A home has been placed on the market for which the seller has established an asking price as well as other terms. Step 4: Choose a HomeĪs a buyer, here's what actually happens. If you'll need a larger home, maybe now is the time to buy a bigger house rather than moving or expanding in the future. Lastly, consider your needs in several years. If you can't get a home at your price with all the features you want, then what features are most important? For instance, would you trade fewer bedrooms for a larger kitchen? A longer commute for a bigger lot and lower cost? Next, it's important to consider your priorities. Consider such things as pricing, location, size, amenities (extras such as a pool or extra-large kitchen) and design (one floor or two, colonial or modern, etc.). Several properties - each with four bedrooms, three baths, and the same price - may well represent radically different designs, commuting distances, lot sizes, tax costs, interior dimensions, and exterior finishes.Įach of us is different and so it's important to list the features and benefits you want in a home. Step 3: Look at HomesĪ home is more than just a collection of bedrooms and bathrooms. Based on his or her experience, the REALTOR® may suggest one or more lenders with a history of offering competitive programs and delivering promised rates and terms. Real estate financing is available from numerous sources, including lenders in the finance section of, mortgage companies that have worked with local REALTORS® and in some cases, individual REALTORS® themselves. This information is important to owners since they do not want to accept an offer that is likely to fail because financing cannot be obtained. It demonstrates your financial strength and shows that you have the ability to go through with a purchase. You can visit as many lenders as you like and get several preapprovals, but keep in mind that each one carries with it a new credit check, which will show up on future credit reports.Īlthough not a final loan commitment, the preapproval letter can be shown to listing brokers when bidding on a home. Based on this information, the lender will provide a preapproval letter, which shows your borrowing power. "Preapproval" means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Those professionals are the local REALTORS® who serve your area. In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community and much more. At first it might seem that by checking local picture books or online sites you could quickly find the right home at the right price. Step 1: Get a REALTOR®īuying and selling real estate is a complex matter. The buying process involves several steps, from finding a REALTOR® to making an offer to closing the deal. ![]() Furthermore, planning will help you discover valuable shortcuts in the homebuying process. In doing so, you'll be able to anticipate requests from lenders, lawyers and a host of other professionals. ![]() One of the keys to making the homebuying process easier and more understandable is planning. The following is a quick guide whether you are deciding to buy or sell a house. And, finally, ask yourself whether you will feel comfortable working closely with this individual in the months ahead. Whether you're buying or selling, ask candidates about the transaction to evaluate their knowledge. If you're selling your home, you should ask the candidates how they plan to market your home, what pricing advice they can offer, and what other suggestions they can provide to further enhance the desirability of your home. Of course, you should interview several REALTORS® before you choose one. Indeed, the best way to find such a professional is through recommendations from family and friends. Just as you wouldn't be casual in the selection of your doctor or your attorney, you shouldn't take the selection of your REALTOR® lightly. Like finding the right house, selecting a REALTOR® you can trust and comfortably work with is paramount.
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