Journalists and writers frequently compile home buying checklists and post them online. Hence, home seekers must go through the annoying checklists while yearning for a text from a veteran real estate agent. Fortunately, this home buying checklist comes from a full-time realtor:
Find a real estate agent
To begin with, an expert real estate agent will respond to all your queries and even guide you towards better decisions. You will treasure his advice until after buying your home. Before looking for sales price and available homes compared to your financial strength, you should look for a competent agent. The guidelines below will assist you to locate a trustworthy and dependable agent:
- Work with an agent that a close friend of yours recommends. They will often present experienced agents who will meet your needs ethically. Rather than hiring the next agent, use open houses, referrals and other references to go for one who understands your market well.
- Study the strategies of dealing with a realtor. This way, you will enjoy the entire process.
Talk to Mortgage lenders
There exists a wide range of lenders, each providing specific types of loans. Your real estate agent will recommend an ideal lender other than your general banker. For the best loan offer, consider the following:
- Obtain your free credit report online. Never pay for FICO score because mortgage lenders always use varying services.
- Do not fall for an attractive lender’s website. Instead, research on diverse places of acquiring a mortgage loan.
- Choose a loan that suits you. You can consult with your agent over easier ways of receiving funding. Remember, the seller must also accept the financing contingency.
Organize Your Finances
Once you know the amount of your down payment, you should save those bucks and secure your financial position. Mortgage lenders will look through your revenues and savings account. In case they witness unexplained flows of lump sum amounts, they might withdraw from contracting with you. Hence, you should explore seasoning- keeping the funds in your account for at least three months. Ensure you do the following:
- Obtain a pre-approval letter
- Do not dilute your monies or invest in expensive purchases on credit. When undertaking this, you must look out for issues that could negatively affect underwriting and hence cause sellers to reject your loan.
- Identify common approval mistakes that home buyers commit in order to avoid them.
Find the Ideal Home
Upon complying by this home buying checklist, you can proceed to buy your home confidently. In addition to being prequalified for the purchase, you own the funds and you are working with a competent real estate agent. To get your ideal home, you should:
- Select your preferred neighborhood and look for a home that you can afford with your desired range of amenities
- Merge your agents’ listings with homes that you find online for the best house
- Look into government seized homes and foreclosures even when they might not be the best alternatives.
Make a Purchase Offer
Listen to your agent in order to avoid writing offers that sellers reject. To avoid rejections, you can use the following tips:
- Make your purchase offer immediately you spot an ideal home because of the competition from other buyers
- Ensure your offer outsmarts others when you come across multi-offers for the same home
- Make an irresistible offer upon studying your real estate market.