Buying a home is easily considered one of the most important investments in our lifetime. It’s often compared to as the “American Dream,” and represents a culmination of our hard work and savings. While the buying process may be thrilling and exhausting, you should get to know how “buying a home” works. With knowledge, you can avoid common mistakes and get the best deal for you and your family.
Here are some steps you should be aware of and should consider when buying a home:
1. Get Pre-Qualified to Buy a Home:
It is time to achieve your goal of purchasing your dream Hendersonville home. The first step is a credit worthy approval from a financial lender, like a bank. This process is an approved mortgage process, which simply means that the lender has checked your credit report and income ratio to determine your ability to keep up a monthly mortgage payment. Becoming pre-approved is vital information because it goes a long way for a seller to consider accepting a lower price and for you to receive a quicker sale.
2. Figure Out What You Want:
Step two is to decide the type of home you think you would like, plus amenities. Decide on how many rooms you need and their size. Would you like a rural Hendersonville yard where you can add a white picket fence? What type of home do you envision, because Hendersonville offers single family, multiple family units, condominiums, townhomes and many gated communities. Other things to consider when buying a home includes finding the right neighborhood, convenient location, and relation to your work place. Questions like these will help narrow down your search.
3. Contact a Real Estate Agent:
A real estate agent can alleviate the stress of searching for your dream home by performing internet searches and monitoring the Multiple Listing Service (“MLS”). Hendersonville real estate agents also understand how lenders work. They are well versed on all the paperwork, and they are experienced in the whole buying and selling process. Now that you feel you know the type of house you would like to call home, your realtor can check MLS listings and formulate a list for you to visit. To talk to a local real estate agent, contact us.
4. An Offer Is Made:
Finding your dream home might require a few weeks of searching, even though Hendersonville agents are experienced in understanding the Hendersonville communities. Once you have settled on the home that is “the one,” then its time to make an offer, while you and your agent begin negotiations. At this point, your real estate agent will walk you through a comparative market analysis, community selling trends, how long the home has been on the market, the selling history of the house, and information on the seller themselves. With this data, you can make an appropriate offer on the property. See what their home is worth:
5. Inspection and Appraisal:
An additional factor in buying your dream home is a professional inspection and yes, the buyer pays for this report. You will receive a copy of the inspection report, but make sure that the areas covered in your future investment entails a check of the foundation, its construction, plumbing, electrical wiring, the heating and cooling systems, the condition of the floor and walls, or if there are any leaks, mold or mildew within the home’s interior. Around this time, the lender or the bank will have your home appraised and you will need to acquire a homeowner’s insurance plan.
6. The Closing:
The next step is to have your realtor or an real estate attorney perform a title search to make sure that there are no hidden liens or holds against your investment. If your search is clean, then you have made it to the closing process. Due to the binding paperwork required at a closing, be prepared to spend an hour or longer at your closing. The attendees at your closing should involve your realtor, the seller and their agent, and a neutral third party, which is a closing agent in the form of a title company, and is selected by the seller or lender.
Your realtor or real estate representative will inform you about your responsibility in bringing the right paperwork to the closing. Your contractual paperwork responsibility encompasses homeowner’s insurance, the down payment and miscellaneous closing costs, most likely in the form of a certified check. After all the documentation has been signed by the seller and you the buyer, the title or closing agent will give you the keys to your new home.