Buying a home is one of the most exciting times of your life, but it can be stressful without the proper knowledge and preparation. Check out these 6 steps to buying a house before you begin the search for your new home.
Step 1 – Financial Preparation
The three major credit agencies that provide information to creditors are TransUnion, Equifax, and Experian. What many people don’t know is that each agency can have different details about their credit information. It’s important to secure your credit report from each one of the agencies. Look for any errors in information. If you find anything, contact the agency to have things corrected. Make it a priority to pay off any creditors that are the source of negative marks on your credit history.
You can expect to need a down payment when you’re purchasing a house, but don’t just stop there with your savings. You’ll need money on hand to pay for other expenses that pop up during the home buying process. Have a nice cushion for closing costs, a good-faith deposit, and any needed renovations once you take possession of the property.
Step 2 – Real Estate Agent
Ask friends, family, and business associates for their recommendations when it comes to real estate agents. You’ll want a real estate agent that fits your needs. If you’re looking for waterfront property, you’ll want someone who specializes in that area.
When interviewing potential real estate agents, you’ll want to ask about their communication style. Find out how often you can expect to be updated on the status of your transaction. You want someone who communicates at the highest level and keeps your needs in mind. Question them about their previous experience and how they plan to use current technology to help in your home search. Choose a real estate agent that genuinely cares about your desires and will listen to you.
Step 3 – Pre-Approval Letter
Searching for the perfect house can be an adventure, but you don’t want to waste time looking at homes outside of your price range. Start the home mortgage loan process and get a pre-approval letter that lets you know exactly how much home you can afford.
Your pre-approval letter adds credibility to your offer when you do find a house that catches your eye. A seller may receive several offers at the same time. Your pre-approval letter could be the factor that gets your offer noticed and accepted.
Step 4 – Searching for Homes
Once you’ve gotten your finances in order, saved a sizable amount of money, and received your pre-approval letter, you are ready to begin the home search. It’s a good idea to create a list of items that you feel are must-haves in a property. Know which items you are willing to compromise on and which items are not up for compromise.
You can use real estate websites to search for homes within your price range. Searching this way saves time and provides you with important details. What could be better than touring home from the comfort of your living room? You real estate agent is a wonderful resource when it comes to searching for homes because they have access to the most current real estate information.
Step 5 – Making an Offer
Once you’ve found the perfect home, it’s time to make your offer. Your real estate agent will help you come up with an offer that will catch the attention of the seller. Several offers could be made at the same time, and you may need to move into negotiations. Trust your real estate agent’s knowledge and experience in this area, and let them negotiate on your behalf.
Step 6 – Closing
After your offer is accepted, you’ll be on your way to the closing. This is where you will pay your down payment and closing costs. You’ll sign the needed paperwork and take possession of the keys. Your real estate agent will be with you throughout the home buying process. Always feel comfortable contacting them when you have questions.
Call Bogle Realty Group at 909-762-5861 to tour available homes for sale.