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First Time Homebuying 101:

A Quick Guide for the First Time Home Buyer

Home Buyer Guide

With over 30 years of experience in the real estate industry, the process of buying a home has become second nature. A guide is extremely helpful for the first time home buyer. It can take a first time home buyer through the steps of buying a first home and help the buyer understand what to expect when going through each phase of a real estate transaction. Here are the steps for the first time home buyer:

Obtain Financing

A lender can help a homebuyer understand the importance of a price range and the qualification for that price range. Most buyers don’t understand this step and want to skip straight to finding a home, but what is the sense in finding a home if you don’t know if you can afford it.

Find a home

A realtor can help with the search of the perfect home. Knowing what the buyer is looking for is always helpful in this step of the process. The realtor can look in a specific area, price range, and even size.

Put an offer or write a contract

Once a buyer has found their dream home, putting an offer would be the next step. When putting in an offer, be patient and think positive. Once the offer has been accepted, you move on to the deposit. If the offer is not accepted, you keep looking.

Acceptance

Once the offer is accepted, a deposit is given. The deposit is usually dependent on the purchase price or what the seller has agreed to accept as a deposit.

Inspection Period

Whether buying a new or an older home, an inspection is always recommended. The reason an inspection is recommended on a new house is to ensure that all required codes and building code standards are met. An inspection is also recommended for an older home. This is to ensure that everything is how it should be and that there are no material defects with the property. The inspection period is usually between 5-10 days and is the financial responsibility of the buyer.

Appraisal

The next step is the appraisal, which is ordered by the lender but paid by the buyer. This appraisal is conducted to make sure you are buying a property that is priced fairly and that the property you are purchasing is at market value or above.

Closing

Once all loan requirements have been met and appraisal has been received, the next step is closing. In this step, you will be required to wire or send funds for the remaining balance to the closing agent handling the sale of the home. Once funds have been cleared, a review of all documents of the purchased home are explained and charges broken down.

The buyer and seller will sign and the home is sold.This is a quick home buyer’s guide for first time home buyers that not familiar with the process. From obtaining financing to Closing, there are several steps to buying a home and knowing what to expect can be very helpful.

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