Gala Real Estate Team

Before shopping around, it is always helpful to know a bit about the process. Here is a guideline to help you through the process

1. What do you need? This is the question every buyer should ask before searching for a new home. Knowing what type of house you want and what type of neighborhood you want to live in can substantially increase the efficiency of finding the home you desire. It is always good to compile a list of needs, the more thorough the better. It is also important to include how important each item on the list is. Sometimes finding the right home can require compromise. Sharing this list with your real estate agent will help ensure that the search for your new home or property is both fast and effective.

2. The next step in the process is usually prequalification or preapproval for a home loan. Your real estate agent can get you in touch with a mortgage broker to help you out. Being a preapproved buyer is usually more preferable than a prequalified buyer, mainly because it lets the seller know that the buyer has had a thorough financial background check and has been found to have a very low risk for incurring problems in regards to financing. A lender being willing to do business with a buyer looks good to sellers.

3. After the prequalification or preapproval process, you can begin the search for your new home. Allowing your realtor to assist you in looking while utilizing your wish list will help immensely, and the agent’s initial scouting will definitely help narrow down the list of potential homes to prevent you from being overwhelmed. When an agent has found a potential home, he or she will notify you about it and will arrange for a tour if the home if you show interest in viewing it.

4. When you wish to make an offer on a home, your agent will be more than happy to help you through the process of buying your new house at a good price. The agent will help in the process of negotiating a buying price for the, and if both sides agree they will draft a contract that outlines what needs to be done before the transaction takes place. Should any articles in this contract change during the buying process, the agreement no longer becomes binding until both parties agree to the new terms. The negotiating process will most likely be dynamic, especially when maintenance and repair costs come into play.

5. After a deal has been solidified, all that is left is closing the deal. Both the buyer and the seller will begin working on completing their obligations outlined in the contract. A common list of obligations on the buyers end would be: getting the house appraised, conducting a home inspection, completing arrangements for financing, buying a home warranty, and getting title insurance. Your agent will help you through this process to make sure it goes quickly, but smoothly as well. The official closing of the deal will most likely take place at the title company’s office, where a closing officer will provide documentation and papers to be signed, as well as the exchange of funds involved.

Congratulations! After the closing process has concluded, you will be owner of a new house!