| So, you've heard all about the amazing bargains | | | | OK, you've looked at a number of properties and |
| that are up for grabs on the current property | | | | eventually found your dream home. After a little |
| market. You've sat down and made some | | | | bit of haggling, you make an offer that gets |
| detailed calculations, and decided that now is the | | | | accepted. But what comes next? How long will it |
| right time to dip your toes into the murky waters | | | | take until you actually have those all important |
| of home ownership. So, what next? | | | | keys in your hands? |
| First, secure a loan. Once you have preapproval | | | | This will depend on a number of factors. The |
| you will know exactly what you can afford, and | | | | closing process can vary enormously from one |
| therefore avoid wasting a lot of time looking at | | | | state to another, and in some cases even within |
| houses that are way outside of your budget. | | | | the same state. And there's the matter of |
| There are many types of mortgage and loans | | | | escrow... esc-what? Ask your agent, your |
| advisers out there, so take your time and shop | | | | attorney, your parents - do your homework, and |
| around until you find the product that best suits | | | | make sure that you are well informed on the |
| your needs. Be patient, a hastily made decision at | | | | issues that inform the closing process. |
| this stage could cost you dearly in the long run. | | | | However, before you proceed with any |
| And remember to take into account those 'extra' | | | | payments make sure that you instruct a qualified |
| purchases, taxes, fees and so on, that are all part | | | | home inspector to make a thorough inspection. |
| of buying a home. Allow yourself a comfortable | | | | This is essential. An experienced instructor will |
| safety net. | | | | provide you with documentation that will describe |
| Once preapproved, take your time looking only at | | | | the physical condition of the property and will |
| those homes that are priced well within your | | | | identify any flaws, and issues that need to be |
| financial limitations. Knowing that you qualify for a | | | | dealt with. It may be that you need to |
| loan, that will cover the cost of a preferred | | | | renegotiate your offer should anything significant |
| property, will help remove significant levels of | | | | show up. |
| stress from the whole house buying process. | | | | Assuming that the home inspector's report raises |
| Both the seller and yourself will be comfortable | | | | no significant problems, or any repairs that are |
| that any offer you make is good, and a quick | | | | identified are dealt with, you can then make a |
| decision should help speed up the whole process. | | | | payment and sign those all-important documents. |
| Appoint a reputable real estate agent. Again, take | | | | All you need to do now, is collect the keys from |
| your time here, as the level of service offered by | | | | your estate agent, go buy a bottle of something |
| agents can vary greatly. Most are certainly | | | | cold and fizzy, and head over to your new home |
| trustworthy and capable, but some will have | | | | and start unpacking your boxes and making |
| specific strengths that may lend themselves | | | | yourself comfortable! |
| better to your individual needs. | | | | |