So you have been renting for a while and you have decided that it is time that you owned your own home. What are the steps that you need to take? Well, first you will need to find a lender or Bank to help you with your mortgage. Your mortgage representative will be able to qualify you for the amount that you can afford and give you some options for the different products available for you.
Next step with prequel or pre-approval comes the fun part. You are eligible to go SHOPPING for your new home. ALONE? Yipe! Way too scary for the first time buyer. That is where a Real Estate Professional comes in handy. They can guide you through the purchasing process and make sure that the transaction goes as smoothly as possible.
You will need to have an earnest money deposit that will come off of the sale price when you purchase a home saved up at least a thousand dollars along with at least a thousand dollars for the inspections to make sure that you are not buying a property that requires more work than you want or can afford. You may not use the entire thousand for the inspections but at least you will have it if you need it.
The home inspection can open the door for negotiations if items in the home are not up to safety requirements. After the home inspections if the Seller is unwilling or unable to fix what you as the buyer has addressed he or she can offer money off the selling price or if nothing is offered and you are not satisfied it does allow you to get out of the contract and receive your earnest money deposit back. The home inspection cost will not be refunded but you will walk away knowing that it would have cost you a lot more if you had continued with the purchase. The amount spent on the home inspection is a lot less than the thousands of dollars it might save you.
Happy Home Ownership is just a short time away.