10 Step Process To Buying A Home By Dustin Lloyd
Dustin Lloyd here with ReeceNichols. I told you I was going to go live every day. I've had a little bit of technical difficulty, but one of the things I wanted to go over right now is understanding how to find and finance the perfect 
for a buyer. So there are a few different ways to go about it, but this is kind of a 10 step series. So first is starting your research early. So one of the things that usually take 6 to 18 months typically to find the 
, a lot of people start looking nowadays by going on the web, magazines, or newspapers that have listings. Next, you'll want to determine how much you can afford this way. If you talk with a lender,you can have different calculators, but most lenders will typically say no more than three to five times, your annual income for your .
for a buyer. So there are a few different ways to go about it, but this is kind of a 10 step series. So first is starting your research early. So one of the things that usually take 6 to 18 months typically to find the , a lot of people start looking nowadays by going on the web, magazines, or newspapers that have listings. Next, you'll want to determine how much you can afford this way. If you talk with a lender,you can have different calculators, but most lenders will typically say no more than three to five times, your annual income for your .And then what you'll need to do is get prequalified and preapproved for a mortgage, definitely in this day and age with it being a seller's market and low days on market, you'll definitely want to have preapproval before you even go look at a . Most agents will recommend that just because you'll have the upper hand. Next, you'll want to find the right real estate agent. So as a real estate agent, it's important that we partner in the buying and selling of a , we can provide you with helpful information on homes and on neighborhoods that aren't easily accessible to the public, like looking in the MLS. Our knowledge of the buying process, negotiating, and being familiar with the area that you want to live in can be extremely valuable. And then the next step would be to shop for the and make an offer.
. Most agents will recommend that just because you'll have the upper hand. Next, you'll want to find the right real estate agent. So as a real estate agent, it's important that we partner in the buying and selling of a , we can provide you with helpful information on homes and on neighborhoods that aren't easily accessible to the public, like looking in the MLS. Our knowledge of the buying process, negotiating, and being familiar with the area that you want to live in can be extremely valuable. And then the next step would be to shop for the and make an offer.So once you know how much you can and want to pay for a , you'll start looking. And then once you find that perfect you'll want to put in that offer. But first all, you know, look through the , make sure things work, that they're up to your satisfaction. And then once you've put in that offer on the , you'll need to get a inspection. So usually you want to set that up within a few days. Typically the offer is contingent on the inspection. You want to check for signs of structural damage or things that may need to be fixed as an agent will help you arrange for this inspection to be conducted.
, you'll start looking. And then once you find that perfect you'll want to put in that offer. But first all, you know, look through the , make sure things work, that they're up to your satisfaction. And then once you've put in that offer on the , you'll need to get a inspection. So usually you want to set that up within a few days. Typically the offer is contingent on the inspection. You want to check for signs of structural damage or things that may need to be fixed as an agent will help you arrange for this inspection to be conducted.And then next you'll work with the lender to select your loan. There are many loans out there. So you want to pick the best one for you before closing. And before you start doing all the paperwork you need to do for a , you'll need to have the appraised. So lenders will arrange for an appraisal to come out that are independent to estimate the value of the that you're buying the appraiser as a member of a third party company they are not directly associated with the lender. And then the appraisal will let you know both parties that are involved. If you're paying a fair price for that , the next step, as long as everything goes through, then the paperwork. So as you can imagine, there's a lot of paperwork involved in buying a . The lender will arrange for a title company to handle all the paperwork and make sure that the seller is the rightful owner of the that you're about to buy.
, you'll need to have the appraised. So lenders will arrange for an appraisal to come out that are independent to estimate the value of the that you're buying the appraiser as a member of a third party company they are not directly associated with the lender. And then the appraisal will let you know both parties that are involved. If you're paying a fair price for that , the next step, as long as everything goes through, then the paperwork. So as you can imagine, there's a lot of paperwork involved in buying a . The lender will arrange for a title company to handle all the paperwork and make sure that the seller is the rightful owner of the that you're about to buy.And then at the end, this last step is to close the sale. So at closing, you will sign all the paperwork required to complete the purchase, including your loan documents. It's typical that it usually takes a few days for your loan to be funded after the paperwork is returned to the lender. Once that check is delivered to the seller, you're ready to move into your new . So hope this kind of gives you an idea of the steps that it is to buying a . And if you have any questions as always, let me know if there's anything in the world I can do for you. Until next time, I'll see you later, have a great day.
. So hope this kind of gives you an idea of the steps that it is to buying a . And if you have any questions as always, let me know if there's anything in the world I can do for you. Until next time, I'll see you later, have a great day.
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