subject: The Essentials Of Buying A Home [print this page] When you are ready to make the dream of owning your own home a reality there are a few things you should know.
First, get a copy of your credit report and work on improving it. Your credit report is an important tool used in getting a loan from the bank.
Second, go to your bank and talk with a loan officer about purchasing a house. They will have you fill out an application and a Pre-Qual Letter. There is likely to be an application fee of $40 or so to the bank for this service.
Third, find a Realtor. Realtors can help you find the best piece of real estate to fit your needs.
They are also beneficial because they know what is available on the market and have friends within the industry. The seller pays the commission to your Realtor, so it costs you nothing to have one.
In theory, a Realtor should help you get the best price. Keep in mind that the more you pay for the house, the more the Realtor makes in commission. Choose one wisely and ask opinions from friends and family before settling on one because you want one that you can trust.
Fourth, determine the major features you are looking for in a home. This would include what part of town you want to live in, what style of house you want, and how much the bank is willing to loan you. Then, you or your Realtor should compile a list of houses that match your criteria.
After you compile the list you need to go through the homes. Take the time to visit each home and have a walk-through with the owner. Ask any questions you have.
Fifth, when you settle on a house get the disclosure from the seller. The disclosure is a list of any problems the house has that the seller is aware of. If after seeing the disclosure you still are interested in the house, you need to determine how much money you are willing to offer on the home.
Get a list of comparable homes that have sold recently in the same area so you can get an idea of how much the house is really worth. Keep in mind that it is rare to accept the original price given by the seller usually you'll offer slightly less than they are asking.
Sixth, have the house professionally inspected. You generally have to pay for this and it will cost $350 or so.
If the inspection reveals problems not listed on the disclosure you can try to get the seller to lower the price or fix the problems before the sale. If it is not worth it to you, walk away from the deal if your contract allows.
Seventh, make an offer on the home. Making an offer is not just an exchange of words, it means signing a contract. If the seller accepts the offer then they will be willing to sign too.
At this point you're generally obligated to buy the house and the seller is generally obligated to sell, though depending on the wording of the contract you and the seller have the right to walk away from the deal under certain circumstances.
Eighth, the bank will have the house appraised. This process will ensure that the property is worth what you're paying for it.
Ninth, get homeowners insurance. It is highly recommended that you price shop, in other words get quotes from several different businesses. The cost of the insurance will be added to your closing costs.
Tenth, close on the home. Meet with the title company or an attorney and officially sign the paperwork.
There are many cities that have rapidly been selling real estate. One of these is Park City, Utah.
This quaint mountain city is famous for its charming and often astounding houses, great shopping, snow and great resorts, and other mountain recreational activities. It even features some of the event sites for the Olympic world games that were hosted by Salt Lake City in 2002.
As you follow these basic steps you can make the process of buying a home easy and buy the home of your dreams.
