Buying a new home? Buying a property or house can definitely be a joyful and rewarding experience for all. And the home buying process can be easy and at the same time confusing for some. So this article will provide you a short description of the overall home buying process.
Credit status – buying a property would definite start off from this. Knowing your current financial capabilities. These are through credit score or financial status. As a buyer this will inform you that you can only purchase a property based on your paying capability, or simple the price that you can afford based on your credit status and of course your income. This can be obtained through different agencies and companies that can provide you with you credit status report.
Knowing how much your willing to spend – knowing your budget will narrow down the list of houses that you can buy. Knowing what you want and what you need is the main principle on this. This will also help your agent provide you any recommendations and options that you can choose from.
Look for an Agent and Lender – Looking for an agent will be you next step once you have all figured what you really want and your budget in mind. Agents can be referrals or someone you have worked with before. And if you are purchasing a house via mortgage or loan, you would also need to find a lender where you can file for a loan or mortgage before the offer was sent.
Preparing all requirements – getting all the necessary requirement is critical since the buying process has a certain timeline that needs to be followed based on the offer submitted by the buyer. This will ensure a smooth transaction and completing all documents in a timely manner.
Property search – You need to look for the perfect house for you based on your budget and all your preferences. Your agent will help you in this stage of the buying process. Or if you have a house that you saw, this will be checked by your agent if it meets all the criteria of you buying this house.
Offer process – this is when a buyer sends out an offer to the seller, and seller reviews that offer for any counter offers.
Acceptance of offer – this is when the contract was accepted by the seller right before the ratification of the contract or the start of escrow phase. This is the preparation right before escrow begins.
Escrow phase – This is the stage where all documents in the transaction is kept by a third party company until all has been completed right before closing phase.
Closing stage – this is the exchange of key phase, where buyer is officially the new owner of the property, and after all documents has been signed by both parties.
Remember that buying process can vary depending on the state, and the contract or offer the buyer submitted to the seller. Make sure to check any contingencies or any changes and addendum the contract states, otherwise consult your realtor or attorney for any clarification.
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