Making an Offer, Attorney Review, Inspections and Getting a Mortgage
If you’re thinking about buying a home, you’ve probably already had a look at real estate listings and seen photographs of many homes. Additionally, you’ve probably checked out the square footage of many apartments or houses and compared their listing price with their selling price. So you have a good idea of what you can expect to buy with the kind of money you’re willing to spend. So far so good. However, the process of buying a home is a complex one. Here are a few things you should keep in mind.
- Choosing a home - This might eventually turn out to be the simplest part of the process. All you have to do is consult yourself and your family about what kind of home would be best for you. Sometimes, it’s a bit difficult to decide when you’ve got two different but equally attractive options in front of you. For example, do you go with the apartment with gorgeous hardwood floors which is located close to the urban area or do you go with the more spacious house which is further away? The best thing is to think about where you’d like to be five or ten years from now and go with the home that you think will work best in the long run.
- Making an offer - Generally, sellers will list a price slightly above what they’re expecting to get, just to leave some room for negotiation. So you should do the same. Make an offer that’s slightly lower than what you’re really willing to pay. Most likely, the sellers will come back with a counteroffer and things will get worked out to everyone’s satisfaction. Of course, if you know for a fact that the property is really hot at the moment, you might want to start out a bit higher.
- Attorney review and inspections - In the process of attorney review, your attorney will work out the legal details with the seller's attorney. You obviously want to make sure that you get a good deal without being unfair to the seller. So if there are certain things that you think should be included in the legalese, be sure to consult your attorney. During inspections, you get to hire a professional to make sure the house is in good repair. If there are certain things that need to be fixed or replaced, you can ask the seller to fix/replace them or give you a monetary concession so that you can do this yourself.
- Applying for a mortgage - If you’re not an investor paying in cash, you’ll need to apply for a mortgage, which can get tricky. Of course, having good credit and a good income helps. But depending on the state of the market, banks may still be very choosy about who they loan out money to. If you can put in a bigger down payment, this is always a plus.
So if you are thinking about buying a home, keep the above points in mind. Contact us for more information about the buying or selling process.