Seven Steps To Successfully Buying Your Home
The Why, What and How of Home Buying
1. Why I’d be better off purchasing a home?
This is the phase where you determine your needs and desires based on your actual financial, personal and living circumstances, for a younger single person with a very demanding job that requires constant travel or someone who prefers the freedom to relocate after a few years as opposed to a couple with two kids and his/her own business or settled in a corporate job their needs are obviously different.
2. What I Can Afford
Lenders will generally base their decision on the capacity (income, savings) and ability (good credit, work history, education, etc) a rule of thumb is the real estate should not cost more than three and half times their annual household income if the home buyers plan to make a 20% down payment and have a reasonable amount of debt. However the you should make this determination based on your own financial situation and level of comfort.
At United Real Estate and my team can assist you with the process of finding and purchasing your new home, we strive to provide you with full attention to your needs and help you along accomplish your goals. Contact Us Today or Subscribe to be the first to know when a home becomes available in your target area and price range.
3. How you Get Prequalified and Preapproved for Your Mortgage
How you Get Pre-qualified and Pre-approved for Your Mortgage
Before you start looking for a home, you must know how much you can spend. The best way to do that is to get pre-approved for a mortgage. To get pre-qualified, you need to provide your financial information to your mortgage lender or banker, who will verify your credit and might request additional information to assess your financial standing further however, you might be better off getting approved where you will provide more extensive documentation such as your income and the amount of savings/investments and (W-2 statements, tax returns, paycheck stubs, bank account statements, and expenses, etc.) therefore your lender can verify your financial status and creditworthiness and issue a pre-approval for the purchase of a home your maximum allowable lending amount.
United Real Estate and The Sanchez Realty Group can assist you with the whole purchasing process, whether finding reputable lenders, or attorneys and finding and purchasing your new home, we strive to provide you with full attention to your needs and help you accomplish your goals. Contact Us Today or Get New Listings Alerts to be the first to know when a home becomes available in your target area and price range or Call us at 973-216-1945 – email: RSanchez@Robsrealtor.com.
4. Finding The Real Estate
Finding The Real Estate
According to the National Association of Realtors (NAR) approximately 90% of buyers start their home shopping online, however at some point a Real estate agent becomes an important partner when you’re buying or selling a home. Real estate agents can provide helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, relationships with a myriad of support professionals and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – agents are compensated from fees paid by the seller of the property.
United Real Estate and The Sanchez Realty Group can assist you with the process of finding and purchasing your new home, we strive to provide you with full attention to your needs and help you accomplish your goals. Contact Us Today or Get New Listings Alerts to be the first to know when a home becomes available in your target area and price range or Call us at 973-216-1945 – email: RSanchez@Robsrealtor.com.
5. Go out Shopping and Purchase
Go Home Shopping and Purchase
Start looking at homes in your price range. After viewing many homes It can be hard to remember everything about them, so you might want to take pictures, flyers or videos to help you remember each home.
Make sure to check out the little details of each house. For example:
- Location, Location, Location, perhaps the cardinal rule of real estate
- How do the other homes on the block compare, are they well-maintained?
- Is there too much traffic in the street or nearby, is there enough street parking for your family and visitors?
- Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation?
Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once buyer and the seller reach an agreement on price and terms, the house will go into escrow (pending-off the market), which is the period of time it takes to complete all of the remaining steps in the home buying process.
United Real Estate, and The Sanchez Realty Group can assist you with the process of finding and purchasing your new home, we strive to provide you with full attention to your needs and help you along accomplish your goals. Contact Us Today or Get New Homes Alerts to be the first to know when a home becomes available in your target area and price range or Call us at 973-216-1945 – email: RSanchez@Robsrealtor.com.
6. Get a Home Inspection and Select the Right Loan
Get a Home Inspection and Select the Right Loan
For the most part, by the time the buyer does the home inspection the loan process have been restarted and the right loan selected by the buyers with their lender’s representative assistance from a wide range of possible loan program, answered all your questions and helped the buyers picked the right product based on their present and future circumstances. however typically the purchase agreements are contingent on a home inspection of the property and should be done beforehand to avoid further expenses and waste of time and resources to check for anything that might need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.
The buyer and upon request the seller will receive a report on the home inspector’s findings. The buyer then can decide if to ask the seller to fix anything on the property before closing the sale.
United Real Estate and The Sanchez Realty Group can assist you with the process of finding and purchasing your new home, we strive to provide you with full attention to your needs and help you accomplish your goals. Contact Us Today or Get New Listings Alerts to be the first to know when a home becomes available in your target area and price range or Call us at 973-216-1945 – email: RSanchez@Robsrealtor.com.
7. Have the Home Appraised, Coordinate the Sale and Close
Have the Home Appraised and Close
Final approval of the loan is contingent upon a satisfactory appraisal report of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.
There are dozens of details and a lot of paperwork involved in buying a property. The lender and attorneys will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying by conducting a chain of title investigation that would typically reveal if anyone other than the current owner have a claim(s) against the property.
At closing, the seller(s) and buyer(s) will sign all of the paperwork required to complete the purchase, including your loan documents, mortgage paperwork, and ownership transference consummating the sale.
United Real Estate and The Sanchez Realty Group can assist you with the process of finding and purchasing your new home.
We strive to provide you with full attention to your needs and help you accomplish your goals. Contact Us Today or Get New Listings to be the first to know when a home becomes available in your target area and price range Call us at 973-216-1945 – Email: RSanchez@Robsrealtor.com.
LET US HELP YOU!
Roberto A. Sanchez
Broker-Salesperson
(973) 216-1945