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What do I need to do to purchase a home?

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May 27 2012 - US
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Profile picture for Dunes ..
My Opinion
Inform yourself..do some basic research
This is a HUGE Financial Decision and choosing a Legit Competent Lender or RE Agent is important/critical....so do not be Lazy or foolish or uninformed
Do not just run out to seek advice from any ol Lender or RE Agent



Worthwhile info imo to check out as a start to becoming more informed

First Time Home Buyer Info about the Process & Excellent Info/Resources for any Buyer..Buying a Home

Provided by the Federal Gov.
Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.com

REO-Bank Owned Properties
Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale, loan programs ect..
Sites Like..Bank of America...Wells Fargo

You can find links to Bank sites here...Link

The Fed Gov has Sites for its Properties for sale
HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Everyone should read the Information on the Department Of Justice
Anti-Trust Division Web Site about all the options Consumers actually have
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home


Public Records..Including Foreclosure/Tax Lien/Tax Sale Info
All Free & all the Info direct from your State/County/local gov.
Example: California - Foreclosures and Tax Lien Sales

Be Smart Shop Smart & Good Luck
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May 27 2012
Profile picture for Dunes ..
Thank you...
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May 29 2012
Profile picture for Pasadenan
It appears 3 steps that preceded those listed were left out, that are extremely important:

1) Save for a down payment
2) Save for unexpected costs and normal periodic maintenance and repairs
3) Know and track your FICO scores and credit rating impacts, and "fix" your credit ratings if there are any issues


And then while you are searching, three more important items:
1) prioritize the features you are looking for, and what you need verses what you want.  Factor in future needs and desires as well.
2) know what areas you want to live or are willing to live, and why.
3) compare purchase cost to rent ratio.  Sometimes renting makes more financial sense, or gives one more flexibility and mobility, especially if one is not planing on staying in the same place more than 7 years.
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May 28 2012
Profile picture for Dunes ..
Forgot..

Inform yourself enough so you aren't foolish enough to believe ridiculous sales pitches like...as a Buyer you get to use an Agent at no cost to you



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May 27 2012
It depends on how you are making your purchase.  If you are buying cash then your first step would be to hire a buyers agent to represent you and you can search in your area through websites.  If you are looking to finance then you would get with you bank or credit union and tell them you are looking to make a purchase on a home and would like to know if I can be approved for a mortgage, then if approved ask them for a recommendation of Buyers agents or do your own search through websites .  I suggest you work with a Buyers agent as they will represent you in the transaction and have your best interest in mind throughout the process.  Listing agents have an obligation to the owner of the property and works for the seller.  I hope this helps and best of luck on buying a home.
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May 27 2012
First and foremost is to go to your local bank and get preapproved so you know what you can afford.

Then ask the banker, friends or family to recommend a realtor that can represent you as a buyers agent. Most realtors represent the sellers when your buying a home but an agent that is willing to represent you *at no cost, as a buyers agent will be working for you. 

Good luck!
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May 27 2012
The first step is to talk to a mortgage representative with your current financial institution or contact a representative with local institution to find out what you can afford and what the monthly costs are associated with a home at a particular price.

Next, if you're comfortable shopping and purchasing on your own go for it; otherwise, I would ask folks you trust if they know of a local realtor they would recommend.  I would talk to a couple of potential realtor to find the one you feel most comfortable with.
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May 27 2012
 
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