Step 1: Deciding what you want
Start by creating a prioritized list of features you want in your home. Use it as your guide throughout the home buying process, but always remember that depending on your financing, you may need to make some adjustments. In addition, talk to your real estate professional about where you want to live. Location is a huge part of any move. Jack Christenson Real Estate professionals are trained to help their clients narrow down their choices by sharing market trends and local information like neighborhood statistics and community links.
Step 2: How much can you afford?
Now that you know what you want, it’s time to see what you can afford. You can start by using our mortgage calculator.
When you’re ready to take the next step, you can get Pre-approved for a mortgage. This process accomplishes two important goals. First, it will tell you how much house you can afford and what your monthly mortgage payment would be. Second, it tells the seller that you can afford to buy their home.
By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property.
Step 3: Shopping For Homes
Once you have picked a neighborhood you would like to move to and have an idea of how much home you can afford, its time to start looking for properties. Beginning this search online can help you save time since it will help you find homes that meet your criteria.
Next, begin visiting homes in person. Ask your Jack Christenson real estate professional to arrange visits and attend open houses that are in your target area and target price range. Remember to keep an open mind when you are looking at homes. Use a Virtual Tour to help you visualize what the house you interested in looks like.
Step 4: Making An Offer
Once you find a home you want, you need to make an offer for the house. Typically this is a very difficult time since both parties have different goals. In most cases, it is better to have a third party, such as a Jack Christenson real estate professional, negotiate the offer. If you have any personal interaction with the homeowner, don’t give out any information about your move, your current housing status, financial status or your feelings about their property. This could be held against you in future negotiations.
This might also be a good time to consider purchasing a home protection plan. These insurance policies can be purchased by the buyer or seller and help protect against unexpected costs or home repairs during the listing period or in the initial years after your new home has been purchased.
Step 5: Inspections and Insurance
After your offer is accepted you will need to set up, coordinate and interpret various inspections, including pest, radon, general home inspection, oil tank, well and septic, title, etc. You will also need to arrange for homeowners insurance and finalize the mortgage.
This is a major step in the buying process and there are many potential problems that can be discovered during this period. These include a leaky roof, radon gas, damage from pests such as termites or carpenter ants, and structural problems, to name a few. The difference between closing on your dream home or perhaps having to start the process all over again is what occurs during the negotiations between you and the seller.
Your Jack Christenson real estate professional can help make these negotiations go more smoothly. In most states you also have the option of a “walk through” before you close on your new home. This is your final chance to make sure that all the items that have been agreed upon were completed to your satisfaction.
Step 6: The Final Closing
Before you arrive at the closing, make sure all the necessary paperwork and deposits have been completed. If the mortgage, title work, homeowners insurance and other items necessary under local and state laws, are not completed and brought to the closing table, the closing may not happen on time. And, depending on what the contract states, this could result in further action including financial penalties and even the loss of your right to the home.
Once you close, it’s official…you own the home! But there might be a few things you want to do before you move in. These include turning on the electricity, updating your new address with the local post office, general cleaning, etc.
But whatever you do, make sure you let your Jack Christenson Real Estate professional guide you through the entire process.
If you’re next move is out of Jack Christenson Realtor’s marketing area, out of state, or even out of the country, JCI’s affiliation with Leading Real Estate Companies of the World™ means that we will help you find a Realtor who specializes in relocation and will help you find your new home and get you settled in your new location.
