Where should you start when you want to buy a home? The first place I would start is by contacting a reputable mortgage broker, or your local bank. You should have the loan officer pull a tri-merge credit bureau to see if there are any mistakes. If so, this gives you time to correct any blemishes on your credit bureau, before you formally apply for a loan. The loan officer will determine your eligibility, and the maximum purchase price you are eligible to purchase. They are aware of programs on the state and federal levels which offer help to people who need down-payment, or closing cost assistance and can help with credit repair and various other issues.
After determining eligibility, and the amount of house you are qualified to purchase, the next step is to find a Realtor who is qualified, and you are comfortable with. Your Realtor can be a big help. They will show you houses, help you determine the market value of the home, and help write the contract to make sure all your wishes are put in writing. Once the offer is accepted,it becomes a contract. Your Realtor will help you arrange inspections of the mechanical, structural, and electrical systems of the home. If the home is out of town then the septic and well should be inspected. Finally all homes should have a pest inspection, and survey to insure any unforeseen problems. At this point if any problems are found, your Realtor can help negotiate a solution to the problem.
After all the inspections are done, and the bank is satisfied reviewing the inspections, they will contact your attorney for a final review of all the bank documents, the inspections, the survey, and title work. When the attorney is satisfied, they will contact the bank and set up a settlement date and time.
Just before you go to settlement, your Realtor will arrange a final walk through of the property to ensure it is basically in the same shape as you saw it in before.They will also go with you to the settlement table. Usually the listing agent will be present with the sellers, and sometimes the mortgage company will be there also.
Once all the papers at settlement are signed, the attorney will file the deed and survey under your name as the new owner of the property. This is the basic process for buying a home. There are several scenarios, such as when you are building, or have a home to sell before you can buy. If you need help or have any questions about buying or selling a home please feel free to contact me. I will be more than happy to answer questions. I can be reached by email mharding@cooerealty.com.