Work to your own timeline and make sure your demands are met to your satisfaction before you commit. Keep in mind that while the real estate agent is working for the seller trying to get the best price, they also need to make a sale to get paid, so if they feel you have no more room to increase your offer they will push the seller to sell.
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Our Target Market Determinations are available here. Skip to main content Toggle navigation. Five key things you need to know before buying a house. Get a quote to understand how much it will cost. Sometimes a really great rate actually has lots of hidden fees. Conveyancing — Your conveyancer can be your biggest asset throughout buying a home.
How to get started: Shop around with at least three lenders or a mortgage broker to increase your chances of getting a low interest rate. Sign up for a Bankrate account to determine the right time to strike on your mortgage with our daily rate trends. An experienced real estate agent can save you time and money by helping you find your dream home and by negotiating with the seller on your behalf. How to get started: Contact several real estate agents and ask to meet with them for a conversation about your needs before choosing one.
How to get started: Let your real estate agent know what specific homes you want to see, or search for homes online yourself. Your agent can create your profile in the local multiple listing service MLS , a database of homes for sale, and set up automatic searches for those that meet your criteria. Understanding how to make an attractive offer on a home can help increase your chances the seller will accept it, putting you one step closer to getting those coveted house keys.
Adding in a personal letter to the seller can also help your offer stand out. The home inspection will help you determine how to proceed with the closing process.
You might need to ask the seller for repairs, or you might decide to back out of the deal if you have a contingency in the contract. How to get started: You can get recommendations for home inspectors from your real estate agent, but also be sure to do your own homework before choosing one.
Your home inspection report may reveal major or minor issues. Major problems will likely need to be dealt with before your mortgage lender will finalize your loan, while minor issues can often wait till you take possession of the home. Ask for the seller to either do the repairs or give you a credit at closing. Getting final loan approval means you need to keep your finances and credit in line during underwriting. How to get started: Respond promptly to requests for more documentation and double-check your loan estimate to ensure all the details are correct so there are no hiccups later.
You may need to submit additional paperwork as your lender completes the underwriting process, such as:. A final walk-through is an opportunity to view the property before it becomes yours.
This is your last chance to view the home, ask questions and address any outstanding issues before the house becomes your responsibility. How to get started: Come with your home inspection checklist and other documents, like repair invoices and receipts for any work the owner conducted, to ensure everything was done as agreed upon and that the home is in move-in ready condition. How to get started: Three business days before your closing date, the lender will provide you with a closing disclosure that outlines all of your loan details, such as the monthly payment, loan type and term, interest rate, annual percentage rate APR , loan fees and how much money you must bring to closing.
Now comes the fun part: moving in and making the house your home. Buying a home involves a lot of moving parts and complex steps, but this guide — along with the professional expertise of your real estate agent and mortgage lender — can help you navigate the process smoothly. Ready to shop for a mortgage? Enter your zip code and other details for a quick mortgage rate estimate from Bankrate. How We Make Money.
Jeff Ostrowski. Written by. Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in , he wrote about real estate and the economy for the Palm Beach Post and the South Florida …. Edited By Suzanne De Vita. Edited by. Suzanne De Vita. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Share this page. Key Principles We value your trust.
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Create a housing budget. Key takeaways: Determine the maximum loan you qualify for. Decide how much you can set aside for a down payment , and ongoing maintenance costs.
Include a buffer. See if your monthly budget can handle the mortgage payment along with other bills such as day care, tuition, utilities, groceries and more.
Another crucial thing to do before buying a house is to make sure the house listing is accurate. It would be best if you verified that all the information given about the home is right. Sometimes real estate agents put things in the listing that they may not have verified or may just not be aware of the facts. Many buyers, sellers, and even real estate agents do not know what is considered a fixture and personal property.
This is why real estate agents often recommend to seller clients to clear all the clutter before listing their home for sale. Find a home inspector that is a part of the American Society of Home Inspectors or someone your real estate agent knows and trusts.
You want someone who knows what they are doing and is not motivated to miss issues to encourage a sale. It is also advisable to find your inspector if you do not know your real estate agent well.
The last thing you need is a real estate agent recommending you use their favorite inspector because he is not that thorough.
While most real estate agents are honest people, there are always a few bad apples in any industry you need to be on the lookout for. Keep in mind the home inspection is one of the most vital aspects of buying a home. You will want to have someone performing it who is thorough and complete. If a renovation was done without a permit, it might not have been done right. No permit means that the work was not reviewed by an inspector, something you do not want in your new home.
You might be wondering why a seller would bother not getting a permit for work done on their home. There are usually three reasons for this:. Buying a home without necessary building permits will become your issue in the future when you go to sell. It would help if you asked the seller to get the permits taken care of before buying the home. Learning if the permitting process was followed correctly is a vital thing to know before buying a house.
Some homes are part of a homeowner association. All condominiums also have HOAs. These organizations are mandatory if you live in the area, so you will have to pay dues and rely on the association to take care of certain things, like maintaining common areas. Some homeowners associations are great; some are not. Know what you are getting yourself into before purchasing in a neighborhood with an HOA. One of the best ways to find out is by asking a few of the people who already live there.
A home in good condition will keep water where it belongs. Exterior moisture should not be making its way inside. Water flowing through the pipes should be staying in those pipes.
Any precipitation that falls on and around the property should be directed towards safe areas, like away from your foundation. Your roof should be functioning as intended.
Water issues have a direct correlation to market value, as well as marketability. Current building codes require modern electrical wiring. Most homes built before the s are not up to standard unless they have been renovated. These old homes use knob and tube wiring, which can be expensive to bring up to code. Keep in mind that many lenders and insurance companies will not work with a buyer if the home has knob and tube wiring due to the hazards it creates.
If you have furniture you like, you will want to bring it with you. Make sure your new home can accommodate it. This relates to item 8 — understand there will be additional expenses with owning a home. This is a mistake I see quite a bit. One of the easiest things to change about a home is the color of the walls. Paint is inexpensive and can be applied by you after you buy.
The same holds for carpets. Any changes, like getting a different job or taking out a car loan, can result in denial of the loan request when purchasing a house. While I like to educate all of my buyers on making large purchases while buying a home, many do not. Making a large purchase is not a prudent thing to do when buying a home. This is one of the primary reasons buyers can be denied a mortgage after being pre-approved.
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