Visit several open home to see what is available and in what price range. You do not have to provide any contact information to the agent sitting the house. Compare improvements and features that are important to you.

5) Your RealtorŪ will compile the purchase agreement, present the offer, and facilitate the counter offers. Do not get carried away in the heat of the moment. It can be difficult to remain calm but don't let the pressure let you make rash decisions.

6) You will need a deposit (earnest money) to show that you have serious intentions to acquire the property.

7) Your RealtorŪ will probably receommend a couple of escrow companies and your loan officer will probably recommend a couple of title companies that they have worked with previously / regularly. The choice remains yours, but really, how many of us have an escrow or title person in our cardex?

8) Be aware and prepared for the many costs related to the transaction over the purchase price. Pest inpection, appraisal, home inspection, escrow and title fees, etc.

 
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Home Buying Questions - General Home Buying FAQ's
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