By Anja Wright
Whether we want to admit it or not, there are times in our lives where we are indecisive. The idea of making possibly the most important investment decision of one’s life can be daunting when it’s not clear where to start. Many home purchasers feel the need to do their research, looking in newspaper classifieds, reading articles online like this one, or frequently attending open houses. Knowledge is power but not having enough time or energy to review everything down to the finest detail is a major issue for people who need to move within a certain time frame. No one is happy making a decision without all the facts. Still, many home buyers feel like they should be able to find the “perfect house” in any market. Some of our most common excuses as purchasers looking for “the one” are, “If only I had the right agent, I would be able to find my house” or “If I wait long enough, I will get the home I want”, or “I haven’t found the right lender yet/ My credit is still too bad to buy a home”. Please keep in mind that any decision making process is difficult without all the information but it’s just as difficult when decision-makers have too much information and little expertise or specialization in the field of interest. Let’s say for a moment that your dream house is out there and that finding it is the hard part.
There are 7 easy steps to get from point-A to point-B in any home buying process. No matter what happens from now until you decide to move, the key factor to keep in mind is you the purchaser. Without home buyers, sellers are unable to move and get their home sold. Understanding our own wants and needs and ability to achieve them is the best place to start whether we’re buying a home, a car, or even an appliance.
Below, I have outlined the 7 necessary steps you need to take if you’re serious about moving.
Step 1. Determining Your Needs and Wants Figure out why you are looking for a new home. Establish a time frame for how soon you would like to move. Ask yourself what location you would enjoy the most and think about how your new home should look and feel.
Step 2. Get financing Find out what kind of home you can afford. Will you be purchasing with cash or do you need a mortgage? If you need a mortgage, get in touch with a lender and ask for a mortgage pre-approval. Shop for better interest rates and terms by getting a pre approval from more than one lender. A better interest rate may help you purchase a better home.
Step 3. Find a real estate agent Look for an agent you can trust. Find someone with a good understanding of home prices. Ask friends or family for referrals. Pay attention to the agent’s online testimonials.
Step 4. View Properties Use this time to educate yourself. Your real estate agent should give you a comparative market analysis at every home viewing. Review the price and condition of each home you see. Over time you should be seeing homes that are increasingly more suitable to your wants and needs.
Step 5. Make an offer Now that you have found your dream home, submit a competitive offer. Create an offer that is likely to be accepted but doesn’t pay too much. Remember, you will need to sell the home eventually so submit a price that you think someone else would pay a few years later. Prepare to negotiate with the seller to come to an agreement. Get a home inspection.
Step 6. Close on your new home You’re almost done! During the closing process ownership of the home is legally transferred from the seller to the purchaser. In New York state, closings take an average of 45 – 60 days if the purchaser is using a mortgage. Coordinate with your agent to find a real estate attorney to help you through the process.
Step 7. Move in and enjoy Congratulations on the purchase of your new home! At the closing you will receive keys to the home and a copy of the title report and property survey. Put these documents in a place that you will remember as they will be crucial in the resale of your home. You can download my full guide to purchasing a house free by clicking the link below.
Posted on August 29, 2014 at 9:13 am by Anja Wright