First Steps in the Home Buying Process | Real Estate Communities

Buying your first home can be as exciting as it can be overwhelming. For people who have worked in the real estate sector, it is easy to forget the emotional roller coaster purchasing a home can cause.

For us, assisting people on the path to purchase is something that has been done time and time again. These days, first time home buyers can research cities and neighborhoods, example: Marysville real estate, use loan calculators to generalize payment figures, research real estate brokers, and learn the differences between equity sellers, bank owned (REO) properties, and short sales.

---

Financing:

Do you even qualify for a home? It is common to start out looking at homes then seek financing to see if one qualifies for a home loan. Starting out this way can lead to disappointment and long-term discouragement. The first step should be to seek out a qualified lending professional who can accurately qualify a home buyer using W-2?s, employment history, pay stubs, and credit reports. This method may seem cumbersome yet when a buyer is fully documented the home buying process is much easier.

Selecting a Real Estate Agent:

Who will represent you in this transaction? In the digital age, most real estate agents can be found online through simple searches (city + real estate agent), individual and broker websites, Facebook, Twitter, national real estate websites, and personal referrals from family and friends. With so many choices in today?s marketplace it can be difficult to find an agent who is right for you. It is helpful, and improves the buying experience, if an agent has common interests, is familiar with the area you?re looking in, who is current with today?s trends and forecasts, and savvy with the offer-to-closing process. Take your time as this step can make all the difference in a good or bad home buying experience.

Searching for a Home:

Now the fun begins! Open up the internet and visit your local broker?s website, a national website, or even Craigslist to start looking for a home. Words of caution as not all sites are created equal and all the information on one site may show up different on another site. Find a site you like and register so you can access more advanced features. Email alerts are one of the many benefits of registering with your local real estate agent. The agent can even automatically email you when new homes become available. An experienced real estate agent will be in contact with their clients to let them know if a home has come on the market to give their client the edge over other buyers.

Making an Offer:

What is the amount of money you are willing to spend on this home? Sometimes called a bid, an offer is composed of approved forms that outline the buyer?s and seller?s name, property address, price, closing date, earnest money, possession date, and additional addendum like the home inspection, financing, optional items, well, and/or septic. This is a general list as each purchase and sale contract is unique and specific to that individual property. When making an offer, ask your real estate agent plenty of questions as what maybe crystal clear to them is murky as the Snohomish River to you.

Negotiations:

A common question is ?how long does it take?? and the usual answer is ?as long as it needs to for all parties to come to agreement?. If a buyer?s offer is close to the seller?s asking terms, then it usually takes less time to come to an agreement. But if a buyer intends on submitting a low ball offer then the time could dramatically increase or not come together at all. Be careful about submitting low ball offers because you ?want to play the game?. Purchasing a home is not a game! It should be taken seriously and always remember that, sellers don?t have to take, or even respond to an offer, if they don?t want to. They still own the house and they can do what they want with it.

Mutual Acceptance:

Mutual acceptance is a very important part of the home buying process. It is when all parties have come to agreement on every term in the offer. Mutual acceptance doesn?t mean a buyer owns the home yet either. It means that buyer and seller have a mutual binding contract in which both parties have to perform, to the best of their abilities, to fulfill all the contingencies, obtain financing, and move onto a successful purchase.

The home buying process is not simple yet it doesn?t have to be confusing when you are working with experienced agents and brokers. Buying a home is one of the largest transactions that most families will make in their lifetime. So do your research, talk to your friends and family, and be comfortable with the agent you choose to represent you. Sitting down with professionals in the real estate industry and asking many questions will help educate the buyer as what to expect.

---

Guest post by Toby Barnett of Barnett Associates in Snohomish County Washington

Related posts:

1. 10 Sites to Visit Before Buying a Home
2. 6 Pitfalls to Look Out for when Buying a New Home
3. Home Loan Rates & Special Buying Opportunities
4. The Short Sale Home Purchase is Speeding Up
5. Buying and Selling Real Estate in a Difficult Market

occupy la miranda kerr adriana lima victoria secret angels fox 4 fox 4 vs fashion show 2011