Are you ready to start the process of buying your first home? If so, you may find that you are a bit overwhelmed by the important and complex process that lies in front of you. Thankfully, with the information below and the help of a few reputable real estate professionals, you will be able to complete this task successfully and begin enjoying the benefits of home ownership sooner than you think.
The very first thing you should do once you decide to purchase a home is to get pre-approved for a mortgage. This step is incredibly important because it will allow you to identify any possible financing problems you may have, as well as giving you a realistic idea of how much home you can afford to buy. Obtaining a pre-approval letter from your financial institution will also help sellers to take you seriously when placing a bid on their house.
Hire A Real Estate Agent
The next step in this process will be to seek out the assistance of a reputable real estate agent. Provide this agent with as much information as you can regarding your preferences in home size, location, and price. The more information you can give your real estate agent, the more likely they will be to track down a home that matches your criteria perfectly. Once you find the home that is right for you, it will be time to move on to the next step of the process.
Hire A Real Estate Lawyer
Before you even place a bid on a home, you will need to hire a real estate lawyer. This is very important because while a real estate agent will be qualified to help you locate the home of your dreams, only a real estate lawyer will be qualified to draft and review the documents necessary for you to successfully purchase the home of your dreams.
When placing a bid on the house you wish to buy, your real estate lawyer will likely include a variety of clauses in your offer that will ensure you are protected throughout the rest of the purchase process. For instance, it is quite common for a financing clause to be included in the purchase offer. This clause simply states that you can walk away from the purchase without penalty if you are unable to secure the financing you need to complete the purchase.
Your real estate lawyer like one from Lang Law Office will also ensure that you get the opportunity to have the property inspected by a variety of experts, including a structural engineer and appraiser. If you are unsatisfied with the results of these inspections, your lawyer will be able to terminate your purchase contract without suffering serious financial consequences.
After agreeing on the terms of your purchase, your real estate agent will set a time and place to host your closing. On closing day, all parties involved in the purchase will need to be present so that the final contracts can be signed and payment can be made. This is the most important day of the entire process because when you walk away from this final meeting, you will walk away a brand new homeowner.Share