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Steps to Buying a Home

The steps to buying a home, condo, or town house can seem simple enough. But as in most cases the devil is in the details.

Step 1. The decision to buy a house
There are many justifications for buying your new home. Many are emotional and logical. For instance the tax savings can be substantial and the possible investment value is important for sure. But emotionally that pride of ownership thing that wells up in many home owners makes the desire to purchase that much stronger.

Step 2. Find out if you are in the game
Can you afford a home. How much do you have to put as a down payment. With that amount how much will your loan payment be. Remember to add in the taxes and insurance and other fees like upkeep and you are in  for some new expenses.

Can you afford these new expenses?

Step 3. Get approved for a loan
Ask a local mortgage banker to approve your loan. If you qualify you can often get approval subject  to certain conditions. This can be a strong statement when you are bidding against other would be buyers that want the same home as you.

Step 4. Use the MLS  listings   to find out what prices that homeowners are asking  in your area.  Narrow in on a couple areas of interest. Once targeted, use your local Realtor (hopefully you will use our network of fine agents) to show you the homes that you find appealing.

Step 5. Negotiate and make an offer
Use your agent to evaluate and help you in making an offer. Your agent should know the market conditions and can coach you in areas of offering price in relation to your affordability and market conditions.

Step 6. Enter Escrow-
In many states the transaction will be placed within an escrow whereby the  escrow company will act to work with the many actors that are involved in a transaction. These could be; title, lender, pest control, home warranty, etc. Your agent will help coordinate these actors along with escrow to help move your escrow along.

Step 7. The closing
Congratulations  the house is yours! Moving time!

It isn't quite this simple. For instance it takes a ton of savvy to massage a deal together and to keep it together. This is where your professional Realtor can really be of help.

 
Real Estate MLS Listings
Get access to homes on the Multiple Listings Service (MLS)