After you’re done with all the prep work for finding your new home, it’s time to start the next phase: the Shopping and Buying Phase. If everything goes to plan, once this phase is completed, you’ll have found the home of your dreams, and the next step is making it yours. So, what all goes into this phase you ask? Read more to find out.
Finding an Agent – A real estate agent is a licensed professional who assists buyers or sellers in real estate dealings. Before you begin viewing homes, it’s a good idea to find an agent to help you along the journey. Talking to friends, family, or even your neighbors for recommendations is an easy way to help you get an agent onboard your homebuying journey.
Touring Homes – After you’ve been pre-approved, you’ll have a better idea of the price range of homes you can afford. Now you can begin looking at homes that check all your boxes. Your agent will help you find homes that fit your needs and schedule meetings to view them, or you can attend an open house.
Making an Offer & Negotiating – When you find the home you’re ready to make yours, the next step is to put in an offer. After submitting your offer, the seller will either accept, decline, or counter. If they accept, your next move is to sign a contract to make the house yours. If they decline, the negotiations end. However, if they counter, the ball is now in your court and it is up to you to decide whether or not you accept or decline their counteroffer.
Inspection – A home inspection can help you find potential issues with the home that might not show up during a standard tour. An inspector will go through the home to assess the house’s structure and electrical systems to make sure everything is functional. Finding any potential issues through an inspection can save you thousands by uncovering issues before you move in that you’d have to pay for out of pocket.
Obtaining a Mortgage Loan – Getting a home loan is a huge step in the homebuying process. Mortgages carry a bulk of the financial weight of buying a home for many people, depending on how much they were able to pay up front. There are a few things to consider when obtaining a mortgage, like term length and type of loan. Learn more about our loan options, here.
Getting an Appraisal – A home appraisal determines how much a home is worth based on a report by a licensed professional. A licensed appraiser goes through the home to look for any issues with it, as well as its size and location, to find out the value of the house. Getting an appraisal helps ensure that the price you agreed to pay for the home and its actual worth are lined up.