Affordability: As most of us do not have the luxury of buying real estate cash, the first step would be to qualify for mortgage pre-approval. Through experience is it best to work with a LOCAL lender. I can provide you with several in your desired area.
Qualifying: Your pre-approval depends on your creditworthiness. Lenders will need to review some of the required documents to get you started; but not limited to:
Searching for your home: Having received a pre-approval you will know exactly how much of a house you can afford. This helps to focus your budget and not waste time looking at properties out of your price range. With this range in mind and your desired amenities we can start looking and visiting homes that fit the criteria.
You have found the property that is right for you and have made your decision. Let’s make an offer! This is the time to negotiate terms and conditions that work for you. Along with price there are many moving parts involved in the offer process. Included but not limited to;
– Allows for enough time to complete home inspection, appraisals and any other conditions to be satisfied
-Items NOT included in a standard contract such as refrigerators, washers, dryers, and other chattels can be asked for
Once under contract it is now time to make sure everything is up to your satisfaction. This due diligence period is the time to perform all your investigations that could lead to a deal-breaking discovery. During this time we can refer you to some of the best home inspectors and have contractors that can help with any repair quotes as needed.
Home Inspection: I cannot stress this enough that a home inspection should be a MUST. Your home is a huge financial decision and identifying/correcting problems before a firm deal could say you THOUSANDS down the line. Sound sense dictates to enlist the services of a qualified home inspector. Some things to look for but not limited to;
Property visits: Spending time at the property can help to identify undesirable conditions.
Check the Paperwork: With the due diligence and home inspection out of the way, barring any problems we are now entering the home stretch. This is the time to get back in touch with your mortgage agent and double check the documents for any errors or changes. By doing this early you make sure there is enough time between now and closing to avoid any last minute hiccups. Prior to closing you will also need to arrange a home insurance. Do not hesitate to shop around to get the best rate you can afford while having the protection you need.
Final Walkthrough: Going through the property a few days before closing. Walk the entire property making sure and confirm the condition is up to what you and the seller agreed upon.
Closing Day: You have taken all the proper steps and precautions. All that is left is to pay the seller the remaining amount in order to take possession. This is done usually via bank draft or wire transfer from your lawyer. Your lawyer will also be in touch to let you know where you can go pick up the keys. Congratulations! you are now a homeowner.