What is the Process of Buying Home Checklist?
Wow! So you’re ready to purchase a home and wondering what the heck is involved. Well, you’ve come to the right place!
This post is about the process of buying home checklist.
Let’s dive into the top 5 steps in the process of home buying checklist:
1. Get Pre-Approved for a Mortgage
The first step in the home buying process is to contact a mortgage lender to get pre-approved for a mortgage loan. More often than not, you’ll be taken more seriously when you have a pre-approval.
The pre-approval process is when you submit all of your financial documents (income statements, bank accounts statements, etc) to a lender for them to provide a letter that states how much you’re approved to borrow, the purchase price of the home, and a few other key pieces of information. This is also when a hard pull is made on your credit. So be prepared!
2. Find a Real Estate Agent
This process can be quite challenging, especially to 1st time home buyers. That’s why it can be really beneficial to find a real estate agent. They’re professionals who are knowledgeable on all aspects of purchasing real estate.
3. House Hunt
Alas, the fun part! This is when you’re able to go to open houses, visit different properties, figure out what you like or don’t like, and ultimately assess them for personal suitability. Your real estate agent should also be able to provide a list of properties that line up with what you’re looking for.
4. Make an Offer
Wow, ready to make an offer? Exciting stuff! When you find a property you really like, you can make an offer! This is when you’ll work closely with your real estate agent, so they can submit your offer in time. You’ll let them know your purchase conditions (price, earnest money deposit, etc), and they’ll write up and submit the offer for you!
5. Negotiation
Once the offer is submitted, there could be some negotiation. The price and terms of sale are usually the most common levers you have during the negotiation.
To reiterate, part 1 of the process of home buying checklists are:
- Get Pre-Approved for a Mortgage
- Find a Real Estate Agent
- House Hunt
- Make an Offer
- Negotiation
There you have it! Interested in learning more about the process of home buying checklist? Check this post out for part 2!
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