Buying a home is one of the biggest investments you can make for your family and it’s a major life decision. The process of buying a home can be very challenging but it is still possible to refine and make the process less frightening by having some well laid plans and steps that you can use to get it with ease.
The first thing you need to d before any undertaking is hiring an agent. You will be provided with the listing of properties that meet the standards that you want. The agents are also aware of any pending listing which is not even listed on the market. If you a hire an agent, they will visit the open house to preview the property. You will also be advised whether a certain home is overpriced or not because they agents are familiar with the market trends.
After you have hired a reputable agent, the second thing that you need to do is to search for the home. A lot of buyers usually focus on the online market when buying the homes without even stepping a foot on the property. Research show that people spend an average of 7 to 9 weeks on the online market trying to figure out the kind of home they would like to live. After they have identified the location and the neighborhood in which they want to reside, they take about 2to 3 hours to buy the home.
If you are not financially stable, you can then go to the lending institution and apply for a loan. The buyer need to first get a loan pre-approval to know the amount the lender is willing to offer and this will determine the value of home one can afford. There are institutions that first time home buyers are required to get the loans from because they have a minimum down payment which is less than the conventional loans. You can also get priority if you want to buy a foreclosed property.
After you have gathered the resources, you now need to negotiate for the offer. You should never make the mistake of comparing the offer that the buyer is giving you with another home that you have seen somewhere. The seller has the right to put any price tag on the property. The agent will compare sale information and examine the pending sales so as to help you make a wise and informed decision. However, you can compare the sale with a similar home at the same location than have been recently sold. With this information, you will have the confidence to negotiate and extend a reasonable offer to the seller that will feel comfortable accepting.
When the seller accepts the offer, you need to do the home inspection. The inspection is usually a contract in some states. The buyer has the right to cancel the contact if they are not satisfied with some features in the house. This protects the buyer from being locked in the purchase after a problem has been identified.