Are you interested in becoming a homeowner but would like a little help with the process? Here are few suggestions to simplify the tasks from start to finish:
STEP #1: Ask for a Free, No Obligation Buyer Consultation. One of your best resources to gather information as a potential homeowner is a buyer agent. The real estate industry has changed dramatically, and buyers now have access to professional representation in the same way as a seller. During your consultation, a buyer’s agent will explain the home buying process to you, gather information about your needs and describe how you will work together to purchase your new home. STEP #2: Ask about financing. There are many loan products to choose from, so ask your buyer agent to help you consult with a mortgage lender to determine which financial option is right for you. Or Click here to find a mortgage advisor. There also are state and government programs designed specifically for first-time homebuyers. STEP #3: Get pre-approved for a loan. It's critical to be pre-approved for a loan because it serves as a commitment to lend a specific amount based on the information you provide. A pre-approved loan gives you the confidence and buying power you need.
STEP #4: Do your homework. Get to know the market where you are interested in living. Spend time researching different neighborhoods, school districts, transportation, and other home buying criteria that are important to you. Go online to sites such as ColdwellBankerMoves.com to obtain information on buyers’ resources. Doing this type of homework gives you a better understanding of what is available and at what price.
STEP #5: Simplify your search. Create a checklist of the important features you want in a home, such as location, or the number of bedrooms or bathrooms. Other questions to answer: What will the commute to work be like? Are there shopping centers, parks, and schools located near the home?
STEP #6: Make an offer. Once you find the right house, work with your agent to make the right offer. Make sure the offer is contingent on two items: 1) You're able to obtain adequate financing (if you haven't already done so), and 2) you can pull out if the property doesn't pass the home inspection and the owner can't come to terms with how to fix the problems. Be prepared for counter-offers from other buyers and some negotiation with the seller. Make an earnest money deposit, which is a check you will give to your agent to indicate you are serious about buying the house. The check will apply toward the sales price if the deal goes through; if not, you get it back. If an offer is accepted, it goes to the contract phase.
STEP #7: Be safe, not sorry. You've found your dream home! Now you need to fully understand what you’re buying. Making an offer contingent on an inspection by a registered home inspector can save thousands of dollars by avoiding unseen problems. In the contract with the seller, it should state any necessary repairs to be made before the closing. Prior to closing, walk through the house to see if the repairs have been made.
STEP #8: Protect your investment with homeowners’ insurance. Lenders require homeowners’ insurance to protect the new homebuyer's interests as well as their own. There are many providers so shop around for the best rates.
STEP#9: Get ready for the closing. This is where the seller and buyer sign settlement-closing papers to transfer the ownership of the home and all transactions are finalized. If you need any assistance or guidance throughout the home buying process, please feel free to contact me. Respectfully,
Gloria Benaroch, CRS, CSP,E-Pro, SRES,Coldwell BankerBroker AssociateFluent in French, German and Russianmailto:[email protected]
Cell:732-245-4031 Fax:862-345-2303Search the MLS: http://GloriaBSellsHomes.listingbook.com/