Buying Real Estate
A successful real estate transaction has several steps involved. In the interest of being well prepared, take the following into consideration as you begin searching for your next home.
Hire a Mortgage Agent:
One of the first things to do is to contact a mortgage agent. They will help you find out just how much you will be approved for in the way of a home loan.This is essential as it will dictate the price range of homes that you will search for. It will also complete the first step in becoming a qualified buyer.
Limit Your Spending:
Once you have decided to purchase real estate, it is wise to limit your spending. Not only will you need money for a down payment, closing costs and moving incidentals, but the more money you have, the better your chance of qualifying for a loan.
When you search for locations to live, consider all aspects. Every area offers different amenities, culture and services. You will need to be sure an area has the appropriate housing stock in your price range, but you also want to be sure things like a work commute, local services and perhaps schools are all suitable.
Once you have an accepted offer, it is a good idea to follow up with a home inspection. A professional home inspector will do an in depth examination of the home and alert you of the overall condition as well as any necessary or immediate repairs that are needed. This can give you a better idea of the home you are buying as well as what needs to be budgeted for.
Once the satisfactory home inspection is complete, the next step is to enter contract. The Purchase and Sale agreement, (P and S) is the agreement that solidifies all terms, monies and dates of the transaction. The signing of this document is also accompanied by your down payment which will be held in escrow until your closing date.