10 Steps to Buying A House
1. Define Needs- Define your needs in a house. Is it a big kitchen? A pool? Do you need another garage? Whatever the need, start off by making a list.
2. Pre-Qualify- You need to know in what price range to look. You can either get pre-approved, or approved for a mortgage.
3. Local Information- In deciding which neighborhood to move into local information is to help in assessing what location is best for your needs. Information such as schools, communities, churches. Is it far from work? There are several items to consider since you are not only buying the house, you are buying into the neighborhood.
4. Home Search- Now its time to search for your home. Be sure and take your list with you.
5. Make Offer- You have fallen in love with a home, now its time to make an offer. Your real estate agent will consult with you and advise you on how to create an offer that will have the best chance of being accepted. Your agent will ensure that you have everything down in written form... no verbal agreements. After consulting with your agent to put your offer in a written contract that meets all the legal requirements according to local and national guidelines, your agent will present the seller with a written document detailing what needs to be done by both parties to execute the transaction. The contract should protect the best interests of all parties involved and should be comprehensive in nature. Your agent will also ensure your financial position as the buyer by including any necessary contingencies, which would protect you if a particular requirement were not met. Once the seller accepts it, it may be too late to make any changes.
6. Negotiate- Keep in mind that almost everything is negotiable when you are buying a house. Some of the things that you may have to negotiate are:
· The price
· Financing
· Closing costs
· Repairs that need to be done
· Appliances and fixtures
· Landscaping
· Painting
· Occupancy time frame
7. Vendors-For instance, the property will need a thorough examination. Working with your lender, you may need to have a formal appraisal and a survey done for the property designated in the contract. A property inspection, a foundation inspection, and an environmental inspection may also need to be completed to make sure that the property is up to the standards set forth in your written agreement. If there are issues or inconsistencies brought to light during this time, it may delay or even nullify the contract depending on the contingencies set forth in the contract.
8. Pre-Close-At this point, you and your agent should find out what form of payment you will need to bring to the closing for any unpaid fees. Make sure that your payment is made out to the appropriate party.
9. Close-"Closing" refers to the meeting where ownership of the property is legally transferred to the buyer.
10.Post Close-Congratulations on the purchase of your new home!
Cesar Alvarez, Realtor 210-846-3174
thehometeamrealtors@yahoo.com
