A Checklist of Steps Leading to the Purchase of a Home
Having a checklist when purchasing a home can assist you with any concerns you may have about the process and ensure that it goes as smoothly as possible. While it is impossible to guarantee that everything associated with your house purchase will be easy and go smoothly, you can reduce your risk. Here are some important things to consider when creating your home-buying checklist:
Know What You Want and Can Afford
The more houses you view, the more you will know what you want. It is important to establish a budget from the start and stay within its criteria. Knowing your criteria of “likes” and “dislikes” before you start the process will help you to avoid wasting time. Narrow down your criteria but do not be afraid to expand your search if you come across the unexpected.
Be Prepared – and Pre-Approved
If you want to be taken seriously by the seller and your real estate agent, be prepared. Conduct due diligence on reputable lenders to work with you on purchasing your home. It is important that you get a pre-approval letter from a lender before making an offer. It makes the seller aware that you have the means to buy the house and are a good candidate for the seller.
Understand the Negotiation Process
Negotiation is an important component of the process of buying a home and starts after an offer is presented. The seller may counter your offer with a different offer, in that case, it is advised that you work with your real estate agent to reach an agreement. You will still be expected to have a home inspection that may lead you to renegotiate the contract.
Embrace the Home Inspection
Embrace the home inspection as a way of discovering any problems the house may need to have addressed. Whether you ask the seller to fix, those problems will be up to you. Many buyers are eager to have problems fixed prior to moving in, providing an opportunity for additional negotiations with the seller.
Additional Steps Leading Up to the Closing
Once you are satisfied with the inspection, there are additional steps you will need to add to your home checklist.
- The Appraisal: An assessment of the market value of the home.
- Title Company: You will need to work directly with a lender to answer questions and provide documentation requested by the title company.
- Approval of Mortgage: You will need to get fully approved for your mortgage.
- The Closing: The closing is the time when the deed is passed on from the seller to the buyer. Most closings take 30 to 45 days from the time you agree on a contract until it is fully closed. When you close is the time to rejoice as it names you the official owner of your home.
The more you know about the process of buying a home, the more comfortable you will be with that process. The home buying checklist above will help you see where you are throughout the process, and reduce your level of stress.