Wednesday, March 3, 2010

I want to buy a home and dont know where to start?!

Here is a simple list of key things that you need to do in order to make the process of buying a new home simple and easy. The process can be complicated, but with a little guidence the process can be fun and exciting. Read the below for a step-by-step process that will guide you through the process and make everything much simpliar.
1. Find a mortgage professional who you trust. Provide your financial information and get pre-qualified for a home purchase. A good mortgage person will help you determine not only what you can afford (or tell you what price range to search to stay within a specific monthly budget), but they will also help you ensure that you get the best interest rates. They may make recommendations on how you could easily lower your debt to income ratio or raise your credit score so that you get the best mortgage rates available.
2. Decide on what you want in your perfect home. Besides the obvious questions like # of bedrooms, consider some of these questions as you determine the right home for you: How far away do you want to be from work or family? How long do you plan to live in your next home?
3. Find a Realtor that you feel comfortable with and that you can trust. Work with them on your specific wants/needs. Your agent will provide advice throughout the process as well as send you home choices to view and tour properties with you. They will also assist you with negotiations, inspections, and attend closing with you. Don't ever pay a Realtor to represent you as a buyer - the sellers pay the real estate commission for the transaction.
4. Begin your home search. Start on-line with the help of your Realtor. Then view the homes that interest you. Once you find the right home, your Realtor will provide you with comparable sales data for that neighborhood and help you prepare your offer. Your agent will also help you through negotiations.
5. Once you are under contract to purchase your home, your Realtor will assist you with home inspections, selection of a home warranty company, and may help you with utilities, moving companies, and home owner insurance.
6. Your agent should be there with you throughout the entire transaction to help make sure that your move goes smoothly. After you complete and "close" the transaction you will receive your keys to your new home.

Of course there are other minor things that go on during the process and every situation has a unique circumstance, though with the right consultanting and the right realtor you will be please with your new home and a set of NEW KEYS!