When you purchase a home, it’s a big decision. The steps in purchasing a home begin when you make the choice to take on this large investment, and learn about the real estate market place.
Here at Red Blue Realty, we’re ready to assist buyers, and help you find the right property, evaluate your finances, and be able to afford the home you want in the neighborhood you desire.
The steps in purchasing a home including finding a real estate pro to be your guide through the buying process. We can help a client locate the best properties in a buyer’s desired neighborhood, and help negotiate the best price for a property, too. We’ll support our clients with handling paperwork and problem solving through every step of the purchasing process from finding the right house to closing the right loan.
One of the steps in purchasing a home that must come early in the process is pre-qualification.
Essentially, pre-qualification means that you’ll approach a lender for evaluation of your finances prior to making an offer to a seller. This way, you can figure out your budget and address any credit issues that might show up on your credit report, such as too many credit cards or late payments. Pre-qualifying also makes your actual loan approval easier on you, and makes closing a smoother, simpler process once you’ve found the property you wish to purchase and have made an offer.
When meeting with a lender, you’ll want to decide precisely how much you want to borrow, and what monthly payment is best for you. You will also want to discuss with your lender the loan type that’s best for you, and examine the pros and cons of both fixed conventional loans and adjustable rate or ARM loans. Once you decide on loan type and amount, and you’ve been pre-qualified, you can make a decision about how much to spend on a property. Now is the time to start searching for the right home for you.
At Red Blue Realty we want our clients to consider:
- desired square footage
-your level of interest in a fixer-upper property
-the choice between single family home or condo
Once you find your perfect property, you’ll have arrived at another of the steps in purchasing a home, and that’s making an offer. Red Blue Realty will help you present an offer by researching properties in the area to verify a home’s market value, and will guide you through the steps in making an offer.
Your offer should include:
-the price you can afford
-your terms, including the timing of closing
-any contingencies, which are the clauses that allow you to walk away from
a home if an inspection reveals any substantial defects
A home inspection evaluates the property for any structural and major defects and other damages. Once the home has passed an inspection, you’ll want to purchase a home owner’s insurance policy, which protects you against property damage and liability issues.
While you wait for your offer to close, you should avoid making any large purchases or taking on additional debt. You’ll want to present your lender with a conservative credit history straight through the step of final loan approval.
At Red Blue Realty we encourage you to stay in touch with us, and your lender, to make sure everything from insurance to funding is all in place by the closing date during this period. Now is the time that you, as the buyer, are about to complete the steps in purchasing a home.
But, even after the sale is complete, Red Blue Realty encourages you to stay in touch for up to date information about your home’s value, home improvement tips, and tax tips, as well.