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Needs Assessment
Clearly identify your needs and desires in your new home. Think about what qualities are important to you including your likes and dislikes. What characteristics are you looking for including price range, minimum amount of living area, and timing of your move?
Finding a Real Estate Professional
Buying a home is one of the most important investments of your lifetime, and a real estate professional can provide a remarkable value. It is important to seek a professional that has a reputation for honesty and integrity and operates with professional standards. An agent helps to simplify and to guide you through the real estate process while offering insight on homes and neighborhoods. A true professional is also aware of current market trends and can offer advice on important issues as well as ensure the timely completion of the transaction.
Searching for a Home
Once you find the right agent, make sure you clarify your needs and your goals for finding your new home. Begin to gather information about your desired community and view some of the homes within it to inform yourself about the local market. It is also important to obtain a mortgage pre-approval early in your search. This ensures that you are realistically viewing potential homes and also strengthens your offer when you are ready to purchase.
Making an Offer
Once you have found your home, it is time to make an offer to the sellers. Usually an offer is made in writing and includes the price you are willing to pay, a suggested date for closing, a deposit amount to be held in escrow, and any contingencies like home inspections, financing, or sale of an existing home. Often, the details of your offer tend to depend on the local market and whether homes are selling quickly or more slowly. Regardless of how you structure your offer, the seller has the right to accept it, reject it, or present a counter offer.
Conducting the Home Inspections
Generally, buyers make their offer contingent upon home inspections, which examine the home and its systems for any problems. Inspections should be conducted by an impartial professional and are usually paid for by the buyer. If the inspection results are satisfactory to the buyer, then the closing process begins, but if the results reveal problems that are unacceptable, then the buyers may withdraw their offer or re-negotiate the contract.
Closing on Your Home
After all negotiations are completed and all contingencies are met, it is time to close on your new home. A closing is usually scheduled 30 to 45 days from the time a final contract is signed, and all parties must be present or represented for the final review and signing of papers, which after being recorded in the registry of deeds, transfer ownership to the buyers. Meeting contingencies and completing paperwork in a timely manner are imperative to the success of your transaction, and therefore a seasoned agent can considerably improve your closing experience.
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