The path toward homeownership can be a long and winding road. By thoroughly
understanding each step of the process, homebuyers can avoid obstacles, eliminate uncertainty, and experience the excitement of finding a house to call home. You can break the home-buying process into eight essential steps:
Find the Real Estate Agent
To start your home-buying journey, it’s important to hire a real estate agent. With expertise in the real estate market and process, an agent serves as a trusted source of information to help you make decisions. There are countless brokerages and agents
to choose from, so the challenge isn’t just finding an agent, but finding the right
agent for you.
The next step is to get pre-approved for a mortgage. Pre-approval means the lender has all of your financial information, your credit history and score, your DTI (debt to income ratio) and more, in order to provide you with the loan amount you are
approved to borrow and at what interest rate.
Search for Homes
After determining your budget, it’s time to begin searching for homes. Be realistic by identifying your wants versus your needs before beginning your search.
Make an Offer
Once you find a home you love, your agent will prepare to make an offer based on the price and terms you choose. Including an offer letter helps distinguish yourself from other candidates.
Negotiating a contract is one of the most crucial aspects of your real estate journey. It’s also the point at which your agent’s expertise can make the most dramatic difference.
Inspections and Appraisal
A professional home inspector will examine the home to identify any damages or fixes that need to be made. Using the inspection report, your agent can negotiate with the seller to get the damages fixed or price compensated in the final sale. Though
in this current market, the inspection report may be for informational purposes, only.
Additionally, your lender will order a home appraisal to determine the accurate value of the home.
During the closing, you and the seller will sign all necessary documents to finalize the sale and transfer the ownership of the property.
The long-awaited home is officially yours. It’s time to start boxing up all your belongings. To relieve the stress of moving, preparation is key.
Please consider The Myers Team your resource for all things real estate. We have over 32 years of real estate experience, specializing in (but not limited to) the Montgomery County area. If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at 301-910-9910 or email me at email@example.com.