Home Buying Process – How to buy a house

Overwhelmed by the home buying process? Don’t
know where to begin? Well, today we’ll go over what to expect, from start to finish,
when buying a home. In this video, you will get a brief overview
of the home buying process. Our goal is to get comfortable and confident in what to expect
so you can focus on the most important part of the process, which is finding the right
home for you. In most cases, the first thing you’ll want
to do is to sit down with a mortgage professional to get an idea of what you can afford. Once
you get comfortable with the number and your mortgage professional has had a chance to
a look at your documentation, hopefully they will be able to provide you with a Pre-approval. The pre-approval is very important because
when you find that right home, you want to be able to move quickly. Also, most realtors
will require a pre-approval in order to put in an official offer. Before ever working with a realtor, many people
use online resources like Zillow, Trulia, Redfin, and many others, in order to narrow
down their search. Once you’ve narrowed the list and are ready take a tour of some of
these houses, your realtor can be an important part of your team. Once you find that house that you feel you
can make a home, it is time to put in your offer. Normally, after your initial offer
there’s some negotiation between you and seller until you can reach an agreed upon purchase
price. Once you’ve agreed, then it is time to set your home inspection. Up to this point, you’ve probably done the
majority of your decision making on the emotional level, do I see myself raising a family, growing
old, or creating memories in this house. The home inspection is your chance to get a look
under the hood and see the house though the eyes of a professional. What is the condition
of the roof, electric, plumbing and all other aspect of the house. Depending on the results
of the inspection, you may decide to move forward with the purchase, or if there were
some issues, you may want to try to renegotiate the purchase price, or you might just decide
that this isn�t the house for you. If you decide to move forward, here in New
York, your next step is to sit down with your attorney, reveiw the contract and sign. If
you are in another state, you may want to talk with your mortgage professional or realtor
about common practice there. We’ve also included a link below. Once the contract is signed by the sellers
and you have all your ducks in a row regarding the mortgage, the loan will be submitted to
the bank, the appraisal will be ordered and the title search can be initiated. These are
the three main items that need to come together in order for you to purchase your home. Once the bank approves your loan, the appraisal
comes back at the purchase price or above and title is cleared, it’s now time to schedule
your closing. Normally the day before the closing, your
realtor will arrange a walk-through of the house to make sure nothing has changed since
the home inspection. If anything is broken or not as it’s expected, this is your last
chance to say something. Now it is time for the closing and a few things
have to happen. First you’ll go over and sign the loan documentation and then the money
will change hands and finally you’ll get the keys to your new home! Congratulations, it’s
time to celebrate! We have really just scratched the surface
with this video to give you an idea of what to expect. Stay tuned for additional videos
which will go over these topics in more detail. Also, please feel free to reach out to us
with any specific questions on our website or give us a ring any time as we would be
happy to help.

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