Simplified Steps To Home Buying

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Here’s a simplified step-by-step guide to buying a house.

1. First off have a duplicate of your credit report and see if there are any glitches on it. Clear it up as best you may as you need good credit to buy a home.

2. Proceed to your bank, ask to speak to a loan officer and inform them you need to buy a home. They will offer you a Pre-Qualified house loan letter to fill in. This document may cost you anywhere from $30 upwards to acquire.

3. Search for a realtor. This costs you nothing as the seller pays the realtor to find a buyer. Realtors have databases that permit them to find a house that is suitable to your needs and budget.

4. Meet with the realtor and inform her or him exactly what kind of house you want, how much the financial institution mentioned they’d loan you and where you want to live. Your realtor will then provide you with a list of houses to look at.

5. Have a look at the homes recommended by the realtor and once you find one that you want get a Disclosure from the seller. The Disclosure is a list of problems that the house might had and the seller is needed to provide you those by law.

6. In the event you can live with what you learn in the Disclosure settlement then you should get a suggestion from the realtor about how much you must offer. Usually you give slightly less than what the seller is asking for the house. If you are undecided what the home is worth then ask for a List of Comparables. These will let you know the worth of similar homes that have offered in the area. This should provide you with an idea of how much the home is worth.

7. Officially make the offer by signing a contract. To indicate that they have accepted your offer they’ll sign the contract too. At this point you’re obliged to buy and the seller is obligated to sell though some contracts are worded carefully so either can back out of the deal.

8. Pay to have the house proficiently checked. This costs $300 or more. If the inspection turns up issues that weren’t listed in the Disclosure then you can ask the seller to lessen the price of the home or walk away from the deal.

9. Have the house assessed by your bank. This makes sure that you’re paying what the house is worth. A financial institution doesn’t need to loan you $200,000 for a house that is only worth $125,000.

10. Find an insurance agent and get a quote or a comparison shop between two or three organizations in case you want one. The cost of this insurance will be added to your closing costs.

11. Closing the deal. You go to the office of the title company or attorney (generally chosen by a lawyer or title company.) Be sure you bring a blank check to cover the entire down payment and the closing costs (which sometimes might be surprising as there might be miscellaneous fees.)

Another great article by London Ontario Luxury Homes. Unique version for reprint here: Simplified Steps To Home Buying.

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Topics: Real Estate | Comments Off

Tags: Business, Finance, home, house, houses, Investing, Real Estate

Article Citation
MLA Style Citation:
Millar, Tara "Simplified Steps To Home Buying." Simplified Steps To Home Buying. 9 Apr. 2011. uberarticles.com. 7 Apr 2012 <http://uberarticles.com/real-estate/simplified-steps-to-home-buying/>.

APA Style Citation:
Millar, T (2011, April 9). Simplified Steps To Home Buying. Retrieved April 7, 2012, from http://uberarticles.com/real-estate/simplified-steps-to-home-buying/

Chicago Style Citation:
Millar, Tara "Simplified Steps To Home Buying" uberarticles.com. http://uberarticles.com/real-estate/simplified-steps-to-home-buying/

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