Is's an Exciting Time for a Rookie Homebuyer
In buying your first home, you'll want to work with a professional who has the experience and offers the services that will make this an exciting time for you. A home purchase is an investment in your future, and the equity you build as well as the pride in home ownership makes it a smart decision any way you look at it. However, in buying your first home, you'll most likely face a lot of questions, so it's important for you to understand what's involved in the home buying process.
- Agrees to pay commission to both the listing agent and the buyer's agent
- Might help pay some of the closing costs
- First and most important step
- Determines what you can afford
- Helps you decide which mortgage is best for your situation
- Shows the seller that you're a serious buyer
Looking at Homes
- Make a list of your wants and must-have's
- Your REALTOR® will send you homes of interest via email
- Be sure your REALTOR® schedules your home tours for you
- You'll visit and walk-through homes and Open Houses until you find "the one"
The Purchase Offer & Negotiations
- Decide on your offer price
- Decide the loan-type you want
- Discuss closing costs, who pays for what, closing date, and home inspection
- This is the time to ask for any special stipulations
- Required at the time you write the contract
- Usually an amount between $500 and $5,000; about 1% of your loan
- Kept in the broker's escrow account while contract is fully negotiated
- At closing, it's credited back to you as part of your down payment
- If the contract does not go through, the money goes back to the buyer
- If the buyer is in default of the contract, however, they could lose their earnest money
Your Contract to Purchase is Accepted!
- Contact your lender and apply for your mortgage loan
- Set up a home inspection
- Negotiate with the seller to fix any items found on the inspection report
Before & After Closing
- Contract your insurance agent for homeowners insurance - required at closing
- Closing takes about one and a half hours
- Sign all the papers; pick up keys
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