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Home Buying Process

Buying a home is exciting however it is also is a very stressful process especially if you are a first time home buyer. You have to be prepared and understand the process in order help your home buying experience manageable and help you to make the best decisions.

 

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Here are the step by step process in buying a home

Step 1 – Check Your Credit Report and Score

Check first if you are qualified to get a loan before applying for a mortgage.  So make sure check your report for errors. If there are any, dispute them.

Step 2- Get pre-approved or pre-qualified for a loan

Before you begin your home buying process the first thing that you should do is to get pre-prequalified. Pre-qualification is the dry run of the application process. The mortgage company will use the details you have provided such as your income, assets, credits and debts. This may only take for minutes to few hours. Where in pre-approval is the verification of your income, asset, debts and credit history.

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 Step 3 – Find an Agent

Finding a good real estate agent is important to help lessen the stress and for you to enjoy the home buying experience. They know your interests and aims and helps you find a home that best suits for you.

Step 4: Look for the Right Home

Have a list that you want to have in the house. Ask yourself how many bedrooms and bathroom you’re going to need and how much space you desire for your home. Once you have completed your list. Discuss it with your agent so that he or she will know what preferences you are looking for a home.

Step 5: Make an offer

Once you’ve found a home that you like, you have to make an offer. Usually this will be done by your real estate agent. In making an offer make sure to offer a reasonable price. Price is the major factor to consider in making a deal. As a home buyer, before you make an offer you must take consideration on the seller side. Don’t make an offer that is too low, this will make the seller get insulted with your offer. Since this is their home and though they are selling it they also have personal attachment to the home. Be considerate so that you can develop the trust of the seller. If the seller agrees to the offer then the buying process can go ahead.

Step 6: Escrow and closing

Once the offer was accepted the buyer and seller will now sign the RPA or the Residential Purchase Agreement. The buyer will give an earnest money deposit, which is a money that goes in escrow to show in good faith in purchasing the property.

Step 8: Home Inspection

Make sure to get a home inspection before the final walk through and closing. This is where you can discuss the necessary repairs that needs to be done to the property.

Step 9: Closing

The title is now being transferred to the new owner. You can now move in to your new home.

 

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How to Choose a Real Estate Agent

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Image Credit: Mark Moz

Whether you are home buyer or a home seller not choosing to hire a professional real estate agent to save money in a real estate deal may cost you later. In order to avoid this things to happen I would recommend that you hire a professional real estate agent. Since, real estate agents can use their knowledge to guide you through the real estate process. You should also take time to find the real estate agent for your specific needs and take some time to research and an interview before making a selection.

Here are some of the ways that can help you find out more about your agent before you hire them.

Look Into Agents Credential

In finding an agent we want someone whom we can trust and rely on. The first thing that you should do before you select an agent is to look for the agent’s credentials. Your realtor should be registered with the National Association of Realtors (NAR).

Talk to Previous Clients

A good real estate agent can provide you the list of his or her previous clients. You can use this list to contact the previous or the most recent clients to get some information from them.

Interview Potential Agents

This is the time where you can ask thoughtful questions designed to help you determine whether you’ve found the right person to help you with the buying or selling process. You’ll want to ask agents some questions like how long they’ve been in the business, how many deals they’ve handled, do they have marketing strategy and so on. When you conduct an interview to an agent it is important for you to remember what questions you need to ask and what answers to expect.

Excellent Communication Skills

In selecting a real estate agent one of the important skills that you should look is his or her communication skills. A professional real estate agent must have the ability to communicate effectively with all the parties involved in the real estate transaction process. You will also know that an agent has excellent communication skills if he or she knows how to listen. Yes, communication involves not only how effectively they transmit the information but most importantly knows how to receive the information given.

Negotiating Skills

Aside from excellent communication skills negotiating skills is one of the most important qualifications that a buyer and a seller are looking for. Both buyers and sellers are looking for an agent who does not only to carry the message from one party to the other. But also wants an agent who can strategized and knows how to bridge the gap between the two sides while making sure that both parties appear equally rewarding.

 Look For Their Current Listings

Look for the agent’s current listings on the web. Check if the description of the property matches or how close it is to the home that he or she is trying to describe. You can also check if the agent has enough listings to show that he or she is really good in dong the business.

Make Research and Go Online

You can also look for a good agent online with no obligation. Don’t be afraid to ask them questions about their services. Remember, a good real estate agent will understand your needs and they can help you to find the best deal.

 

 

 

 

 

 

 

 

 

 

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Benefits of Purchasing a Home Warranty

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Image Credit: Mark Moz

Whether you are a home buyer or a home seller purchasing a home warranty is worthy. Home warranty is not mandatory but whether it is mandatory or not I believe that it is a good choice to have it for your home protection. If you are selling your home, and have a home warranty you can sell your home at a good price because your home’s major components and major appliances are being protected and therefore are in good condition.  As a home buyer, purchasing a home is one of the greatest investments you’ll make in your life. As I have said since it is the greatest investment you’re going to make in your life. It is better for you protect it by purchasing a home warranty.

What is a home warranty?

A home warranty as defined in Investopedia is a contract between a homeowner and a home warranty company that provides for discounted repair and replacement service on a home’s major components, such as the furnace, air conditioning, plumbing and electrical system. A home warranty may also cover major appliances such as washers and dryers, refrigerators and swimming pools. Most plans have a basic component that provides all homeowners who purchase a policy with certain coverages. Homeowners can also purchase one or more optional components that provide additional coverage at additional cost.

Benefits of a home warranty for sellers

  • Make your home a favoured home you won’t need for a certain repairs for your major components and appliances because it’s been protected by a home insurance.
  •  Entice more first-time home buyers first time home buyers will have a peace of mind because they do not have to worry for the cost of repairs for your systems and appliances
  • Leverage your home warranty this will create a good impact to your home and will help you stand out from other listings.

Benefits of home warranty for buyers and current home owners

  • Save money and safeguard your budget. Instead of paying for repair or replace an appliance or home system, you’ll pay a standard deductible per service call, per trade, on covered components.
  • Reliable service – Now you don’t have to worry to look or call for a town service or estimate. You can just contact your home warranty and inform them that they need to come to check your appliances. The convenience that a home warranty can give you saves lots of your time and money.
  • Comprehensive protection for years to come when you purchase a home warranty you’ll never have to worry and can have a peace of mind. You’ll have an excellent protection for your systems and or appliances plus you can renew your home warranty year after year.
  • Limitless service once you purchased for a home warranty you can call home warranty for as many appliance and system repairs as needed.

 

Credits to:

 Investopedia http://www.investopedia.com/articles/mortgages-real-estate/11/home-warranty-worth-it.asp#ixzz473bNaXMJ

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To People that Want to Buy their First Home but Don’t Know Where to Start

interior-design-529904_1920Do you have plans to buy a new home but you don’t know where to start? Well I have some good news for you. I have here some tips that will serve as your guide in purchasing a new home. I know you are very excited since this is your first time to buy a home. But first you have to make sure that the home that you will be choosing is the right home for you. Don’t rush on things; make a research before making a decision to buy. This will give you a lot of information that would surely help you with your home purchase. Next, examine what you’ll need to consider before you buy.

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Whether you’re a first time home buyer or you’ve already have an experience in buying a home before, it is better to have some preparations before you make decision. Remember, this is going to be the biggest purchase of your life and if you’ve made a mistake even if it’s just small can cost you a lot. You may ask yourself some questions like, Can I really afford to buy a home? Do I have extra money to pay for any additional expenses? Or, is your work stable enough to shoulder your mortgage?

Hire a Professional Real Estate Agent

I would highly recommend hiring a professional real estate agent since this is your first time to buy a new home. I tell you, purchasing a new home is exciting however it is not that easy. There are a lot of things that you need to consider a lot of documents that you need to accomplish. That is the reason why I asked you to hire a professional real estate agent to help you along the way and in order to make your home purchase a lot easier.

Get a pre-approval

Having a job is not enough to qualify for a loan. As I have told you before, you should have a stable job to shoulder your mortgage. Prepare all the necessary documents they need. Boost your credit score by checking your credit files before applying for a mortgage. It can cause rejection for small mistakes. If you have your agent, he can assist you in getting a pre-approval.

Find a Home

In finding a home, you have to consider what type of home that best suits for your needs. There are several options that you can find in the market but you have to think of what kind of home that will benefit you the most. What specific features that you want to have for your home? Does it suit your budget?

Good Location

Location is also one of the most important things that you have to consider in buying a new home. Of course you would want your home to be accessible to your work, schools, shopping malls, hospitals and to other conveniences that you need in your daily life.

 

 

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Little Known Staging Tips That Helps Homes Sell More Top Dollars

Selling a home is very challenging in short it is not so easy. There are a lot of things for things for you to consider in order for your home to stand out in the market. Renovating your home can cost you a lot however this will help you to increase the value of your home. But if you’re on a budget or you don’t have that much money to spend for a home renovation there are still some ways that we can do to increase its value.

Here are some staging tips that could help you sell your home more top dollar.

Beautify the Exterior Appearance of Your Home

Making the exterior part of your home more attractive can easily caught the buyer’s attention. It’s like love at first sight. In fact, making your home more attractive will be difficult for home buyers to resist it or it will be hard for them to just past by and not even take a second look. How are you going to do this? First, clean your front lawn. Cut the overgrown grass and if you have trees in front of the house, plant some flowers around it. It will make the front view of your home look more beautiful. Second, try to change the color of your home. Choose a color that will definitely make your home look fresh and new again. This will also increase the value of your home and it won’t cost you that much.

Staging Your Furniturehome-663241_1280

If you think that your furniture looks outdated and not in a good shape anymore, change it. Make sure when you change your furniture it matches the other furniture so that it will look pleasant to the eye.


Remove All Your Personal Belongings

Since you’ve decided to sell your home it’s no longer your property. Now you have to remove all your personal belongings so that the future owner can visualize their own personal property and to help them think how they are going to decorate it and what to place in those areas.

Clean your Home and Change your Curtains

Make sure to clean ever part of your home before the schedule date of showing. Nobody wants a dirty home no matter how beautiful it is. So make sure to clean every detail of the house before you schedule a showing. Next, put your best curtains. I tell you, curtains will definitely bring beauty to your home it will look more gorgeous.

Put Some Indoor Plants

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Putting some indoor plants can give movement and life to your home. Just make sure not to put too much in a small area because this will take up too much space. And don’t put a small plant in large empty space because it will look lost in a large area. Just be creative and enjoy what you’re doing.

Proper Lightning

Home lightning is one of the factors that we should consider in staging your home. This will make your home look warm and inviting to buyers.

 

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Methods that is Helping Home Buyers Get their Mortgages approved with Lower rates

In buying a home one of the important factors that we need is to get pre-approval from lenders. Since this is the common option of every home buyer in purchasing a property. As a home buyer or a borrower you would want to get a mortgage that can give you a lower rate. So as part of the home buying process, choosing a lender is one of the things that we consider in getting a mortgage.

Here are some of the methods that could help home buyers get their mortgages approved with lower rates.

Boost Your Credit Scorecredit-40673_640

Getting your finances on shape is difficult but this is one of the best way to be able to get a low mortgage rate. Before you decide to apply for a mortgage, you have to check your credit file. Having a low credit score might increase the rate of your mortgage or a small mistake can cause you rejection. So, how are you going to do this? First, check your credit report to make sure that there are no late payments that are incorrect to your account. Just in case you find some errors on your credit report, discuss them with the credit bureau. This way they can make some corrections.

Pay Your Bills on Time

Lenders will do a background check on your previous loan to determine if you are a good payer or not. So when you are getting a loan you have to ensure to take responsibility for it.  Make sure to make it a habit to pay your debts on time. Set up a payment reminder if possible so that you won’t forget the due date of your debt. Making sure that you pay your debts on time will certainly contribute to your credit score.

Keep your Balances Low

This is another factor that could help you to get a lower credit rate on your mortgage. It is better to show that you have a small percentage on your credit rating when the lender check’s it.

Job stability

Definitely, the lender will check if you have the capacity to pay for the loan. Having a job is not enough in order for you to qualify for a mortgage. Lender will check if you are stable to your job and if your income is enough to shoulder the mortgage. If you are a freelancer, you often change jobs, and the lender will view your income as unstable. How are you going to pay them back if you don’t have a stable source of income? In order to avoid getting this you have to ensure that, your job is stable.

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A savings account can also serve as a good basis to your finances to help you achieve your goals and to help you prepare for the unexpected expenses. In closing a deal when purchasing a home, there are a lot of unexpected expenses that you need to settle in cash so it is better that you have enough savings to cover these additional expenses.