Buying a house is a significant milestone in life – one that requires careful planning and consideration. However, I know many of us get that overwhelming impulse to buy something as we deep dive into Zillow in the late hours of the night. If you feel that sudden influence to invest into the real estate market, let us walk you through the first essential steps of homebuying.
- Contact Lender for Preapproval
We suggest getting a preapproval letter before you even start peeking at homes. Don’t torture yourself. It helps you reaffirm your financial readiness to make one of the most significant investments of your life. Reaching out to your lender for preapproval ensures that you have an up-to-date understanding of your borrowing capacity and the most suitable loan options available to you. Additionally, it demonstrates to sellers that you are a serious and well-prepared buyer, potentially giving you a competitive advantage in a competitive real estate market.
- Find Real Estate Agent
Next, find yourself a trustworthy real estate agent that can bring a wealth of knowledge and expertise to the table, helping you navigate the complexities of the housing market. They have access to extensive listings, enabling them to identify properties that align with your preferences and budget, potentially saving you time and effort in your search. Beyond these practical benefits, a real estate agent serves as a trusted advisor throughout the entire process, providing guidance, answering questions, and ensuring a smoother, less stressful home buying journey.
- When You Find ‘THE ONE’, Schedule a Showing
In today’s market, you should feel less anxiety over buyer competition. Rates are currently high, so there are less buyers in the marketplace. Give yourself time to schedule a showing & experience the property beyond the listing photos and descriptions. Scheduling a showing is an opportunity to connect with the property on a personal level, ensuring that it truly meets your needs and preferences before making one of the most significant financial decisions of your life.
- Send Property to Lender for Estimates
If you tour a home, and you love it, send the property address to your lender for estimates. By providing your lender with the details of the properties you are considering, including their purchase price, taxes, and potential monthly expenses, you can obtain accurate estimates of your mortgage payments and closing costs. This information empowers you to budget effectively. Moreover, it enables you to compare different properties in terms of affordability and helps you avoid any last-minute surprises during the homebuying process.
- Submit an Offer
Submitting an officer is the point at which you officially express your interest in purchasing the property and outline the terms of your proposal. Your offer will typically include the proposed purchase price, earnest money deposit, desired closing date, contingencies (such as inspections and financing), and any special requests or concessions. The seller will then have the option to accept, reject, or negotiate your offer. If your offer is accepted, it just got real.
It doesn’t end here. There are many additional steps to purchasing a home. The process can be intricate and at times challenging, so before you make the impulse decision of buying a home – please be aware of the above steps. You want to approach each step with diligence, patience, and with the guidance of trusted professionals. If you want to learn more about the homebuying process, visit www.digitalbuyersconsult.com for more information.