1st Time Buyer's Journey: The Road to Home Ownership (real estate / buying a house)

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An infographic outlining the basic steps to owning a home (or condo).

Buying a home is a multi-step process, but it’s a seamless one when you work with a real estate agent. An agent's assistance spans the entire transaction and they coordinate each step between all parties involved. This creates a seamless "one-stop shopping experience”, so all you have to worry about is picking the place of your dreams!

Published in: Real Estate, Technology

1st Time Buyer's Journey: The Road to Home Ownership (real estate / buying a house)

  1. 1. Time Buyer’s Journey: The Road to Ownership1st  By Dan Carroll  Prequalification Search & Seek The Offer  Final Items Use an online financial calculator (http://on-msn.com/1oBNNQZ ) to determine how much you can afford. It’s better to see your own financial “big picture” early on Now begins the official prequalification stage. Real Estate firms generally have qualified lender partners available to assist you so you don’t have to go through this step on your own, although you are more than welcome to seek out other lenders and banks. Prequalification Get these items ready: Pay stubs for one month* Your most recent two years of your W-2 from your employer* Past 3 months of bank and investment statements A letter describing any Gift Money *Different items are required if self-employed or if you own your own business Search & Seek  Sites & Apps: Trulia — www.trulia.com Zillow — www.zillow.com Realtor® — www.realtor.com  Virtual property searching has never been easier thanks to the numerous websites and mobile apps available today. Be sure to save the Multiple Listing Service (MLS) Number for any properties you have interest in. Your agent will use this information to arrange a visit. Most homeowners and their respective real estate agent will not allow the “general public” to see a property unless it’s an open house. By this point you should be working with your own agent. Your agent will also help you find properties that may not be listed online, so make sure to contact me! Working with an agent to buy a property will not cost you. Your agent makes their commission through the seller of the property.   The Offer  An offer often includes Conditions that you would like met, if any Purchase price you are offering Identify and question any concerns Official document prepared by your Agent  When you see a property that is “the one,” you and your agent will thoroughly examine everything in order to create a written offer for the seller to review. At this point, it is highly likely—and extremely common—that the seller will come back with a counteroffer; usually based on your offer price and/or the terms and conditions you’ve extended. This back-n- forth may continue for a few rounds, until the win-win situation is created.  Escrow Payment(s) $ Once your offer is accepted by the seller, you will then make a "good faith” payment to show the seller you are definitely interested in moving forward on the deal. This “earnest money deposit” is held in a non-interest bearing account and is applied at closing if the deal goes through. Buying a home is a multi-step process, but it’s a seamless one when you work with a real estate agent. An agent's assistance spans the entire transaction and they coordinate each step between all parties involved. This creates a seamless "one-stop shopping experience”, so all you have to worry about is picking the place of your dreams!  Final Items THE HOME STRETCH! Move In!  Finally, you’re home! The only bad thing: this stage is perhaps the most difficult part of the entire process! Home Inspection  Radon Test  ClosingTermite Check During the last stages, your agent will make arrangements with the respective professionals to carry out the various services required to finalize the deal. Below is a summary of the items that fall into this category (this may vary depending on the type of home or condo):   It’s important to get your home checked for any destructive insects that may affect the future integrity of the property. A licensed professional will examine all aspects of the property and record all items that should be noted. Radon is a naturally- occurring gas that escapes through the ground. Radon test are simple, cheap and take only a day. The big day! Bring the check book. Because you’re almost home! Note: some states require an attorney at settlement. Dan Carroll, Real Estate Agent Imagine Where You Want to Live Next DanielCarroll215@gmail.com | 215.510.4263 Website | Facebook

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