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There are 7 essential steps involved in the home ownership process.
1. Find a good Realtor/Buyer's Agent
Most 1st time home buyers don't realize that they can hire a Realtor for FREE. So,
you have nothing to lose, but everything to gain from hiring a Realtor. As a Buyer's
Agent, the Realtor will look out for your best interests throughout the entire process.
You no longer have to be scared. The Realtor will be you with every step of the
way to help you find your dream home, negotiate your contract, explain financing
options, schedule your inspections, go over your closing documents, etc.
2. Get Pre-Approved for a Mortgage Loan
Your time is very valuable, and Realtors don't want to waste your time showing you
properties that you can't qualify for. That would cause alot of frustration. So,
that's why getting pre-approved is essential to a smooth home purchase. Most 1st
time home buyers don't realize that they can buy a home with NO MONEY DOWN. There
are also down payment assistance programs available where the down payment assistance
money does not have to be paid back. Please note that every mortgage company/bank
offers different loan programs. There are many different loan programs out there,
and the programs do frequently change.
3. Assess Your Wants vs. Needs
Buyers should write down the items that they definitely need in a home vs. the items
that they would like to have. Be realistic. Many buyers have unrealistic goals.
Every real estate market is different. Your Realtor will be able to tell you what
type of home you can expect to get in your price range.
4. Shop for a Home
Based on my previous experience, buyers should try to narrow down their home choices
to their top 3-6 homes. If buyers look at too many homes, they begin to get confused,
overwhelmed, and frustrated. They can't remember what one home looked like vs. what
another home looked like. I've had many, many clients who fell in love with the
1st home they visited. However, they still wanted to look at more homes because
they wanted to see what else was out there. But in every instance, the buyer went
back and bought the 1st home they saw. The moral of this story is that most buyers
know within the 1st few minutes of seeing a home if it's the right one for them.
If you fall in love with a home, you don't need to keep looking because you will
go back and buy the one you love.
Once you've found the home that you would like to purchase, your Realtor will handle
the following 2 items:
5. Negotiate the Contract
6. Schedule your Home Inspection, Appraisal, Survey
7. The final step is to close on the home.
You will have a lot of paperwork to sign at the closing. Your Realtor will also
be there. Depending upon which state you live in, the closing may be held at an
attorney's office, and the attorney will go over all the documents with you. You
will receive your keys at the closing.
Then, all that's left is to move & celebrate.
Joy Fleming is a licensed NC & SC Real Estate Broker/Realtor. I specialize in representing
home buyers. For more free tips and advice (or to search for homes), please
visit my website.
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