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July
24
24
A Cheat Sheet For Home Buyers
Whether you need additional space or are looking to build wealth, buying a home is a major financial goal for millions of people. When you're ready to start the home shopping process, it's easy to be intimidated. Real estate transactions are complicated, and home purchases are a big decision. This is why it's so important to trust an experienced real estate professional to guide you through the process. To make things a bit easier for first-time buyers, our real estate agents created this quick cheat sheet to help you get started:
- Start By Getting Pre-Approved
To kick off the home shopping process, you'll need to get pre-approved for a mortgage. A pre-approval is a tentative commitment from a mortgage lender to fund your home purchase up to a pre-defined amount. Getting pre-approved is easy — all you need to do is fill out a quick application and supply your paystubs, W2s, and bank statements. The lender will pull your credit report and then decide if you're eligible. Pre-approvals are usually good for 90 days. - Choose Your Real Estate Agent
Before you can start touring these Nassau County homes for sale, you'll need a real estate agent. An agent will help you find local listings that match your criteria and show you homes in person. The quality and experience of your agent are very important because they'll also be submitting offers, negotiating terms, and guiding you through the closing process. - Schedule Home Tours
When you discover a home that you think you'll like, go check it out. Many new listings have open houses, which makes it easy to tour a home with an appointment. Remember, the average home buyer will look at 8 to 10 homes before making an offer. Home tours are a really good way to define your likes and dislikes. - Create A Compelling Offer
In a seller's market, you need to create a compelling offer, and offers come down to much more than just the asking price. Contingencies, inspections, earnest deposits, financing, and closing dates are all important aspects sellers consider when choosing the right offer. Even if you don't plan to offer top dollar, there are many ways to make your offer attractive. - Submit Your Mortgage Application
Once your offer is accepted, you should call your lender immediately and formally submit your mortgage application. Your mortgage loan officer will help you through the process, and your lender will check your credit again. Mortgages can take anywhere from 3 to 8 weeks to close. During this time, it's important not to change jobs, take out a loan, or make a big purchase. - Schedule Your Inspections
After the home goes under contract, you'll have the opportunity to conduct inspections. If you made your offer contingent on these inspections, then you'll have the opportunity to negotiate once the results come back. The general home inspection is likely to turn up some items that require attention. You can ask the seller to fix them or deduct them from the home price. The seller has no obligation to do so, but your real estate agent can help to negotiate a deal that works for both sides. - Sign The Papers
On the day of the closing, you can expect a ton of paperwork. The good news is your real estate and title agent will go over everything with you before you sign. Then finally, you'll be handed the keys to your new home.
There is a lot involved with buying a home, but you don't have to navigate it alone. Contact us today to start your home search.