How to buy a home

From ArticleWorld

When looking for a home , do not buy the first one you have seen. Look to see how a couple of homes stack up against each other before purchasing. In truth, most buyers see 5 to 10 houses before making a choice. Next, look at the history of sales in the neighborhood. This will help you to compare effectively, and not end up with a lemon. Also, make certain to have a loan pre-qualification letter- for your offer to be sincerely considered you will need this letter. In addition, be prepared to negotiate closing costs with the sellers. It might surprise you to learn that what you can have a seller pay for. Did you know that sellers can withhold further closing costs from his taxes?

When you get the sells contract make sure it is in writing, and that it is legal. If necessary, have a real estate attorney look it over. Next, get a home inspection, to not do so would be a mistake, purchasing a home is important and one does not want to be lazy with the details. Also, make sure the seller put all repair requests in writing so you will be protected. It is necessary that you meet all the contract deadlines, and verify all the conditions of the house before you sign your loan papers. To do this, have a final walk-through in the house. Lastly, have all your money ready for the last day (closing day), if you do not want delays.

Do’s

Do make sure you compared your home to others in the neighborhood, so you are not paying over the buyer’s market. Do have your loan pre-qualification letter completed before you make a bid. If you do not do this your home loan can be closed, this will end your chances of trying to buy the house. Do work with a lender that closes purchases for a living. Also, be aware that you can discuss with the seller your closing costs. Closing costs are not set in stone. It is important to know that you can have the seller pay for a home protection plan to warranty major systems in your newly brought house.

There is a chance you can get up to 3% of closing cost paid if you discuss it in the beginning. What they do is put the costs into the actual sales price of the house you brought, and this can really save on the upfront cash outlay. Do make sure your real estate contract is in writing. Do make sure the real estate agent give you a copy of your contract. Do make sure you get a basic purchasing contract from the internet source or your local stationary store, this is if you buy a home from a private party.

Don’t

Don’t skip the home inspection. You can have the seller repair any of the items the home inspection encountered. Also, give the repair request to the seller in writing, plus his responses. Next, ask the seller to give you a receipt of the repairs and require that the repairs be done by a licensed contractor. The funds, for the closing, might needed to be wired into the account of the Title Company or Attorney and/or need to be verified ahead of time by the actual lender, so make sure you have all the funds needed a couple of days ahead of time.

Don’t risk your deposit by being late for deadlines, keep your contract deadlines for inspections. Also, review any reports and loan approval. Don’t fail to have a final “walk-through” to make sure all of the repairs have been completed by the seller. Don’t fail to have your funds wired to the title company, escrow or attorney’s account. The lender is going to need all funds confirmed at least 24 to 72 hours before the closing. Don’t fail to follow the steps that have been laid out, if you want a profitable home purchasing experience. Don’t leave off to signing up for utilities until the last minute.

Fact

The fact is that a real estate agent probably knows a good lender that works with buyers, and some do refinance loans. You will need a lender, who with the buyer, will be more sensitive to contract deadlines and get the loans closed on time.