How do I buy a house?

Question

What steps do I go about to buy a house?

Answer 1

You're best bet would be to talk with a Realtor. He or she can work with you to figure out how much house you can afford before you start to even look. They could also work with you on obtaining financing.

Once you've got a price range, you look at houses for sale until you find one you like. Then you make an offer on the house. The seller either accepts your offer or they counter offer or they reject your offer.

Assuming they accept it, then you start all the fun stuff of making sure your financing is in place, getting inspections, etc. etc. Don't worry about it. If you have a Realtor, you really don't have a lot of work to do here as the Realtor will be arranging for most of it.

Then you go to closing, sign your life away (on the mortgage documents) and move in.

Answer 2

1) You need good credit.
2) You need at least $10,000 although it can be done with less. Youwill need this money for legal fees, closing cost, down paymewnts etc etc. plus there might be some initial repairs depending on the condition of the house.

3) Ok go to a couple of banks and ask to be pre aprove for a mortgage loan. They will tell you what is the maximum they wil lend you. Also, they wil tel you if you qualify for any special programs like first time buyers rural development, low income or what ever. Take advantage of these.

4) Once you are pre aprove go house shopping. Being pre aprove is a good weapon. Between 2 people that want the house the person who already has the money wins. Money talks bs walks. If you are serious about a house make them an offer. You may need to put down some money for a contract. the contract says that you are serious about buying the house and there fore they cannot sell the house to anybody else. Make sure you talk to a realtor and take note of the legal bindings. There are many stipulations hat are there to protect you. For example, you can put a stipulation that says that buying the house is subject to passing inspection. It also say that certain things must be repaired prior to the final purchase. For example, the seler may agree to put new carpets. If they don't then you can get out of the contract.

5) Make sure you get the house inspected. Don't skip this test. If the house uses well water make sure it passes this inspection too. Also, make sure the house has no leans on it. The lawer should take care of this but, its good to know these things to make sure they do happen. People can be absent minded sometimes.

6) this should had been number one but take your financial situation into consideration when buying. Remember that you may have to pay property taxes, heating and or cooling cost, garbage removal etc etc that are usually not part of renting. Also, the distace from work and the conditions of the house.

Remember buying a house is a big investment. Make sure you are happy with what youare buying because is 30 years plus a lot of money. If you have a feeling that a particular house is not for you, listen to that feeling.

Answer 3

1) Get a downpayment. If you're wanting a $150,000 house, save up around $15000. That's 10%.

2) Go to a bank and get pre-approved for a loan. See how much is realistic for you. Apply for the loan.

3) Look at houses in your price range. Make a bid.

Answer 4

Contact a real estate, figure out your budget and what you can afford. Don't forget about taxes and interest too. Get pre-approved for a bank loan. Make a list of things you want in a house and neighborhoods you like. Good luck!! And be prepared to sign lots of documents.

Answer 5

Find an honest and reliable real estate broker first.

Then get a pre-approved loan. The broker will help you find a good one and explain it all to you.

Then you have to look for the perfect house for your situation and let your broker make you a great deal.


Whatever you do, don't get a loan from a spamming stranger on the internet, there are a BUNCH of scams out there.

Answer 6

Whatever you do, DO IT NOW
Banks are cramping down on loan requirements due to all-time high foreclosure (repo) rates. Go for an "FHA" or other Gov't loan...best bet.

And good luck.

Call a mortgage company, they're everywhere on God's green earth. A local one, not Quicken loans or something like that, those are for people with homes already who want to re-fi.
Find a house you like. Apply, get together last 60 days of pay stubs, last 2 yrs of bank statements, prepare for them to check you and any co-borrower's (Wife/husband) credit report. Prepare to explain any bad crap in your credit, maybe even typing a letter of explanation if you have bad credit marks. Get a signed proof of rent from your landlord (or they-the mortgage co-will send them one for them to sign) and save up at least 3% down. Which on $100,000 is $3,000 obviously. CASH, of YOURS, not borrowed. the bank will check your statements to make sure it's your money not borrowed.

THEN, hope you find a house in your budget, if you do, arrange a price, sign a purchase agreement,
wait for the mortgage co to send application (which consists of you signing about 10 papers) to underwriters who will examine everything and let you know if you qualify or not. if you do, you need to get an inspection (of the house you want to buy-by a licensed builder or home inspector), get an appraisal ($250-400 your money usually) and then wait for a closing date. Which consists of signing about 45 pieces of paper, literally. Then prepare for your rent to about double after you factor in taxes and insurances in escrow.

Other than that, piece of cake!!

Answer 7

I suggest pre-qualifying for a home mortgage if you do not have the cash for the entire payment. You will still need about 10% of the sales price for your down payment and closing costs. HUD has good information that is linked below. I wish you well in the pursuit of one of the great American dreams.

Answer 8

First thing you want to do is find out how much you can afford.

Answer 9

im sure there are hundreds of realtors who would compete to talk to you right now.