Your Lender Will Send A Closing Statement

Category: Finance, Real Estate.

For many people, owning a home is a sign of accomplishment.

Buying a home is no easy task, but if you follow these seven steps, you can take some of the hassle out of the process. But, like any other worthwhile venture, there are steps you must complete before you get the payoff. First, you need to decide on what you want and need in your house and neighborhood. For your real estate agent, your" wish list" lets him or her know what to consider and what to pass by. Creating a list of what you do( and don' t) want makes house and neighborhood selection easier for you. Next, you should handle the financial aspects. You don' t want to wait to get this done.

Getting preapproved or prequalified is a detailed process. When you are preapproved or prequalified, sellers are more likely to want to do business with you. (Being preapproved is more desirable than being prequalified because it means you' ve been through the necessary checks and lenders are willing to work with you. ) Third, start looking for a house. Now that you know exactly what you' re looking for and what you can afford, buying a home that fits those needs is a much more streamlined effort. Between you and your realtor, finding a house shouldn' t be a monstrous headache. Fourth, it's time for you to make an offer on a property. With your agent, you should take a look at other, recently sold properties comparable to what you' re looking for.

This, you should not do alone. Be sure to consider the size, amenities and qualities of a home when you create an offer. Once both parties agree, it is a binding document. At this point, your agent will draft a contract to show the seller. However, if the seller changes any terms, you( as the buyer) must agree to those changes before it again becomes a legal document. Once you' ve made an offer, the next step is making a deal.

This part can be have pitfalls, so be certain you review all counteroffers with your agent. This is typically the negotiation period. Some of those things include price, financing, closing costs, repairs and other property maintenance and move- in date. As the seller and buyer, the two of you can negotiate on many aspects of the home. Always try to negotiate based on information you have and your personal criteria. You' re almost through the process now. Never function on assumptions or guesses, or you may run into trouble down the road.

Of course, once you' ve made your deal, the next step is to prepare for the closing. Together, you and your real estate agent will go over the list of what you have agreed to do prior to buying a house. Closing is a very big deal in buying a home, so there are some things you need to do before the paperwork is finalized. First, you need to inspect the house. Also, you should have a third party do an appraisal, get your financing finalized and get your insurance. Taking a property sight unseen opens you up to a lot of problems in the future.

That way, you start off with everything in place. Any delays in finishing these tasks could derail your closing. And, you need to, lastly shop around for a home warranty. For these little" pre- closing" jobs, make use of your realtor. Step seven, is the closing, the final step itself. He or she should be able to give you all the information and direction you need. In this stage of the process, the home ownership is transferred legally from the seller to you.

Most of the people involved in the deal will meet at the company or lawyer's office to witness the closing. It's a formal occasion. A closing officer oversees the document signing, collecting and disbursing of necessary monies. Review this with your realtor and don' t forget to bring all necessary documents to the closing. Your lender will send a closing statement. These seven steps can help you be successful in buying a home. It is a lot of work, but when you have a plan, everything flows smoothly.