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When you are ready to start the process of buying a new home it's your agent's job to make it feel easy and painless.
HOW TO PAY FOR YOUR NEW HOME:
A MORTGAGE BROKER or BANK can help you decide how much you can AFFORD to spend on a home. In addition, you will need to provide information for the lender to create a pre-qualification form when you are ready to say GO! (If it's a cash purchase then you just need proof of funds from your bank account.)
GUIDANCE FROM A COMPETENT & CARING REALTOR:
Find a REALTOR who will help you through the process, knows the area, and will listen to your needs and wants. Make sure you feel comfortable and confident working with him or her. You will be asked to read and sign some initial paperwork prior to looking at homes in order to be protected by their company. Discuss what you are looking for and start a search on the MLS. This search may change throughout the journey.
FINDING THAT SPECIAL HOME:
VIEWING homes is the next step. Take notes, make the best use of your time and narrow down your wants and needs as you visit the homes in your search. However, PICTURES can be deceiving!!
MAKING A GOOD OFFER:
Once you FIND THE HOUSE that feels like home, work with your agent to make a fair offer.If and when offer is accepted, your agent will schedule an INSPECTION and you will deposit the EARNEST MONEY with the TITLE/ESCROW COMPANY.
INSPECTING THE HOME:
THE INSPECTOR will uncover the health of the home. If it still works for you, you may ask for some repairs on the for called the Buyers Inspection Notice and Seller's Response (BINSR) .You and the seller work to agree upon the terms and repairs, if any, the contract goes forward. If not, you can get out of the contract and recover your earnest $ and move on.
WILL IT APPRAISE?:
Going forward, now you will need to sign papers for title, the lender will order the APPRAISAL and you wait....When appraisal comes in, its either high or low. However, if it's low there may be some more negotiating on price. Hopefully it appraises for the purchase price or higher.
Now you wait for underwriting approval and order homeowners insurance. You and your agent will schedule a WALKTHROUGH just before closing to make check that everything is still in working order and if all repairs were done (if applicable). Don't forget to put the utilities in your name to start on the day of closing!
On the day of closing, it's time to sign documents at the title company and wire them the remainder of the down payment and closing costs. Once the deed is RECORDED you get the keys and you are now a HOMEOWNER!!!
These are the routine steps, however, in a few cases things can go awry. Above all, it is crucial to have a competent real estate agent to help you navigate through the process. Contact me at WWW.LIVELIFEINAZ.COM to take you through the process of buying a home with ease.