Before you start searching for a home, you should get pre-approved for a mortgage. This will allow you to figure out exactly how much you can get approved for, and therefore how much house you can afford. With that price point in mind, you’ll be better able to narrow your searches and focus only on properties that fit your financial criteria.
There are places where you can get a pre-approval letter here.
With a clear-cut budget in mind and a list of needs and wants, you’re now ready to start looking for your new home!
Once you find the home of your dreams, have your real estate agent put an offer in. Your real estate agent will work with you to draft up a solid offer that will capture the seller’s attention and boost your odds of offer acceptance.
After receiving an accepted offer, have a professional inspect it thoroughly first. That way, if you discover any major issues with the home, you’ll have some options:
1) renegotiate a lower price
2) request a credit to cover the cost of repairs
3) ask the seller to make the necessary repairs
4) walk away from the deal altogether
5) purchase the home as is
Your lender will want the home you agreed to buy appraised to verify its actual current market value. That way, the lender can make sure that the price you agreed to pay is what the home is truly worth. If not, the lender will be at greater risk. An appraisal will put the lender at ease knowing that the purchase price reflects the market value of the home.
For entities that are purchasing with a mortgage...After the offer has been accepted and all contingencies have either been fulfilled or waived, the bank would let the buyer know they are clear to close. At this point, the lawyers representing the buyer and seller would set a closing date for all required documentation to be signed.
After closing and monies have been transferred and received, the buyer would receive the keys to their new home. The buyers would now be ready to move in!