I want to purchase a home. Now what?

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Answered by: Martin, An Expert in the Real Estate 101 Category
I want to purchase a home, now what?

The decision to purchase a home can be one most important that you will ever make. With the current seller’s market, there are more opportunities than ever to find your dream home at an affordable price. A little knowledge though will go a long way in helping the process to go more smoothly.

What you need.

There are of course different ways to purchase a home, but the majority of home buyers will need three people to help them complete the transaction. They are a real estate agent, a mortgage professional, and a real estate attorney.

Mortgage Professional

The very first person that you want to speak with is a mortgage professional. There are a number of reasons for this. The first is that you need to have your expectations set correctly as to what you will be able to afford. There are also different mortgage programs that you choose from, and your mortgage professsional will help you select the one that is right for you.

A real estate agent can definitely help you locate a competent mortgage professional, but that real estate agent will want to see some type of preapproval letter before he or she starts showing you homes. The last thing that you want to do is to go house hunting, find the perfect home, then be told that it is out of your price range.

In determining how much you can afford, consider a payment that is less than the maximum that you are able to qualify for. Circumstances such as employment or having children can change your household budget quickly, and if you were to be in such a situation, could you still cover your expenses?

Real Estate Agent

After you have worked with the mortgage professional, you are now ready to begin the next step in the process in purchasing a home, which is to look for a home. Looking for homes that will accommodate your lifestyle now, and down the road is always a good idea. Look at many homes before you decide on one. If you place a bid on one and it goes to another buyer, so be it. There are always other homes available, and you will eventually find one that fits both your budget and your needs.

Real Estate Attorney

Always, always have a real estate attorney to work with, both when you first sign a real estate contract and throughout the process. They are invaluable when you go to closing and issues come up. These issues includes things that were supposed to have been done by your seller, and things that have been done by your seller than shouldn’t have been. Your attorney is there to protect your interests,

In Summary: Your decision to purchase a home can be an exciting one, but requires effort on your part to make sure that you surround yourself with only the best people to work with you. Take your time with the process and make sure that you get exactly what you want and need.

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