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Whether you're buying your first home, moving up into a larger home or buying an investment property, this is an exciting time for you! We would like to make sure it is a pleasurable experience.. It is probably the biggest investment you'll ever make with long-term financial implications! Once you know how much you can afford and how much you want to invest, the next step is to find the properties that suit your requirements. When narrowing down to the RIGHT property, there are two things you need to keep in mind. 1. Will the property provide the environment I want for a home for my family or as an investment? 2. Will the property have resale value when I am ready to sell? Once you have found the RIGHT property, there are many negotiation factors: price, financing, terms, data of possession, and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should also provide time for you to complete appropriate inspections and investigations of the property before you are obligated to complete the purchase. Home inspections vary greatly. Obtaining inspections is the best way to become informed of necessary repairs or problems with the home. Be advised that inspectors do not assess the value of your home. According to HUD, an inspector typically checks the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, the HVAC system, water source and quality, ceilings, walls, floors, and roof. Next, the process of obtaining financing begins. Your Realtors® can guide you and give you the right advice regarding choosing the financing that is appropriate for you. In addition to being inspected, the home will undergo an appraisal by a trained professional. An appraisal is an opinion of the property's value used primarily required by the lender to protect his interest. Appraisals are based on past sales data, the location of the home, the size of the lot and the condition of the home. For mortgages insured through the FHA, appraisers must disclose potential problems relating to the physical condition of the home; there are no similar stipulations for non-FHA mortgages. Finally, there is the closing, or settlement, as it is know in different part of the country. Every area has its own unique customs. In some areas, the title or escrow company will handle this process. In other parts of the country, and attorney does it all. Your real estate agent can guide you through this process and make sure everything flows together smoothly. |
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