Having fun and purchasing a home are two phrases that are rarely used in the same sentence. Buying a home is a major investment, and the process of securing a mortgage and negotiating a price is complicated. Most buyers are unaware of the confusing steps that are involved, but don’t worry.
We can make it less stressful!
Buyers are intimidated by the various dimensions that make purchasing a home troublesome ?the legal aspects, the financial aspects, dealing with brokers, agents, insurance, and others purchase concerns.
But understanding these steps can make buying a home an enjoyable experience.
Step 1: Assess your finances
This step determines the buyer’s ability to afford a home. The buyer may want to consult a financial adviser as to the strategy he or she may employ in paying for a home. This is important especially if the buyer has a troublesome credit history and other financial obligations. The buyer must also reach a compromise between payment capability and desired property.
Getting a letter of pre-approval shows the seller that you are serious about buying a home. This certificate gives the seller the assurance that you have enough money to buy their property. Securing a Pre-Approved certificate would range from a few days to a few weeks depending on the status if the request. It’s worth the trouble of waiting, especially if it increases your ability to reach a fair compromise on price.
Step 2: Survey the Market
With the explosion of information, it becomes more exciting to search for possible properties. Newspapers, advertisements, referrals, brochures, and even the internet all give the buyer more choices and better options. Buyers should take full advantage of this information glut to facilitate his or her decision regarding a house. Remember, real estate agents search new homes on a daily basis. Use this knowledge to find your “dream home.?br />
Consider the Multiple Listing Service. The MLS is a database - an extremely convenient way to know what properties are for sale at any given moment. This makes it very useful to real estate agents and brokers.
The MLS is like a huge property warehouse. When a property is available for sale, it enters the warehouse. When it is sold, it leaves the warehouse. The MLS allows the user to search by property type, asking prices, and amenities.
The MLS only contains information since real estate cannot actually be stored in a warehouse. This information comes from the various brokers that exist in the scope of an MLS.
First of all MLS is very convenient. Buyers can browse through the available properties listed on an MLS. Using the MLS also does not cost anything. It is a free service that is sponsored by the Realtors advertising their available properties.
Step 3: Learn from Others
If the buyer is a first-timer, he or she does not have to make the common mistakes first-timers commit. He or she should contact people who have been in the same circumstance and learn from their experience.
Many of the steps seem confusing at first, but become clear with experience. Information is widely available, in books, in the internet, and from your friends and family.
Step 4: Find a Suitable Agent
This is one of the most underestimated, yet important aspects of home buying. Most buyers end up with an agent by sheer accident. It would do well for the buyer to do research and contact an agent whose strategy and skills fit the buyer’s needs. Buying or selling a house is a thrilling experience. But connected to this is a stressing and overwhelming job. This calls for a good real estate agent.
Verifying the real estate agent’s license is very helpful. It pays to be very cautious because this involves the property! This includes their state license in selling a property. Ask for the previous homes sold for a client. Knowing the trainings and seminars they’ve attended would also give the client a grasp on the abilities of the agent he would be hiring. Trusting your agent is necessary, so take the time in selecting the right agent for you.
Develop a good chemistry with your agent. An agent needs to understand what is important to you when searching for a property, and when negotiating with the seller. The agent should be able to tell their client the true worth of the property. Meet with your agent frequently so they can keep you up to date about new properties.
In selling a house, the agent acts as the adviser. He gives the owner advices like the asking price of the property and acts as mediator between the buyer and the owner. In buying a house, the agent acts as the researcher. They also do the legwork and sort through which properties best suit the need of their client.
A skillful agent can save the buyer a great deal of trouble and is instrumental in a successful sale.
Ask friends and family who they have used in the past, and ask them if they would use the same agent again in future transactions. Trusting your agent will save the buyer from a great deal of grief later.
Step 5: Close the deal
A great deal of discussion and paperwork is in involved in closing a deal. However, if the preceding steps were accomplished well, this step will be taken care of. Here, the buyer and the seller come to terms with the financial details, paperwork, and other details vital to the sale. By properly planning and educating yourself, you will now be the proud owner of your dream home!
Christopher Zack makes the whole home buying experience fun and simple! If you would like to get great tips and tricks to buying a home visit Great Tips.