The Home Buying Process
Buying a home is an expensive and emotive business. It might be one of the biggest decisions you will make in years. Once you decide that you want to buy a property somewhere there is an established process you need to follow.
First you need to get pre-qualified for a loan if you need one. This will show you, your realtor and the seller that you can afford the property when you find it. It will also save time and show them you are a serious buyer.
Then you get yourself a reputable real estate agent to help you in your property search. As good as the internet is, it can’t replace the local knowledge and contacts of a good agent. Even if you don’t like them, they are normally worth the effort!
Once you have found the perfect home and have decided you want it, you make your offer to the seller. Once accepted you will need to make your applications for finance if you need it. If you have been pre-approved your loan company will carry out a credit report, appraisal, survey, flood certification, tax check, inspection and will require title insurance.
This process may take a little while depending on your circumstances and the lender. Their underwriter will assess the loan and the risk involved and then approve or disprove the application. Once it has been approved, this is the time to get Homeowners insurance as your lender will require it to be in place before you get the money.
Then you will need to see the Settlement Agent who will get both you and the sellers to sign all the paperwork, including the contract of sale and all the lenders documents. Once this is done the title company will then issue the Lenders Policy to the lender and the Owners Policy to you!
Then you will own the property!
This may be a simplified view of the process, and it will certainly feel much more complicated and time consuming, but bear with it, as there is no feeling like owning your own place.
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