MAKE SURE YOU'RE IN A POSITION TO BUY
So the first step is to make sure you can complete the transaction.
DO YOUR RESEARCH
Go through real estate listings. Jot down particular properties you are interested in and see any changes in asking prices.
DETERMINE HOW MUCH YOU CAN AFFORD
Make this calculation based on your financial situation
GET PREQUALIFIED AND PREAPPROVED FOR CREDIT FOR YOUR MORTGAGE
so your lender can verify your financial status and credit.
FIND THE RIGHT REALTOR
Their knowledge of the buying process and familiarity with the area you want to purchase from is extremely valuable.
MAKE AN OFFER
Take as much time as you need to find the right property. Then sit down with your real estate agent to negotiate a fair offer.
GET A PROPERTY INSPECTION
This gives you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals negative result.
SELECT YOUR LOAN FROM A MORTGAGE BANKER
Decide which one you want to be as low as possible- your initial cash out or the monthly payment.
HAVE THE PROPERTY APPRAISED.
Lenders arranges an appraiser to provide an independent estimate of the value of the property you are buying.
COORDINATE THE PAPERWORK.
Lender will arrange for a title company ensuring that the seller is the rightful owner of the property.
THE LEGAL PROCESS
Follow up with the right person to do whatever needs to be done. Chase your solicitor for updates at least once a week.
CLOSE THE SALE
Sign all of the paperwork required to complete the purchase. Once the check is delivered to the seller, you can move into your new property!