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Answers (6)
- Bessy Enea, "BessyEnea"
- Contributions:13
The first step you need to take is to get pre qualified, and make sure you have a good credit, that helps in determining the rate of your mortgage. once that is done, you choose a reputable real estate office, an agent will work with you and show you homes within your budget. She or He, will walk you through the steps needed from the time you make the offer to the day of closing.
Feel free to click on my name to visit my page.
- Keeley Toro, "Keeley Toro"
- Contributions:4
Below is an overview of the general home buying process that I wrote on my blog =):
1. Contact an agent to evaluate your real estate goals
What features do you want and need your next home to have?
2. Contact a mortgage professional and submit your loan application
You cannot begin looking at homes until you know what amount you qualify for! The loan process is lengthy and needs to be initiated as early as possible. You will need to choose the loan option that is best for you and submit all necessary paperwork.
3. Let the house hunting begin
This is the fun part! Your agent will send you the information about properties (usually via email) that meet your criteria and you choose the homes that you are most interested in to view.
4. Make an offer
When you find a place you love your agent will evaluate the neighborhood's market, the property's listing history, and all other pertinent information. Together, you will determine what amount you are comfortable offering the seller of the property. The agent will write up the contract and you'll sign it!
5. Negotiate…and renegotiate!
Once the seller has responded to our initial offer your agent will contact you and discuss where to go from there. You can either make a new offer to the same seller or decide to move on to another property.
6. Going under contract
You will have to repeat steps three, four, and five until you and a seller reach an agreement…at that point you are officially under contract and ready to move forward!
7. Call your lender immediately!
You will need to touch base with your lender right away to make sure that your loan is on track! Generally you will have to turn in some updated paperwork. Your agent should also touch base with your lender to provide them with the contract and any additional paperwork they need related to the transaction.
8. Inspections
Some inspections on the property are required and some are optional. Typically a buyer has a home, pest, and septic inspection and is usually given seven to ten days by the seller to complete them. If the condition of the property is acceptable you will move forward to the end of the process! If the condition of the property is unacceptable you will discuss the options available to you with your agent.
*After the inspections…
Your lender and agent will be working behind the scenes and you won't hear from them much for a few weeks…Just relax, be patient, and stay excited…It's almost over!
9. Clear final conditions with your lender
You will have some additional requirements from your lender just prior to closing. Your lender will contact you to clear these items with you and your agent will coordintate the closing.
10. Start packing!
When closing day arrives you will need to sign a HUGE stack of papers, collect your keys, and celebrate!
- Wes Black
- Contributions:509
Jeanne hit this question/answer out of the park. Follow her advice and you will be all set.
- Jeanne Feenick, "TopNJAgent"
- Contributions:149
You are on the right track - the agent/lender team will answer these questions for you. My suggestion is to begin with an agent - who will likely hhave recommendations for you of reputable mortgage pros. The discussion with the lender is an important starting point as it will confirm your readiness to buy and establish a budget. Conversely, if it is discovered that you are not yet in the position to buy, then you can build a game plan to get there.
Having a budget going in to the process is so important - there is nothing as frustrating as falling in love with a home only to find out you can't afford it...or missing one that is a perfect fit, because you didn't realize you could afford it.
The resources you use will be important to your success - especially as a first time buyer. Pick good ones!
Good luck to you!
Having a budget going in to the process is so important - there is nothing as frustrating as falling in love with a home only to find out you can't afford it...or missing one that is a perfect fit, because you didn't realize you could afford it.
The resources you use will be important to your success - especially as a first time buyer. Pick good ones!
Good luck to you!
- Brian Teyssier, "Brian Teyssier GRI"
- Contributions:964
Thanks for posting your question "jorge819449".
Short answer, BOTH! :-) By law, in PA, we have to draft a "cost estimate" sheet for the property you are interested in (if you have one) so you can have a ball park figure on closing costs & monthly payment.
A lender's will trump a Realtors since the lender can plug in their exact fees, Realtors put in "estimated" numbers since lenders charge different prices.
Good luck, hope we were able to be of assistance!
Short answer, BOTH! :-) By law, in PA, we have to draft a "cost estimate" sheet for the property you are interested in (if you have one) so you can have a ball park figure on closing costs & monthly payment.
A lender's will trump a Realtors since the lender can plug in their exact fees, Realtors put in "estimated" numbers since lenders charge different prices.
Good luck, hope we were able to be of assistance!
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
To find out how much you can afford, talk to a mortgage lender, which could be your bank, credit union or a lender your Realtor suggests. I would suggest, you contact a local realtor to help you through this process.
Zillow has some good information on first time home buying. First step always, talking to a lender to see how much you can afford...and remember just because you can afford that amount, doesnt mean you need to spend it, leave yourself a buffer, if you can If you dont know a realtor I or any Realtor on this site can refer you to one, click on our names and email us.
Best of luck to you in your search for a home
Once you know how much you can afford, sit with a Realtor and look through the Multiple Listing Service (MLS) to see what is out there in the areas you want to live in. Identify the type of home you want, how many bedrooms, bathrooms, yard etc. Then go and see them, before you put in an offer, have your Realtor do a cma on the home (comparative market analysis) to see what the comparables are so you will have a better idea of what to offer. Your realtor will help you write the offer. I would suggest you visit the home twice, and really look around, at the exterior and interior, note the potential issues. Once the offer is accepted, use a home inspector and pest inspector. Then once you find issues with the home (they could be small ones) you , through your agent will submit a request for repairs, hopefully the seller will repair....at the same time, you will be pushing the loan through. There is a lot more to this, but this is the basics. Good luck
Zillow has some good information on first time home buying. First step always, talking to a lender to see how much you can afford...and remember just because you can afford that amount, doesnt mean you need to spend it, leave yourself a buffer, if you can If you dont know a realtor I or any Realtor on this site can refer you to one, click on our names and email us.
Best of luck to you in your search for a home
Once you know how much you can afford, sit with a Realtor and look through the Multiple Listing Service (MLS) to see what is out there in the areas you want to live in. Identify the type of home you want, how many bedrooms, bathrooms, yard etc. Then go and see them, before you put in an offer, have your Realtor do a cma on the home (comparative market analysis) to see what the comparables are so you will have a better idea of what to offer. Your realtor will help you write the offer. I would suggest you visit the home twice, and really look around, at the exterior and interior, note the potential issues. Once the offer is accepted, use a home inspector and pest inspector. Then once you find issues with the home (they could be small ones) you , through your agent will submit a request for repairs, hopefully the seller will repair....at the same time, you will be pushing the loan through. There is a lot more to this, but this is the basics. Good luck
Lender or real estate agent to help me explain buying process and how much I can afford.
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