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Bob McKean Proudly serving the Buckley, Enumclaw, and Bonney Lake communities |
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STEPS TO HOME OWNERSHIP
Step One. Hire a real estate professional.
We can help you find your dream home and fine tune your financing. Working with a buyer’s agent is helpful, because he or she is legally responsible to represent you in a purchase transaction. We can outline the process for you and take care of many details as you proceed. Except in very unusual situations, there is no cost to the buyer for this professional representation.
Step Two. Get preapproved for a loan.
In today’s real estate market, few sellers will agree to a contract until they are satisfied that the prospective buyers can arrange financing. A reputable lender will assess your income, debt and credit status and find the best loan package for you. Banks, mortgage companies and credit unions are great sources of home purchase loans. Your agent will be able to tell you if the lender you have chosen has a good reputation. Armed with a preapproval letter, you are in a much better position to negotiate a purchase.
Step Three. Determine what you want.
Create a realistic idea of the property you have in mind. What are the features you most desire? Make two lists: first, items you can’t live without, and second, amenities you would enjoy. Search online to see what is currently available; your real estate professional can then arrange to show you the homes that meet your needs and expectations.
Step Four. Visit properties.
As you look at prospective purchases, your lists will probably change. Keep track of the properties you have seen. As you tour, write down what you liked and didn’t like about each home. This will help you develop a rating system to narrow the field. Pick the one you like best, then compare others to it. Eliminate those at the bottom of the list; avoid having more than four top choices at once.
Step Five. Make an offer.
Now it’s time to get serious about the financial and contractual side of the purchase. Your real estate professional can guide you through this process. Avoid getting directly involved in negotiations. Don’t be afraid to walk away if the seller refuses to negotiate items you consider crucial.
Step Six. Have a home inspection.
Once the offer is accepted, have your real estate professional set up a home inspection. Often this person will identify problems not readily seen in a typical “walk through”. Once you have the inspector’s report, you have essentially four options: accept the house “as is”; ask the seller to repair defects; negotiate a lower price and decide to make the repairs after closing; or withdraw your offer.
Step Seven. Closing.
Before the closing date, check with your lender and the escrow company to make sure all of the paperwork is in place. Your real estate professional can assist you in this process.
Step Eight. Prepare to move in.
Be sure to take into consideration some basics of a move. Do you plan to have
a security alarm system? How do you transfer utilities? Does any carpet or other
floor covering need to be cleaned or replaced? File a change of address notice
with all your correspondents. These things are best taken care of prior to move
in.
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