Buying a new home can be an intimidating journey. From figuring out how much you can afford to dealing with delays on closing day, it can be a test of character for a lot of people, especially if it's your first time around. You may feel that you have the personality type and knowledge to handle the home buying process yourself, because after all, who hasn't negotiated some kind of a deal in their lives? Whether it was trading that baseball rookie card for the whole team line up or swapping your old car in for a new one, you've no doubt been involved in some sort of transaction.
Needless to say, buying a house is one of the most significant decisions you will make in your life and there's a reason that trained professionals exist. Having the guidance and protection of a licensed Realtor working for you can mean the difference of smoothly settling into your family's new home without incident, or getting tangled up in expensive and unexpected repairs or legal costs.
If you're about to embark on this exciting part of your life, here are some things that you can expect to encounter along the way:
1. Getting Pre-Approved
How much house can you afford? There are very few people out there that can accurately answer this question themselves. Unless you've got an extra few hundred grand sitting your bank account, your top price when shopping for a house depends on how much the bank or lending institution is willing to finance for you. There are many factors that a lender will consider when calculating your top end. Monthly income, monthly debt, credit history, credit score and employment history are some of the main ones. You will need to speak with a mortgage specialist since he or she will be the one to calculate these factors with the proper ratios.
Bank or Mortgage Broker?
There are generally two options when deciding who to use. A bank will typically have a few different mortgage options of which they will help you to determine what works for you. Using a banks "in house" mortgage option may get you a better rate or terms that are only offered by going through the bank, however this is not always the case. A Mortgage Broker outside of the bank will "shop around" for a suitable lender that fits your particular situation. This will typically give you more options and could increase your chances of obtaining the best rate or terms.
With competition being at a healthy pace, both of these options are worthwhile and at any given time one may get better results than the other. You would benefit from talking with both to see which happens to be best for you.
Pre-approval will also strengthen your offer when the time comes, especially if you're competing with other buyers. The seller doesn't have to wonder if you can come up with the money on closing day.
2. Viewing Houses
Bungalow? Condo? Townhouse? I sometimes hear home buyers say "I'll live anywhere" or "We want to see everything!" Try to narrow down what you want in a home. Do you want a small Condo downtown or a 2 story in a subdivision? Do you want an older house or a newer one? How far from work would you like to be? How close is the nearest school or grocery store? Keep in mind that there can be hundreds of homes for sale in your price range so try to determine what you definitely do or don't want before you start looking.
Viewing houses will let you know what your price range has to offer. The way a house looks on a computer screen will undoubtedly be different than how it feels when you are inside to see it for yourself.
Do a drive by before you set up a viewing to check out the neighborhood and curb appeal. This can save you from wasting time on houses that can be ruled out. Once you are educated on your local market, you will be able to spot a deal when it comes along.
3. Making An Offer
You've found the home you want, now you need to make the seller want to sell it to you. How long has it been up for sale? Are there other offers being presented from other buyers? These are some of the factors that will influence what amount you should offer. Remember, you want to make your offer as appealing to the seller as possible. If they get offended at the บ้านมือสอง ราคาถูก price you put forth, you can severely damage your chances at getting the home for a fair price.
And there's more than just the price to consider. Are you asking for any furnishings or appliances? Is there a renovation or repair that needs to be completed? You may want to include certain conditions that must be met before the deal will close. Surveys, Property Condition Disclosure Statements and Condo Bylaws are just a few other things that might need to be addressed before the sale is final.
Every offer will usually need a deposit that is due upon acceptance of the offer. It's best to have this ready when you write the offer. If the deal falls apart due to any conditions that are not met, the deposit is returned to you.
A "Home Inspection" clause should be included in most offers with the possible exception of new home construction. Home inspections uncover any hidden defects and problems that exist in the home and have the potential to de-rail a real estate transaction if not dealt with properly. If you're buying an older home you can expect a lengthy home inspection report. You should determine which issues are major and which are minor. The seller has the right to repair any issues raised. They may choose to offer a monetary compensation or reduction to account for some or all of the defects. They may decide not to offer anything. In that case you have the right to walk away from the agreement and your deposit should be returned to you. Keep in mind that the buyer foots the cost of the inspection and it's non-refundable.
4. Choosing A Lawyer
Every real estate transaction requires a lawyer. Legal fees will vary from firm to firm and only account for a portion of your final closing costs. The remainder of this expense covers things like mortgage registration, survey costs and other administrative expenses which are outside of what the lawyer charges. If possible choose a lawyer that has a good amount of experience with real estate. It can really make a difference to whether or not you close on time.
5. Final Walk Through and Closing Day
Word of advice, take the day off work when closing day arrives. You'll want to do your walk through as early as you can and if there are issues that need to be dealt with on closing, you want to have the entire day to sort it out if you hope to close on time.
The purpose of the walk through is to verify that the property is in the condition that was agreed upon in the final agreement. If you asked for any furnishings or repairs to be completed, now is the time to confirm it. It's also the time to make sure there hasn't been any damage incurred to the property. If a water pipe has broken the night before and the basement has been flooded, you likely won't be closing on time!
If the walk through is acceptable, you tell your lawyer that you are ready to close. If there are any last minute delays (and there certainly can be) which push the closing to the next day, you should do another walk through that morning as well to ensure that there was no overnight damage.
Don't have the moving trucks ready and loaded on closing day. If it gets delayed you will almost certainly incur extra costs to store your belongings in the truck. When the lawyers have closed the sale, you will receive the keys to your new home!
Remember,
Every real estate transaction is unique and it's impossible to go through every scenario that could arise. Having a Realtor to represent you is that smartest option. Having an agent looking out for you throughout the process outlined above can save you significant money and plenty of stress in the end. In most situations a buyer doesn't pay the Realtor so why not "hire" your own representation for free? Keep in mind, the agent whose name is on the sign represents the seller of the home and will be negotiating and looking out for the best interests of the seller. The selling agent has a commission built in to pay the agent that brings the buyer. Both you and your agent should sign a buyers contract to ensure that you have proper representation when negotiating the sale of a property.
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