Follow these six easy steps to homeownership, starting with a pre-approval.
Buying a house is a major investment for many people. Therefore, it makes a lot of sense to ask about what to expect when buying a home. Most people reach out to me saying that they want to purchase a house but are not sure about the process. I’m here to provide a high-level overview of what to expect during the home-buying process.
1. Pre-qualification. Talk with a lender and get pre-qualified to give you an idea of how much you can afford to spend on a home. If you don’t have a lender in mind, I’m happy to provide a referral.
2. Home shopping. Once you get your pre-approval, you can start looking for homes in your desired area and price range. The price you’re pre-qualified for is a big factor when choosing a property.
3. Make an offer. When you find a home that you like, it’s time to make an offer based on the comps in your area and how much you’re willing to pay.
4. Inspection period. If your offer is accepted, you can proceed with the inspection period. It is usually a ten-day period during which you can inspect the home or have it inspected to identify potential issues and maybe get bids on some work that needs to be done.
5. Appraisal. The lender will send out a third-party appraiser after the inspection period. The appraiser will determine the home’s value to ensure that the loan amount is not higher than the worth of the property.
6. Final walkthrough and closing. Once the appraisal is done and the necessary repairs are addressed, you’ll do a final walkthrough of the house to ensure it’s move-in ready. Then, it’s time to close on the property and officially become a homeowner.
The process is simple, and with the right guidance and preparation, you can have a smooth home-buying experience. If you have any questions about a specific step, please feel free to call me at (602) 501-9352 or email me at sam@thebrokery.com. I’d love to help.
