The process of buying a home can be very long and stressful if you have never done it before. You will not understand many of the things that go on and need to be done. The real estate agent you work with should be able to guide you through most of the process and your attorney will also help you along the way. Many things are required before you can close on your new home and most of them will either cause a delay in your closing or additional funding from you. Knowing what is expected is important so that you can be prepared for any delays or funding that you will need to obtain.
Finding A Home Is Just The First Step
After you have searched and searched for a home and visited many different ones, you will make an offer on the one that you want to purchase. Your real estate agent will present the offer to the sellers and they will either accept it or make a counter offer. This can go back and forth several times and will take a number of days. Once the offer is accepted, you will need to make a good faith deposit on the home. This amount will vary depending on a number of factors. This shows the sellers that you are serious about acquiring the home. After that, you will need to obtain financing for the mortgage. This process is probably the most time consuming. Several weeks can pass before a decision is made by the lending institute.
Many Requirements Will Overlap Each Other
While waiting for your mortgage to be approved, you may need to get a home inspection done. Most lenders require this to see if the home is worth the price you are paying. To find an inspector, search for some Pre home inspections Melbourne to get a list. The inspector will go to the home and look at everything. He will make notes of items that need repair and make suggestions for having the work done. Any items that need repair should be brought to the attention of the sellers and many times they will either do the work or reduce the price of the home by the amount of the repair. The inspector will also evaluate the home to see if the selling price is a fair amount. This report goes to the lender you are using and they will make a final decision.
Once your home inspection and mortgage paperwork are done, a title report will be given to you to make sure there are no existing liens against the property. After that report is completed, you can most likely close on your new home. The entire process of purchasing a home can take almost two months to complete. If you pre-qualify for a mortgage, you can reduce the time quite a bit and many potential buyers are opting to do this. The time can be cut down by almost a month if you do.