This is the 1st of 10 ?’s buyers ask……
1. What are the steps in buying a home?
a. First meet with a buyer’s agent (Realtor) that you are comfortable with. This agent will ask you to sign a buyer’s agency form that spells out what the agent will do for you in finding a home and your responsibility to work with that agent.
b. You will want to get approved by a lender for a loan. This will give you an idea of the amount of house that you can afford. Your lender will also give you a “good faith estimate” of the costs in getting your loan. Your buyer’s agent should have a couple local lenders that are top notch!
c. Start house searching!!! When you find a home your agent will fill out a purchase agreement with you. This purchase agreement will spell out price, closing date, financing, inspections, etc…..
d. Your agent will present your offer to the agent who has the home listed. The seller will decide whether they wish to accept your offer, reject your offer or counter to your offer. Your agent will then meet with you to discuss the seller’s response. You may have to counter to the seller a few times before coming to an agreement. The seller may counter on any of the terms in the purchase agreement, not just the price.
e. Your agent will now help you in lining up the home inspection, appraisal, closing, etc….
f. From the time you put in an offer until you can move into the house is typically 30-45 days. This can vary some depending on the wishes of the buyer and the seller.
g. Don’t quit your job or incur any new debt after being approved for a loan or your dream of home ownership will be lost.