Please raise your hand if you’ve ever felt like a deer in headlights when it comes to buying a home.
When you think about all the legal hoops there are to jump through, you’re hit with form after form, killing any excitement you may have felt about buying a new house – never mind about finding the right financing.
Well, there’s good new: the home buying process doesn’t have to be that daunting. With the right experts on your team, you could easily find the home of your dreams – all without a single sleepless night.
Download the free slides, and we’ll walk you through how to buy your next home right now in this very blog. When you’re done you’ll know everything it takes to successfully navigate yourself through the real estate process. Ready? Let’s dive in.
6 Steps to Buying Your Next Home
1. Obtain Your Financing First!
Before you do anything else, you need to get your financial ducks in a row. Just like you would before you want to establish your credit worthiness and financial limits. Then you’ll know the size and scope of your home search. Keep in mind that your loan officer may ask for supporting documentation before your approval process can begin.
2. Find a Real Estate Agent You Can Trust
After you’ve been pre-approved, ask around or check the internet to find a reputable, experienced agent. You may want to interview a couple agents before deciding on one you feel comfortable hiring. Then take time to discuss your goals and expectations before making sure you and your agent are on the same page.
3. Start Your Search
It’s likely that both you and your agent will be trolling the Multi Listing Service (MLS) looking for properties that fit your specific criteria. Your agent, however, will also be tapping additional resources and networking contacts to bring other possibilities to your attention.
4. Once You’ve Found the Perfect Home
Now it’s time to put in an offer. Your agent will be carrying your offer to the seller and negotiating on your behalf to get you the best price possible. When the seller accepts your bid, you’ll want to hire a home inspector to check the property for things like potential foundation, roof, electrical and plumbing system defects that might present problems or additional costs.
5. Take Out the Required Insurance Policies and Get Your Loan Approval
So let’s say you’ve covered all the bases thus far, now you want to make sure you all the insurance you need. That would include home and title insurance for sure, but could include flood and mortgage Insurance as well.
If you are financing your home, your lender will require home and fire insurance to protect their investment. Title insurance will ensure that the deed to your property does indeed belong to you – that is, that a long lost brother from two owners back doesn’t suddenly appear and claim title to your property. If you home is in an area prone to floods, flood insurance may be required by the bank (and something you’ll like want to have). Finally, if you have a down payment of less than 20%, the bank will also require mortgage insurance if you should default on your loan.
6. The Closing
Last, but certainly not least, you and the bank, the title company, and possibly your agent will meet to make sure all the necessary documents are in order and the paperwork gets signed by all parties.
When all the T’s have been crossed and I’s have been dotted, you’ll be handed the keys and the house is yours. And you know what the best part is? Next time, the home buying process won’t feel as daunting.