3 Steps To Buying A House
Buying a house is very exciting. Many people think the main part about the house buying process is getting a mortgage. Even though the mortgage plays a big role, you also have to be prepared to go through the house buying experience. Here are some steps that need to be taken before you can close on a house.
1. Offer Negotiation
Once you find the house that you want you will need to negotiate with the seller. Your real estate agent will help you to submit an offer to the seller that meets your needs and conveys what you want. In the offer you might say you will pay lower for the house than they are asking for, you might ask them to pay closing costs and so much more. You need to be strategic in how you submit the offer and what you do.
Many people don't think that the offer will take time, but it does. It will take some time to draft it with your agent, then the other side has a certain amount of time to respond and you can go back and forth on your demands for quite some time. In some cases your offer will be accepted right away and you will be moving forward, but you need to be prepared for a couple days of back and forth.
2. The Inspection
Once that offer has been approved it is important that you get an inspector to come in and look at everything. The inspection is vital to you doing your due diligence. Due diligence means that you take the time to check out everything and make sure that you are pleased with the state of the house. The seller should disclose some things, but it is your responsibility to find out any problems or issues that you are not happy with before you buy it. You shouldn't expect the seller to give you a list of everything to do with the house.
3. The Appraisal
Lastly, you will also need to get an appraisal. This is important because it helps you to know if the asking price of the house is really what it is worth. You first make the offer based on what the seller tells you it is worth. But before you close you need to make sure that the value of the house is accurate. Without an appraisal it is very hard to know if you are paying what the house is worth.This generally happens after you place an offer, and around the same time as the inspection.
These are 3 steps you should expect when you buy a house.