Residential Real Estate
Prepare Yourself Financially
The first step towards buying a home is making sure that you are aware of the financial needs that come with owning your own home. Whether you are a first-time home buyer or an empty-nester looking for your next income property, it is important to make sure you have a plan for financing your home.
Credit reports play a crucial role in obtaining a mortgage loan. It is important to take a look at your credit report before applying for a mortgage loan, especially if you haven't seen your credit report in a while. You may be surprised with your report as errors are common. Be sure to correct any errors on your report before applying for a home loan.
Familiarize Yourself with Mortgages
Finding the right lender is as important to buying a home as is finding the right loan. There are many mortgage loan types available and you need to select which one is best suited for you. Are you a person who needs a fixed rate 30-year mortgage or a 15 year loan, or an adjustable rate? Will you need cash back? Is your down-payment fund adequate? These are all questions you may need to ask yourself or a mortgage loan specialist before applying for a mortgage loan. Be sure you understand your options!
Get Pre-Approved
Unless you have spoken with a mortgage loan specialist, you may be missing out on helping yourself. Pre-Approval can assist you in several ways, two of which are the most important:
• Pre-Approval allows you to know how much of a home you can afford. You may find a home that is out of your price range, or you may find that you can afford more of a home than you previously anticipated. It is best to have a place to start, and pre-approval can help you get there.
• Pre-Approval also can assist you with getting the home you desire. For instance, a seller receives two similar offers. You have been pre-approved for the amount specified and the other offer has no supporting documentation. Your offer is much more apt to be considered because you have prepared yourself.
What Are Your Needs?
Now that you have gotten pre-approved and worked through your credit scores, it is time to figure out what you want! Buying a home can be fun. Familiarize yourself with the real estate market and decide what it is that you want and need in a home. How many bedrooms and bathrooms do you need? Do you have children or pets that may require a back yard? What is your ideal location? Think about what you want and what you need!
Work With a Real Estate Agent
Real Estate agents are there to work for you. Theses agents represent both buyers and sellers and look out for you and what is in your best interest.
As a buyer, the agent can assist you in finding the right home for you per your pre-approval and your needs and wants. Agents have access to detailed property information and do the work of sorting through the information to make sure the homes they present are a match with your needs. They also assist you in arranging the purchasing process, the paperwork and the details of your real estate transaction.
As a seller, real estate agents advertise your home at their cost, making sure your home sells in a reasonable amount of time and for the best price possible. Your Realtor® will work hard for you to sell your home to ensure an easy and painless process.
Search For Your Home
Now that you have a real estate agent chosen, they will provide you with homes that meet your needs. You may wish to plan an afternoon to drive around and preview neighborhoods. It is a great way to see what is available and help you narrow down your needs and wants. Your real estate agent will be able to show you the homes you choose.
Beofre You Make an Offer
Be sure the location, condition and floor plan of the home meet your needs. It will make the process easier if you do not have second thoughts.
Make an Offer
Your real estate agent can guide you through the offers process. Making an offer has no specific instructions. Your agent knows the market and can answer your questions to ensure that you make the best possible offer. Let them help you!
Home Inspections
It is very important to you as a buyer to know what you are buying. Hire a professional home inspector to study your home for any possible items that may raise a red flag. Be sure to check the foundation, pipes, structure, electrical, etc. Talk with your real estate agent to find out if there is anything else you may need to look at before purchasing the home.
Make the Transaction Smooth
When you have contracted for a home and your closing date approaches your Realtor® will stay on top of the many facets of the transaction to ensure that closing will be a good experience. Stay on top of things and if there are any problems, deal with them as soon as you can.
Closing
Your on your way to closing! Your Realtorreg; will make the necessary arrangements to have you complete the purchase at the office or a title company. Once the paperwork is signed, you may want to call your friends to help you move!
Call RE/MAX Traditions, Inc. at 303-772-3800! or Send us a message!
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