Steps in buying a home?

Question

What are the steps to buying a home? We are first time home buyers.

Answer 1

First, you talk to an agency that is going to give you a loan amount. That way you can start looking at houses in your price range. After you find out what amount you're pre-approved for, you can find a Realtor. They will help you look for houses in all the specifics that you want. Then you find the perfect dream house and make a bid. Your Realtor will write out the paperwork and you sign. If it's accepted, which may be rare for your first time, you work out all the specifics, get the house inspection, and walk-throughs out of the way. Then you accept the house as-is or with exceptions. Then you go through Escrow, which is the time you wait for all the paperwork and stuff to go through. After Escrow closes, usually a month or more, you sign a ton of paperwork and then you get your keys and move in! If your bid does not get accepted, you will have to look again and do it all over again. We had so much fun looking for our new home! Just remember, there are lots of people that will/may win the house of your dreams. And they will take it from under you! Just try not to get too attached to the houses you put bids in for. Have fun and good luck!

Answer 2

Hi, I am a real estate broker, and I would advise first-time home buyers to get pre-approved for a mortgage before looking for a house. This makes the process a lot easier for all parties, and in applying for a mortgage you will know exactly what you can afford, thereby circumventing any surprises in the buying process. Also, in this competitive market, being pre-approved is key to having an offer accepted, if you are competing against other qualified buyers. So it is a very big and important step. You can ask friends, lawyers, accountants, etc., for recommendations on great mortgage brokers, and shop around if you are not happy or feel comfortable with the rate and terms you are getting. Then its time to find a great agent and figure out your parameters and strategy. Good luck! I hope you find your dream home! :-)

Answer 3

We bought our first home last month, so I understand where you're at.

1. Get pre-approved for a loan.
2. Start looking at homes.
3. Find a real estate agent.
4. Find a home you want to buy.
5. Put an offer in.
6. Read terms of counter offer.
7. Sign a purchase agreement.
8. Have the home inspected.
9. Have the title work done on the home (real estate agent will probably take care of this.)
10. Call your insurance company and get insurance on the home - before the closing date! (You'll have to pay a year up front.)
11. Sign a million and six papers at closing.

Good luck!

Answer 4

It is very simple. First off get approved with your Bank for how much you are entitled too shop for. I was approved at $160,000
It depends on how good your credit is.

Then go shopping for your Home. If you can't find what you want then and only then do you choose a realty company to search a home for your standards. Some of them are out to sale quickly and make that commission off the sale and not really trying to help you get what you want. So watch that!

When you find the house that you want, your agent will handle it and most of the time if you get a motivated sellers he will pay part of the closing cost though, it is your job to do that, but I got lucky and they paid half at my request or no sale. I won that argument.

Make darn sure you get a fixed interest rate when you buy.

Answer 5

If you are first time home buyer you may want to check into bond money and this will give yu a lower interest and an easy avenue towards what they call points,
If you choose to go another way : You find the house you want then your realtor will find a bank or someone to loan yu the money and then if you make enough money and have very few bills and a good credit rating you are now on yur way to becoming a home owner

Answer 6

I would go to a bank and see how much home you can afford to buy. They can check your credit ratings and pre-approve you for a certain amount then find a realtor you like and start searching for your home. Go to open houses on the weekends to get an idea of what you want in your house.

Answer 7

First off, contact your bank about the different types of loans available to you, contact a Realtor, they can also help you, you should be eligible for a First Time Home Owners Loan . Hope this helps..

Answer 8

Set your cap on buying a house close to a community where you can shop without a car and reasonably priced. You'll be glad you did in coming years when shortages start coming up on gas. And make sure you get the best bargain, for prices are definitely taking the slope downwards.

Answer 9

Contact your bank about the different types of loans available to you, contact a Realtor, they can also help you, you should be eligible for a First Time Home Owners Loan

Answer 10

Try to work with a reputable realtor with lots of experience in the specific neighborhood you like.

Get help from a good real estate attorney in your area before you sign any contract or papers (including from realtor).

Research lending sources in the internet. Find the best deal for you. (listen to advice from others but do your own research)

Be sure to include in your contract everything you want or you think you might want later. Put it down in clear and defined language (no if and buts).

Make sure your attorney writes down a very broad and favorable "scape clause" just in case you change your mind before closing.