When you first sit down and decide that you want to invest in property, do you know the process that you will be going through? Buying a home can be a headache for most, but for those that have never experienced it before, they may develop a migraine.
Buying a home can be summed up in 5 easy steps that can be done in any order you so choose.
1. Hire An Agent.
- Agents will know of new properties that are going to be available that may not be on the market yet.
- There are some agents that will take a sneak peak of the house for you.
- An agent will let you know if a home is overpriced.
- An agent will drive you around, so there will be no need to waste your own gas.
- An agent can send you listings directly from MLS that meet your criteria.
- Try to look at a maximum of 7 homes. Anymore than that will begin to make you confused.
- Do some research on the areas you are considering and narrow your search.
- Select a neighborhood.
3. Get Pre-Approved For A Loan.
*For information about what type of loan is right for you, check out my last blog!*
4. Negotiate The Asking Price.
- Be aware that a seller can ask for whatever price they want. However, it does not mean they will get that price.
- Ask your agent for comparable sales and choose your price from there.
- In a buyers market, you may have an opportunity to pay less than the asking price. In a sellers market, expect to pay a little more than the asking price. Your agent should give you a good price range to start your negotiating.
5. Hire A Home Inspector.
- You need to know how your particular state handles a home inspection. Some states, the home inspection is done before an offer is even made. In other states, it is a contract contingency that will allow you out of the contract.
- If you love the house, and the home inspector finds a problem, ask the seller to fix it. They are not required to do so, but they may decide to, so that they do not lose your sale.
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