The Buying Process

The Buying Process

It’s not rocket science to say that buying a home is one of the biggest, if not, biggest purchases of your lifetime. Buying a home is a financial and emotional decision that requires you to have stable resources, viable information, and knowledgeable support. When it comes to completing the following steps of how to purchase a home, whether you are a first-time home buyer or an experienced home buyer, excitement is high and energy is flowing. We understand you are more than ready to move in but how exactly do you start?Image title

  • Find your knowledgeable support:

Get in touch with a professional realtor who understands the local community and market. They will help you with the tedious process of forms, financing, inspections, marketing, pricing, and negotiating. Trust them to provide you with stable resources and viable information, after all, that is their job.

  • Mortgage Pre-approval:

Take the initiative to sit down with a mortgage lender to discuss and actually learn about how much house you can afford in order to get a leg up on your search. Having a consultation will not only narrow down your search but also present you with the options of how to finance your newly-purchased home. Get as much information as possible regarding your mortgage options and other costs of financing your home.

  • Where’s Waldo? Home edition:

Partner with your real estate agent to educate yourself about the local market, narrow your priorities, and make an informed decision on what you want in a home. It is suggested to view a couple of houses before officially deciding in order to make comparisons on price, house condition, and any other negotiations. You want to make sure you choose the house that you feel has the most home-appeal.

  •  Purchase offer:

Once you’ve found a home that has captured your heart it’s time to take some serious action. The next legally binding step, with the help of your realtor, is to write up a purchase agreement and signing a real estate contract, officially committing yourself to move forward in the purchase with the seller.

  • Disclosure Review:

This next step is presented by the seller with means to provide the buyer with a preliminary title, disclosure documents, city reports, and any other relevant local documents. The seller will also include any issues the property has that would affect the value or habitability of the property.Image title

  • Appraisal & Inspection:

At the appraisal process some buyers will go ahead and put forth a certain amount of money as a down payment toward the purchase price. An appraisal is the banks way of making sure the contract price is the right price. Once the appraisal is approved an inspection will be conducted in which the inspector will check the foundation and roof of the home along with all major systems such as the heating/cooling and electricity

  •  Loan approval:

It is a forewarning that the loan approval process can take up to a month for the bank to do its full review. The bank will fully approve your credit, debt, and income history as well as the property’s preliminary title report. Once approved: you’re guaranteed a loan and one step closer to closing!

  • Final Walk-Through

A couple of days before actually closing the deal, the buyer will want to take a final walk-through the property in order to make sure it is in the condition it was previously when you last saw it. You also want to make sure any fixes that were negotiated were in fact completed.

  • The Closing:

Show up to closing with a photo ID and be prepared for your signature to be notarized. Your agent, attorney, or escrow officer should send over a closing statement to review the money you need to bring to the closing and the final closing numbers. If possible, ask for a statement early so there aren’t any last minute surprises going into the closing. If you’re a buyer getting a loan: be prepared to sign dozens of documents! Disclosure: The buyer and the seller may sign documents together or they might sign them separately depending on the specific situation

Congratulations! You now own a home!Image title


Brian Cordova Headshot
Author:
Phone: 210-865-7653
Dated: April 25th 2016
Views: 145
About Brian: Brian offers a wealth of knowledge when it comes to your real estate needs in San Antonio. Whether y...

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