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The Basics of Buying a Home
Information for Buyers
If you know what to expect - and you have a trusted team of real estate and mortgage professionals to guide you - finding and financincg a home can be an exciting and rewarding experience.
Here are some tips to get you started:
Obtain Mortgage Preapproval Before you Begin House Hunting
- Learn how much home you can afford
- Strengthen your bargaining position with sellers
Choose a Real Estate Agent
- Ask mortgage lenders to recommend agents they work with
- Select a reputable professional who will listen to your needs and you feel comfortable interacting
- Ask agents for references from former clients
Find the Right Home
- Determine the needs of you and your family
- Create a wish list of desirable features
- Take notes as you preview homes
Make an Offer
- Your real estate agent presents your offer to the seller, who will accept, counter or reject it.
- When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale.
Have the Home Inspected
- Hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, to reveal any safety hazards and give you a chance to reconsider the deal
The Home Will Be Appraised
- An appraisal, required by your mortgage lender, is a formal, written estimate of the home's current market value.
Obtain Title Insurance (where applicable)
- This guarantees that the property you are purchasing is free of liens of confusion in rights of ownership
- The policy insures against any losses to the property that result from defects in the title of deed
Close On the Property
- Ownership of the property is transferred
- A closing agent coordinates and distributes all the paperwork and funds
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