Important landmarks in a buyer's journey
Most Home buyers start Searching online to get an idea of home prices in locations of their choice. Use the calculator to find out the total monthly expenses including property taxes and insurance which may to go up with time. It helps to set a budget and get a realistic idea of what one can afford. Find a knowledgeable agent to help you through the home buying process.
Shop for the best mortgage you can find. Mortgage brokers usually provide a better deal versus banks, but check with both and compare the cost of services as well as the speed of loan approval.
Create a checklist of your requirements like number of rooms, quality of schools in the area, age of the home, amenities etc. and check them against every property under consideration. This will save you a lot of time and help you to focus on the homes that are right for you.
Once you like a home, your agent can write and send offer to listing agent. Your agent can help you to negotiate the good terms and price for you. Once your offer is accepted, the home goes under contract. A lot of actions need to be taken after this stage. Your lender also starts the loan approval process.
An inspection is ordered by your agent to find any hidden faults in the house. If a house has any major structural issues, you may want to cancel the contract within Due Diligence period. If there is no major issue, the lender orders appraisal to make sure that the home is priced right. Lender may require that certain repairs be done before final loan approval.
Lender checks your income, debt, credit, bank balance and many other parameters to approve your home loan. If everything goes as expected, the lender will issue Clear to Close. Closing attorney will then schedule the date of closing and let both the parties know of their responsibilities.
Finally, all the efforts by every party involved in the process bears fruits and closing is done, usually in the office of closing attorney who manages all the money and it’s distribution as laid out in the contract. He also creates the transfer deed, gets signatures and sends out documents for registration at county. Buyer gets the keys.
An agent plays a very important role in getting the whole process of home buying to the conclusion. Experience and knowledge plays a crucial part whenever a tricky situation arises or an emotionally charged buyer or seller needs to be calmed down and assured. One needs an agent who puts a client’s interest before his. You need an experienced pilot who safely lands you to your destination flying through storms and turbulences.