So, you’ve started thinking about buying a home. Maybe you have been a renter for some time now and you want to own your own house. Or maybe you’ve lived in your current home for a long time and want to brush up on what it’s like to buy a new place.
Things have changed over the years when it comes to financing and home buying rules, but overall, the home buying process is still the same. We are going to review the home buying process in this post, step-by-step.
Steps for Buying a Home
1. Finances. When you consider buying a new home and setting out to look at what’s homes are available, you want to make sure to review your finances first. Review what your current budget is, and plan to meet with a loan officer. Your loan officer will be a wealth of information regarding financing and affordability.
The loan officer will also answer your questions regarding the loan process, the loan itself, and the home purchase series of events. He or she will ask you to provide a lot of paperwork, which is required in order to issue you a pre-approval letter. Most agents ask buyers to secure the pre-approval letter before house hunting begins…that way you make sure that you are searching for homes in the best price range for your budget.
2. House Hunting. Now that you have determined your home buying price range, you can consider the type and size of the home you would like to buy. After reviewing your needs, wants, location, and budget, your real estate agent will start reviewing houses that are available for sale that meet these requirements.
Your real estate agent will probably do a combination of things to help you find your home: review the home listings in your area and make suggestions, direct you to the MLS system so you can also review what houses are available, and set up alerts to let you both know when new properties become available to look at. While this is a great way to find homes you like in your location and price range, if you haven’t bought a home in quite some time, this part of the process may be new to you.
Once you have chosen a few houses that meet your requirements, your real estate agent will connect with the sellers’ agent and make an appointment for you to see the home. You can also visit open houses in your area with your agent to get a good feel of what you like and dislike.
3. Put In An Offer. Once you find the home you want to buy, you will discuss the terms with your real estate agent and they will put in an offer on your behalf. It’s very likely there will be some negotiation back and forth between you and the seller (handled through your real estate agent). Once your offer is accepted, you will likely have a thorough inspection and move through any contingencies that are part of the offer (financing, appraisal, etc.). You will have about 30 to 45 days for all of the steps to advance towards the closing on your new home.
4. The Closing. You will get some final paperwork to review shortly before your closing date. You will also be able to review the home one last time right before the closing to double-check everything still looks good and it has been kept up during the sale process.
After your final walk-through, you will proceed to your closing to sign your closing documents.
A Few More Notes about Buying a Home
– Plan to be at the inspection to get a good idea of how the house looks inside and out.
– If there is an HOA for the neighborhood, make sure to review these documents and ask any questions you might have.
– If you are buying a condo, you will also receive some condominium master documents to review.
– The bank providing the loan will call for an appraisal on the home you plan to buy to make sure it is worth the contract price.
– Plan to get homeowners insurance quotes for the new home as well. Provide this information to your loan officer when you have it.
Guiding You Through The Home Buying Process
When you are ready to sell your current home and buy a new one, look to a top-rated and experienced real estate agent. An agent that is familiar with the locations and types of properties you love in the Memphis area. Whether it’s residential or open land you’re looking for, work with a real estate professional that you can trust to guide you through the home buying process.
Click here to learn more about me and how I can help you with your new home purchase, buying parcels of land, or selling your current home. My skills and education are focused on what you need for a great real estate experience. I would love to chat with you and answer any questions you might have. Contact me at (901) 828-8919 or drop me a quick note email@example.com. Looking forward to speaking with you today!
Angie Kelley, Crye-Leike Realtors
(901) 828-8919 or (901) 756-8900