The Steps Of The Home Buying Process

Are you thinking about buying a house and wonder how the process works? In this episode of The Rocky Border, I'm going to walk you through all the steps involved when buying a property. I’ll arm you with all the information you need as a homebuyer so you know exactly what to do and how it works.

Choosing An Agent And Securing Your Financing

As a homebuyer, it’s important to arm yourself with as much information as possible so that when a good deal comes up, you can jump on it. The good deals go fast, and you won't have time to research later on. Part of being ready is understanding how everything works so that you don't hesitate to jump on a buying opportunity later.

The very first thing that you need to do is pick a real estate agent to work with. Over 85% of buyers are represented by a real estate agent because there is no cost; their only job is to look out for your best interests. Are you making a good move? Have you considered all aspects of your investment? How does the process even work? It's your agent’s job to make sure that you understand all of that. Before you can even think about looking at properties, you first need to understand the market. I already understand the market, but you need to learn it, too.

The second thing you want to do is confirm your financing and get a lender that you trust. How you finance your deal is going to be extremely important. You'll want to get all of your ducks lined up before looking at properties. You should also have an idea of your downpayment and how much owning real estate is going to cost you—before you start looking at homes.

Searching For A Home And Making An Offer

Buying a new property comes with new surroundings. One of your agent’s jobs should be to teach you more about the area. You might have questions about the schools, shopping, and commute times to and from work. Use your agent as a resource, because when you're buying your next house, you're also buying into a community. It's important that the community serves your needs.

The home search process can take anywhere from one day to one year, depending on what you're looking for. Eventually, you'll find a property and make an offer. It’s your agent's job to handle all the negotiations until you get the house for the price you need it to be.

If it's accepted, you're now under contract. At this stage, the process is far from over. You still have a lot of work to do.

Closing On Your Home

The next part of the process is where you'll do all of your diligence on the property. For example, you'll conduct an inspection to confirm your decision to buy the house. You'll also apply for financing, and the transaction will have to go through several facilitating steps. Once again, it’s your agent’s job to stay on top of this for you. On average, the transaction should close about 30 to 45 days from the time that you get your offer accepted.

Of course, there are a lot of details involved in buying a house. However, this gives you a very good idea of what you can expect when purchasing a new home. Remember, don't buy a house for the sake of buying a house. Make a smart purchase, and you'll set yourself up to begin building wealth in the future.

If you have any additional questions or need guidance on something specific, feel free to reach out to me and I’ll be happy to connect with you. I help people just like you buy and invest in real estate every day, and I would be happy to assist you as well.

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