home-buying-process

Whether you’re a real estate rookie searching for your first home or a seasoned pro moving to a new location, buying a home can be a fun and exciting stage in one’s life. However, the entire home buying process can, at times, overwhelm eager homebuyers.

While the process of purchasing a home can appear complicated, it’s actually quite simple when broken into various stages. Essentially, the home buying process can be broken into two phases: the pre-purchase agreement phase and the post-purchase agreement phase.

During the pre-purchase agreement phase, homebuyers should begin the pre-approval process, start searching for homes and prepare to make an offer.

Get pre-approved

Before you begin house hunting, it’s important to get pre-approved for a mortgage loan. The pre-approval process is actually rather quick and simple. By getting pre-approved, you’ll be able to determine how much you’re eligible to borrow, choose a mortgage that fits within your overall financial plan and position yourself as a serious buyer in the eyes of real estate agents and sellers.

Start searching for “the one”

If you’re like most homebuyers, you probably already have an idea of what your dream home will look like and what features it must have. Before you embark on an endless pursuit to find the perfect home, it’s a good idea to meet with your real estate agent to discuss your wish list.  Since it’s their job to play matchmaker and find houses that fit your criteria, they’ll be able to offer expert house hunting tips and help you find “the one.”

Make an offer and enter negotiations

After you find your ideal house, your realtor will draft a purchase agreement based upon your specified terms and submit the document to the seller’s agent for review. At this time, the seller will either decide to accept your offer or provide a counteroffer. When making an offer, it’s important to have an Earnest Money Deposit Check ready to submit with your offer. This demonstrates that you’re serious about sealing the deal on the property.

While this is only the beginning of your work as a hopeful homebuyer, taking these steps will help position yourself for a successful home buying experience. In our next post, we’ll discuss what you can expect after you’ve found your dream home and your offer offer has been accepted.

Do you have questions about getting pre-approved, house hunting or making an offer on a home? Leave a comment below and I will answer your question(s). 

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tross

Tim Ross is CEO of Ross Mortgage Corporation and a lifelong mortgage lender. He has served as president of the Mortgage Bankers Association of Michigan and two terms as a governor on the Residential Board of Governors with the Mortgage Bankers Association of America. Today, Tim is an active participant, charter member and past director of America's Mortgage Cooperative and recently served as the Chairman of the Mortgage Industry Advisory Board for the State of Michigan. Outside of work, Tim enjoys running, golfing and participating in triathlons.

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