02/15/2022
BUYING PROCESS 🔑 SIMPLIFIED
You may have no clue how the buying process goes in real estate, which can be overwhelming as a first time homebuyer. Let me help you break it down.
1) Consultation: Get together with your real estate agent to talk about what your goals, preferences, and expectations are for your future home and the buying process.
2) Loan Preapproval: If you are not planning to pay with cash, you will meet with a lender, (your agent should be able to recommend some lenders if you don’t have one picked out). The lender will tell you how much you can borrow based on your income, credit score, and debt to income ratio.
3) Shop: Once you have your preapproval amount, your agent will use all the information from the consult to calculate your optimal price range. Then the house hunt begins.
4) Tour: Your agent will show houses to you that you are interested in.
5) Offer: Once you find a property you want, you will work with your realtor to come up with a competitive offer to send to the seller.
6) In Contract: Hopefully your offer is accepted. If it is, you will go through the unique set of steps that you and the sellers agreed upon. Traditionally, the buyer has a chance to inspect the property, ask for issues they found to be remedied, and see the appraisal report. The lender, once you have made an offer, is going through their own set of steps to get your loan finalized and may need additional information from you. This is the most complex part of the process, where your realtor really needs to know their stuff.
7) Closing: You meet with a title agency to sign papers, pay what is due, and get your keys!
A deal can go many ways, this is not how it always goes by any means, but I think that’s what makes it interesting! I would love to help you if you are looking to start the home buying process, or even if you just have questions. DM me, call or email me with the information in my profile. ❤️