The home buying process is a considerably high-stakes endeavor, especially for first-time home buyers in Fargo-Moorhead. According to the National Association of Realtors, buyers under the age of 36 have made up the largest proportion of home buyers in the U.S. over the last four years. Of this proportion, 65 percent of the buyers purchased a home for the very first time. Whether you are a first time home buyer or someone in need of a refresher, this comprehensive guide to the home buying process is just for you.
Home Buying Process Step By Step with
Modern Market Realtors
The home buying process can take someone anywhere from just a few weeks to several months, depending on factors affecting inventory, or their level of pickiness or budget, while sometimes it just comes down to luck. For starters, future home owners should kick off the process of buying a home months in advance with the research phase:
1. Start your research now:
If the possibility of buying a home is on your mind, it’s a good idea to start conducting research early. Reading articles on the home buying process can help you set financial goals, while perusing real estate listings can help you get an idea of what type of property you can afford.
2. Find out what you can afford:
Once you have a general idea of the type of home you’d like to buy, the next step is figuring out how much house you can afford.
3. Get pre-approved for a mortgage loan:
Although you can estimate how much house you can afford, a traditional mortgage lender may have a different opinion. By getting pre-approved for a mortgage loan, you will get a definitive answer for how much a financial institution will lend you. For this process, be prepared to submit copies of your financial documents.
4. Get to know real estate agents:
Enlisting the help of a real estate agent can make your search much easier. According to the National Association of Realtors, 88 percent of all buyers in 2019 purchased their home through an agent. A good real estate agent will inform you on the home buying process and provide their expertise on local market trends. In addition, they will connect you with listings within your price range that best suit your needs, as well as help negotiate the purchase price.
5. Find your dream home and make an offer:
You can find for-sale properties through listing websites, local publications and your real estate agent. Start touring homes to develop a sense of what you want and don’t want in your home, as well as what type of inventory is available in your desired neighborhood. Once you find a property that meets your needs, work with your agent to negotiate a fair price with the seller.
6. Get your property inspected:
Once the property enters escrow, the purchase should be contingent upon it passing a home inspection. Once your offer is accepted, arrange to have an inspector visit the property and identify anything that needs to be fixed. Both you and the seller should receive a copy of the inspection report, after which you can renegotiate with the seller in case anything needs to be fixed. In worst cases, the contingency also protects you in the event that you would like to withdraw your offer.
7. Work with your Local lender:
Next, sit down with your lender and determine the type of mortgage loan that best suits your financial goals. For example, you may be interested in having the lowest possible monthly payment, fixed payments over time, or perhaps a loan best fit for selling the property in just a few years.
8. Schedule a home appraisal:
After you have been approved for a mortgage loan, your lender will arrange to have a third party company to appraise the value of the property. This process is in the best interest of you and your lender, to ensure that they are providing a loan for a property that has been priced fairly.
9.
Work with a title company:
The home buying process will result in a large stack of legal and financial paperwork. The mortgage lender will usually make arrangements for a title company to manage the paperwork process, through which they will make sure that the seller is the rightful owner of the property.
10. Close the deal and get the keys:
Once the sale is finally closed and all the purchase paperwork is signed, the property will finally be yours. Once the seller receives the check, you will receive the keys to your new property.
Modern Market Realtors
1306 24 ave S
Moorhead, MN 56560
(701)205-5517
https://fargohomesearch.com
https://g.page/FargoRealtors
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