Now that you’ve decided to take the plunge, let’s explore what you can expect from the home purchasing process. This is a chaotic time with offers and counter-offers flying furiously, but if you’re prepared for the hassle along with the paperwork, you can get through the process with your sanity more or less intact. Here’s the basic progression:
1. Find a home you want to live in
Make sure to take advantage of all available options for finding homes on the market, including using your realtor, searching for listings online and driving around the neighborhoods that interest you in search of for-sale signs. Also put some feelers out there with your family, friends and colleagues. You never know where a good lead or reference on a property might come from.
2. Consider your financing options and secure financing
First-time homebuyers have countless options to help them get into a home, including federally-backed loans and loans for homebuyers who don’t have the standard 20 percent minimum down payment. Your state could also have its own programs for first-time homebuyers. In addition, your mortgage interest rate will have a major impact on the total price you pay for your home; so be sure and shop around. It will really pay off in the end.
3. Obtain a home inspection
Even if the home you plan to buy appears flawless, there’s no substitute for having a trained professional inspect the property for the quality, safety and overall condition of your potential new home. If the inspection reveals serious defects that the seller did not disclose, you can usually rescind your offer and get your deposit back. Negotiating to have the seller discount the selling price or take care of the repairs are other options if you find yourself in this situation.
4. Close or move on
If you’re able to work out a deal with the seller, or even better, if the inspection didn’t reveal any major problems, you should be ready to close. Closing basically involves signing a lot of paperwork in a short time period, while hoping that nothing falls through at the last minute.
Things to be completed during this time and paying for in the final stages of your purchase may include having the home appraised (mortgage companies require this to protect their interest in the house), doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20 percent, and completing mortgage paperwork.
This brief overview should help put you on the path towards purchasing your first home. Remember that the more you educate yourself about the process beforehand, the less stressful it will be, and the more likely you will be able to get the home you want for a price you can afford.
███▓▒░░. Ed Greable Realtor .░░▒▓███
Interested in buying a property in Middlesex County, Massachusetts? Call Ed Greable @ (617) 905-9128 or Click here to schedule a free consultation on Arlington Homes, Cambridge Real Estate, Medford Properties & Somerville Homes for Sale.