Nate Yovina
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| AFFORDABLE HOUSES AND CONDOS IN WATERBURY |
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Nate Yovina |
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STEPS TO BUYING YOUR FIRST HOME |
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5) ACCEPTANCE 6) CLOSING |
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Why do you need a Realtor? As a first time home buyer you especially need the services of a Realtor who will protect your interests, find suitable candidate properties for you to consider and guide you through the complicated process finalizing the purchase of the property. As a Realtor I can offer you the benefit of my experience and knowledge to help you purchase your first home. Back to Top
Before you can effectively begin the search for your new home it is important that you know two things. First, how much house can you easily afford to purchase. Second, how much financing is a lender willing to provide based upon your income and credit history. To find the answer to these questions you will need to meet with either a mortgage broker or a bank. In my experience mortgage brokers are more aggressive in finding you the best loans. They are more responsive and are ready to service your needs no matter what day or time it happens to be. In most cases you will get a "Pre-Qual" letter from the lender. This sets your spending limit based upon the information that you provided. This letter will be used in two ways. First, it gives your Realtor an upper limit for his property search. Second, when you submit an offer on a property that you found it gives the Seller confidence that should he accept your offer that you will be able to obtain financing. Back to Top
Now your Realtor will spend time discussing the requirements for your new home. He will work with you to determine the size of home you will need. How many bedrooms and bathrooms do you want. Whether you must have a garage and the type of heating that you prefer. Next your Realtor takes your preferences along with price guidelines that you provide to search a vast database of available properties referred to as the MLS which stands for Multiple Listing Service. When he finds properties that meet or exceed your requirements he will provide you with detailed information along with addresses and ask you to drive by to see if this property is one that you would consider living in. If you like the property than he will make all of the arrangements for you to see it property inside and out. Back to Top
Once you have found a property that you like an offer is made to the Seller. Normally you would get together with your Realtor to discuss all of your options before you put this offer in writing. An offer is much more than the price that you are willing to pay. The offer spells out your terms such as how much you are willing to put up as down payment. How long you need to apply for and secure financing. Whether you plan to have a home inspection and if so when. To name but a few. Your Realtor then submits your signed offer and Pre-Qual letter along with your check as a show of good faith to agent for the Seller. In most cases the Seller will return the offer making certain modifications to the terms or price or both. This is called a counteroffer. Negotiations can go back and forth until both parties agree to both the price and terms of the offer. At this point we have acceptance. It is usually a good idea at this point to have the contract review by your attorney. Back to Top
Once an offer has been accepted, if you have not done so yet, you will need to hire an attorney. Then you begin the loan application process, arrange a home inspection, obtain property insurance and transfer utilities. Only after a satisfactory home inspection and the loan has been approved will you be able complete the sale. This is referred to as the closing.
When the day of closing has finally come you will do a final walk through of the property with your Realtor. This is done to insure that the property has been left in acceptable condition and that all terms of the sales contract have been satisfied. After that it is off to the attorney where you will sign the papers that transfers ownership from the seller into your name.
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