Are you thinking of buying a new home? Would you like to get the best deal and experience a simple, stress free process?? If your answer is yes then this blog will be priceless to you.
Step 1: If you want to buy, you must be pre-qualified
You wouldn’t go shopping without knowing what’s in your wallet, would you? Starting to shop for a home without knowing your buying power first would be similar.
Step 2: Shop until you drop
Find a reputable realtor and let them guide you through the selection process. If you value your time, don’t waste it doing someone else's job. Plus, the data you may have access to might not be current or accurate.
Step 3: Make them an offer they can't refuse
The negotiation process is an art form. With advice from your real estate professional, present a reasonable offer. Low ball offers and ridiculous demands will only make things more difficult. Remember, while this may feel personal, it is strictly business.
Step 4: Attorney review and inspections
You don't tell your dentist how to fix your teeth, do you? Well, your dad's friend who practices criminal law shouldn't be your legal representation in a real estate transaction. The same goes for inspections — home inspectors are certified and trained, so if they make a mistake, you have legal recourse. Discounts from family and friends are great, but risking a large investment to save a couple of bucks is not a good idea. Tell your uncle Al to leave his tape measure and tools at home.
Step 5: Show me the money
If you're not sitting on a pile of cash, you will likely need a mortgage. Once your offer is accepted, everything revolves around the mortgage process. The key to success is working with a knowledgeable mortgage professional who's readily available and easy to communicate with. Don't make your selection solely based on interest rates. If you're working with reputable lenders, the rates should be very close if not exactly the same as one another.
Step 6: The closing
You’ll be signing a lot of papers at your closing, so make sure your hands are well rested. We also suggest having a bottle of champagne on ice to celebrate. There should be very little stress involved in your closing if you’ve followed the steps laid out here. After the paperwork is completed, you'll have the keys to your new home!
Give us a call today at 201-808-8181 to take the first steps towards becoming a homeowner — we’ll walk you through it!