"Today, it's just a house - Tomorrow, it is home."
Decided to buy a home? Home Buyers Guide to Realtors and Lenders
There are many good reasons to buy a home. Wealth building ranks at the top of the list. Home ownership is one of the best investments most people ever make; done right, home ownership becomes an investment that lays the foundation for a life of financial security and personal choice.
Base your decision to buy on facts, not fears
If you are paying rent, you very likely can afford to buy. There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run. The lack of a substantial down payment doesn't prevent you from making your first home purchase. A mediocre credit score won't necessarily stop you from buying a home. The best way to get closer to buying your ultimate dream home is to buy your first home now. Buying a home doesn't have to be complicated. Many professionals will help you along the way.
Hiring your agent
Typically, real estate transaction involves at least two dozen separate individuals: insurance assessors, mortgage brokers, underwriters, inspectors, appraisers, escrow officers, buyer's agents, seller's agents, bankers, title researchers, and several other individuals whose actions and decisions have to be orchestrated to perform in harmony and get a home sale closed. Your real estate agent's responsibility is to expertly coordinate all of the professionals involved in your home purchase and act as the advocate for you and your interests.
Secure your financing should be on top of your to-do list
While you may find the thought of home ownership thrilling, the idea of taking on a mortgage may be downright chilling. Many first-time buyers start confused about the process or nervous about making such a significant financial commitment. The steps necessary are as follows.
Choose a loan officer or mortgage specialist.
Make a loan application and get preapproved.
Determine what you want to pay and select a loan option.
Submit to the lender an accepted purchase offer contract.
Get an appraisal and title commitment.
Obtain funding at closing.
Home Buyers Guide to finding your home
You may think that shopping for homes starts with jumping in the car and driving all over town. Indeed, hopping in the car to look is probably the most exciting part of the home-buying process. Driving around is fun for only so long. Weeks go by without finding what you're looking for. The fun can fade fast. So, before the home search begins, carefully assess your values, wants, and needs, both for the short and long terms. Here are some home buyers' guide questions to ask yourself.
What do I want my home to be close to?
How much space do I need and why?
Which is more critical: location or size?
Would I be interested in a fixer-upper?
How important is home value appreciation?
Would I be interested in a condo?
Would I be interested in new home construction?
What features and amenities do I want and can live without?
Home Buyers Guide after you found your home
When searching for your dream home, you were just that a dreamer. Now that you're writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies. The price you offer must fairly reflect the actual market value of the home you want to buy. Your agent's market research will help guide this decision. Additional terms are as follows.
Schedule - are there events that must happen before closing?
Conveyances - what items stay with the house when the sellers leave?
Commission - how are the seller's and buyer's agent's fees collected?
Closing costs - is the buyer paying closing costs, or is it in the loan?
Home warranty - is the seller or buyer paying for repairs?
Earnest money - is the buyer making an earnest money offer?
Unlike most major purchases, once you buy a home, you can't return it if something breaks or doesn't quite work like it's supposed to. The home owner's insurance policy protects you against damage to the property itself, and in case someone sustains an injury while on your property.
An inspector should expose the secret issues a home might hide so you know exactly what you're getting into before signing your closing papers. Your primary concern is structural damage. Don't sweat the small stuff. Things that are easily fixed can be overlooked. If you have a big problem showing up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase.
Home Buyers Guide preparing to collect the keys
The home buying process's final stage is the lender's confirmation of the home's worth and legal status and your continued credit worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. Stay in control of your finances. Return all phone calls and paperwork promptly. Keep Communications throughout the week. Within four days of closing, confirm that your documentation is in place and order with your agent. Obtain certified funds for closing. Conduct a final walk-through.
Finalizing and Closing
On closing day, with the guidance of a settlement agent and your agent, you'll sign documents that finalize your mortgage, pay the seller, pay your closing costs, transfer the title from the seller to you, and make arrangements to record the transaction as a public record legally. Having clear expectations and following directions, closing should be a meaningful conclusion to the whole process.
Are you looking to buy or sell a home in the North Padre Island area?
Robert Ellis | Realtor | Levi Ellis | Realtor | Naomi Ellis | Realtor | Ellis Realty Group - Keller Williams Coastal Bend - North Padre Island