Often the idea of buying a home raises a lot of questions, and buyers are often unsure of what it takes to do so. These comments are intended to answer common questions and help potential buyers understand the steps taken to owning their own home.
First things first. Prior to any home shopping, all buyers should be in contact with a mortgage lender to get pre-qualified and/or pre-approved, which basically means……what can I afford? Upon an initial approval from the lender…….you are now ready to start looking for a home.
The fun begins. With the help of a realtor, you will look for homes in the locations you desire, and include any special requirements such as bedrooms, baths, lot size, etc. You will probably look at many prospective homes in your price range, not only to get educated, but to find that “right” one that suits you or your family.
There’s a house that fits most your needs and are ready to buy it. It’s now time to write a formal offer on a Purchase Agreement with your realtor, which spells out all the terms you are willing to agree to; such as…...price, how you will finance it, closing date, inspections, taxes, survey and possession date. An earnest deposit check is also usually required at this time. Once these terms are agreed upon by both you and the seller, we can move to step 4.