Home Buying in 43072>Question Details

Chasity Meye…, Other/Just Looking in Saint Paris, OH

what is the process of buying a house fo the first time?

Asked by Chasity Meyers, Saint Paris, OH Thu Jun 24, 2010

i am interested in a house 7 have no idea how to go about buying it

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3
Chasity,

Our recommendation is to begin by reviewing or establishing/updating your monthly budget accounting for all income and expenditures. Once this is accomplished you will be ready to meet with a loan specialist to determine appropriate lending programs and the amount for which you qualify borrow.

With this done you will be ready to meet with a real estate professional and commence a meaningful home search by targeting homes and neighborhoods within your price range. Your agent will be able to walk your through the purchase process.

Take it, one step at a time..........................

Good luck,

Bill
0 votes Thank Flag Link Fri Jun 25, 2010
Since you have a house you are interested in, I would contact a lender first and request a pre-approval and make sure you find out how much you can afford. Mortgage brokers that represent portfolios of lenders are a good option to shop around.

Next, find a local real estate agent to be your buyer's agent. Ask your buyer's agent to schedule a showing for you for the home.

If you like the home and you are comfortable that you can afford it and that you can get financing for it, then work with your buyer's agent to make an offer on the property. Your agent can help you determine if the asking price is in line with the current market conditions and help guide you on a good offer amount. Your buyer agent will submit your offer along with your pre-approval letter for a mortgage. The seller will either accept, reject, or counter offer your offer. This negotiating phase may go back and forth a few times.

Once you and the seller agree on an offer price and if they accept your offer, you would typically then schedule a home inspection. If the home passes your home inspection, you would then move on to signing the purchase and sales contract and then closing the deal.

I have a home buying process checklist that I provide to all of my first time buyer clients. Send me an email if you would like me to email it to you. It is a pdf so I cannot post it on Trulia.

Good luck!
Web Reference: http://teamlefebvre.net
0 votes Thank Flag Link Thu Jun 24, 2010
The first step - find a recommend Realtor - talk to friends and family and find an agent who comes highly recommended. The second step is to contact a lender. Take a copy of the listing sheet with you so that you can get accurate quotes from the lender. It is important to know all the details going in before you ever make an offer. Once you are happy with rate, payment, financing amount, closing costs etc., You will then want to ask your agent to put together a buyers competitive market analysis for that property. This will pull sold properties that are located near this property and similar in square feet, amenities etc. Then you can make an educated decision about the offering price for this property.

Good luck and happy buying!
0 votes Thank Flag Link Thu Jun 24, 2010
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