American Dream Of Home Ownership

Dated: 10/22/2013

Views: 349

American dream of home ownership checklist.
  Buying a home is a big and exciting decision with a lot of things to learn.
There are basically 10 steps to getting you into your new home! Finding a qualified buyers agent should be first on your list. A buyers’ agent who is also a REALTOR is responsible for acting on the buyers best interest and must abide by the strict Code of Ethics.
  Second, your finances must be in place. You need a lender who will help you obtain the best mortgage terms available for you and should provide you with the customer service you expect. During this process you will get prequalified. You should meet more than one lender prior to making your choice.   Third, what do you need and want in your home. You will need to prioritize these items so that it will make your home search much easier on you. Your REALTOR can help you with this.
 Fourth, searching for your homes location. The things you’ll consider and all that entails. Your REALTOR will direct you to resources for evaluating areas and neighborhoods. However, REALTORS may not be able to answer all your questions because of Federal Fair Housing Laws.
 Fifth, you have found a home and are ready to make an offer. Your REALTOR will provide information on the current market conditions, prices, and negotiating tactics. You will review sellers disclosures so that you are informed on any and all defects they are aware of. Your REALTOR will put together a comparative market analysis on the property you’re interested in so that you can make an informed decision on your offer. There are many factors that come into play once your offer has been made. The seller can accept, counter, or reject. Depending on which occurs will determine which path you’re going to take next. If the offer is rejected then you can submit a different offer or move on to another home. You and your REALTOR will weigh everything out to help you make a decision. If the offer is countered you can counter back or accept. If you counter then you wait on sellers response again. If you accept or if your original offer is accepted then you move to the next step.
  Step six obtaining a mortgage. Your lender will have already begun this process with you however, they can only go so far without an accepted offer on a home. So now they will be able to give you closing costs and your truth in Lending statement since we have a property and offer to calculate all the true costs of purchasing this home. This is where all their work and efforts pay off. The loan process is complex but you have selected your lender and a REALTOR to help you work through it all. They will require paperwork to be brought in and signatures for their lending documents. Once this has been completed the underwriter begins reviewing if you and the home meets guidelines for the loan you have requested. Escrow is opened by depositing the earnest money you agreed in the contract. They are a third party who makes sure everyone does what the accepted contract states. This ensures that you have a home with a clear title, the mortgage terms you have agreed to and the seller and all other parties involved receives what they have agreed to per the contract accepted by all parties.
  Step seven, preparing to become a home owner. During the mortgage process you will also have the opportunity to conduct home inspections which may include termite, radon, soil, etc. These are optional in most cases except a termite inspection may be required by the lender. After inspection you will have the opportunity to renegotiate if items come up that are unacceptable to you. The seller can offer to fix those items, discount off sales price, or decide not to do any, or combination of the three. During this time you’ll have the opportunity to renegotiate as well. Once all parties agree on terms after inspections you will also shop for home owners insurance it is a requirement to purchase a home if you have a loan. You will need to have utilities set up for transfer the day you’re expected  to close/become a home owner. You’ll need to have funds available for closing day and have a final walk through. A final walk through is simply to ensure the house is in the same or better condition as it was during inspections and to verify all items such as appliances are in the home which were agreed to.
  Step eight, closing day is here! This is the day everyone has been working towards. You and seller sign all final documents needed by the escrow company which may include a closing statement( shows who is bringing in what money and where or who it is going to), mortgage papers showing your terms and obligation to the lender, a Truth in Lending Statement, along with anything else needed to close your home buying process. You will need your funds to close, proof of home owners insurance, and approval of inspections. Once all documents are signed and approved by all parties, and monies paid the Deed is recorded by County Recorders office and then you get your keys to your new home!!!! Yes you made it through the process of being a home owner!!!
  Step nine, time to move in. Your REALTOR will most likely have given you a moving checklist to help you get to this day so get those boxes moved in and unpacked so you can enjoy your home ownership..
  Step ten time to relax and celebrate. Congratulations! All your hard work to achieve the dream of home ownership is finally here. I wish you happiness and peace in your new home.Email me for the moving checklist or the 10 steps checklist. One last thought there are several steps in each step but these will let you know the direction your home ownership dreams should be going!
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Sue H. Edwards

Sue specializes in both listing and selling with an array of Real Estate services and with the expertise necessary to assist clients as they realize their real estate goals. She prides herself on put....

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