Seven Simple Steps to Buy Your First Home

“What do I need to do to buy a house?” This is the questions I get from most of my customers, when they call me the first time.

This is a very good question. It’s really hard to know all the details and steps involved in purchasing a home, if you are not involved in real estate on a daily basis – and most of you are probably not.

Based on my many years helping people to buy houses, I’ve distilled the process down to seven simple steps. Each buying situation will have its own unique fine points, but these seven steps are crucial in most situations.

So, let’s get started:

Proof of Financing. It is crucial that you can show a prospective seller that you either already have the cash to buy a home, or that you can obtain a large enough mortgage loan. Otherwise, you should not be house hunting in the first place. A letter from your bank stating that you have sufficient funds available will suffice, as would a pre-approval letter from a lending institution. Call me if you need referrals for loan officers.

List of Requirements: Create a wish list of everything you are looking for in a home. This includes the area you want to live in, the school district, the size of the house (bedrooms, bathrooms, square footage), if you need a yard, a basement, a garage, and most importantly what price range you can afford. Once you settle on an area, drive around the subdivisions to get a good idea of the houses available. Also, write down the addresses of homes listed for sale.

Find a good Real Estate Agent. How do you determine good from bad? Look at the realtor’s track record. How many houses did she successfully close last year? You want an agent with a great track record. You also want a realtor who specializes in buyer representation. Do not engage the services of an amateur with a realtor’s license. After all, working with a realtor to buy a home costs you nothing. Her commission will be paid by the seller once the property closes. Call me if you haven’t chosen a realtor yet. I promise you great service and attention.

Looking at Houses: Give your wish list from Step 2 to your realtor. Based on your preferences, she will locate a number of properties that fit your list, and send you their addresses. Go online and look at them. Most listings these days come with pictures, and some even offer virtual tours. Choose the 5 you like most, and then ask your realtor to set up showings for you. Bear in mind that this first round of showings will probably not be the only properties you’ll tour. It often takes 15 viewings to find the right home. If the home you want is out of your price range, consider making some concessions for a good lower-priced home.

Writing an Offer: Most likely there will be one or two Columbus houses you like. You can envision yourself living there and already make plans on how to arrange the furniture. This is a sign that you need to write an offer. Your real estate agent will have a standard contract and can advise you on property values in the area. An experienced realtor will also be able to give you a good estimate of what the seller will accept. Your realtor will also recommend contract terms, such as inspection periods and other contingencies. The real estate agent submits your offer to the seller’s agent and helps you respond to a possible counter offer.

Property Inspection: Once your offer is accepted, many steps have to be put into motion. First you’ll have to go to the lender who pre-approved you and submit your final paperwork for the official loan. At the same time, the lender will order a title search, and a property appraisal and survey. You will need to hire the services of a home inspector, but your realtor can schedule the inspection with the seller. Plan to accompany the inspector on his tour of the home. He will probably spend 2-3 hours examining the house from top to bottom and will explain to you whatever he sees along the way. You will learn a tremendous amount about your new home from him, including the condition of the roof and in what timeframe you might need to replace it. The inspector will send you a written report which you should review with your realtor. Depending upon the findings, you may need to go back to the seller o request remedies to problems.

The Closing: Once the property has passed an inspection and been successfully appraised, your agent or your lender will schedule a closing for the home with a title company. Title companies manage all the necessary paperwork and legal filings involved in transferring property from one person to another. The closing itself is a meeting where you and the seller sign the documents that transfer ownership. Most closings take 30-60 minutes, but you can speed up the meting by coming to it prepared. The day before the closing, the title company swill send you a copy of all the documents to be signed the following day. Make sure to read them before the meeting and come prepared to ask question.

Once all the documents have been signed, the house is yours and you will be given the keys to it. Now it’s time to celebrate.

About the author: Susanne Novak is a full time Columbus real estate agent specializing in helping home owners buy properties at discounted prices. Read her blog to find and buy the best Columbus OH Homes for Sale.

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