If you have decided that you want to purchase a home, you may know that you need to get your finances in order and that you need to get pre-approved for a mortgage before you begin searching for your home. When you find the right home that you want to purchase, you need to know how to get the home of your dreams.
Make an Offer
When you find a home you are interested in purchasing, you need to put in a written offer. Your real estate agent or a real estate attorney can help you create your offer. When you make your offer, you need to make sure that you add in a few contingencies. A common contingency is to allow for a home inspection before you sign the final purchase contract and to allow you to back out of the offer if the home inspection uncovers information or expenses that you didn't anticipate.
If the home has other offers, you may want to be more aggressive with your offer. You can offer below, at, or above the asking price for the home. You can also ask the seller to cover the closing costs for the home purchase.
Get the Home Inspected
Next, you need to get the home inspected. You want to hire a qualified home inspector to carefully inspect the home. The home inspector will provide you with a detailed report of the condition of the home, which should let you know about any areas of the home that you are going to need to fix up or repair. The home inspection will let you know if the home is as nice as you think it is or if there are hidden problems with the home.
Get Further Testing Done
The results of the home inspection may require you to get further testing or inspections done by more qualified professionals. For example, if the home inspector thought something was off with the septic tank, you would want to get a septic tank professional to come out and inspect the septic tank.
Consider the Contingencies
If there are issues with the home that you didn't know about prior to the home inspection and testing, you can ask the homeowners to fix the issue, ask for a reduction in price equal to taking care of the problem, or you can back out of the deal, often without losing your earnest money.
The Closing Process
Once you are satisfied with what you know about the home, the closing process begins. During the closing process, a title search will be completed to make sure that the ownership of the property is clear. A final walk-through will occur to make sure the home is still in good condition, and then the transfer of ownership will be finalized.
If you have further questions about how the steps involved in actually purchasing a home, you are going to want to talk to your realtor for further clarification.Share
8 January 2020
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.