Here's What You Need to Know:
Obtain A Mortgage Preapproval Before You Begin House Hunting
> Learn how much financing is available to you
> Strengthen your bargaining position with sellers
Chose a Real Estate Agent
> Select a reputable professional who will listen to your needs and make you feel comfortable
> Ask agents for references from former clients
Find the Right Home
> Determine the needs of you and your family
> Create a wish list of desirable features
> Take notes as your preview homes
Make an Offer
> Your real estate agent presents your offer to the seller, who will accept, counter or reject it
> When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale
Have the Home Inspected
> Hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, to reveal any safety hazards and give you a chance to reconsider the deal
The Home Will Be Appraised
> An appraisal, required by your mortgage lender, is a formal, written estimate of the home's current market value
Obtain Title Insurance (where applicable)
> This guarantees that the property you are purchasing is free of liens or confusion in rights of ownership
> The policy insures against any losses to the property that result from defects in the title or deed
Close On the Property
> Ownership of the property is transferred
> A closing agent coordinates and distributes all the paperwork and funds
And you become the proud owner of your new home!
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