Buying Real Estate: Prepare: Gameplan
Like any effective endeavor, successful house buying involves a coordinated gameplan. We have summarized an easy to follow approach so that you can refer to it as you make progress. Bookmark this page and refer to it throughout your Real Estate buying process.
If you haven't already done so, investigate your housing needs and wants to determine what types of houses you should be considering.
Learn who "The Players" are in a Real Estate transaction so that you will know who is responsible for what.
Get your financial picture in focus as soon as possible. Get a copy of your Credit Report to see if there are problems or disrepencies that you need to deal with. You can get a free copy of your credit report here.
Familiarize yourself with the mortgage process.
Get Pre-Qualified from a Mortgage Lender. Do this first. Your Agent will need your mortgage qualification, and it will significantly strengthen your offer when you find a home.
Quicken Loans is the premier resource for mortgage comparisons. You can get up to 4 offers from lenders, all competing for your business. Click here for more information.
Find an Agent that you trust. It is important to do this before you go rushing off looking for homes or you may end up with no representation. See the Agent Representation section for an important discussion regarding "who represents whom." Looking for a Real Estate Agent? To find an Agent in the area in which you are interested, click here. (You can compare a selection of top-performing Agents and remain anonymous throughout the search process.)
House Hunting Time! Make a scorecard for each house.
When you find an acceptable house, write a contract. Not familiar with contracts? You can get copies of contracts for your state here.
Negotiate your best deal.
Make a formal loan application.
Arrange for home inspection.
Arrange for closing agent or attorney.
Make moving plans--for an innovative and money-saving approach to moving, click here.
Secure final loan approval and commitment from the lending institution.
Do a final walk through of the house.
Final closing and settlement.
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Move to your new home and begin enjoying it!!
