Are you a first time home buyer looking for the right house? If so, you'll need to work with your real estate agent to purchase it. Here are the steps that you can expect to follow when you are preparing to purchase a home.
Make an Offer
Everything starts with making an offer. While you may think that you need to offer the exact asking price, you actually have some wiggle room. If there is not much interest on the house, such as it being listed for weeks with no offers, you can actually save money by making an offer below the asking price. If the home was just put on the market and there is a lot of activity on it, you'll need to go above asking price to beat out other offers. In the end, the seller has the right to accept or reject any offer that they receive. If rejected, you can always negotiate a new price with the seller until you come to an agreement on the final price of the home.
Notify Your Lender
Once an offer is accepted, you will need to notify your lender so you can start the loan application process. Hopefully, you already have a pre-approval letter, so it is only a matter of moving forward with a specific property and price in mind. The approval process can take a long time, so you'll want to get started on it as soon as possible.
Get a Home Inspection
You'll be given an opportunity to have a professional inspect the home for potential problems, which is known as the home inspection. You'll be given a formal report of all potential issues that the home has, and if your agent wrote the right clauses in your contract, you'll be given an opportunity to back out of the sale if necessary.
Renegotiate the Offer
The home inspection will also give you the chance to renegotiate the price of the home based on what the inspector found. For example, you may have discovered that the roof needs to be replaced, and you want a lower asking price to reflect the need to immediately replace the roof.
While all of this is going on, your lender will be working towards getting your loan approved by your closing date. Keep them updated on any change in the home's price, and be prepared to do a lot of waiting until your financing is approved.
Searching for a home a hundred miles away from where I was previously living was hard. There was no way for us to take a trip up to see every single house that we found online to see first-hand the condition that it was in and how big it truly was. I had to find a real estate agent that I could trust to help us find several houses to make a trip up to see in a single day. I created this blog after going through the buying process and making the move. It is my hope that if you are buying a new home far from your current one, that the tips here will help to make it an easy transaction for you.