Become Pre-approved or Pre-qualified
Knowing your budget plays a crucial role when buying real estate. Finding a lender will assist you with your budget and help you understand which type of loan best fits your needs when purchasing a house. Becoming pre-approved is the more desirable route to take when determining what your loan will be.
The difference between being pre-qualified for a loan is an estimation of what you can expect to receive for a loan. Whereas getting pre-approved is knowing that your lender is ready to give you a loan that you are approved to receive.
The Orrico’s can help refer a lender that is best qualified for your needs. Some basic information will need to be shared such as, income, current debt, and available savings. Click here to view their referrals list.
Determine the Requirements for Your Future Home
There are probably many ideas floating around in your head about what you want to see in your future home. However, you want to make sure to access what you are going to need out of buying your home. Consider your current lifestyle and the lifestyle you may want for your future when deciding what your specific requirements are for your home. Some of the most common amenities that homeowners and prospective homeowners require are:
Number of Bedrooms
Number of Bathrooms
Hiring a Realtor
[/fusion_text]A real estate agent should be well-informed and educated of the neighborhood you are seeking to live in and what the current buyers and seller’s market is for real estate. Realtors are not only hired to find your perfect home but to act as your consultant throughout the entire process of buying your home. Finding a qualified and professional agent is essential, however, being able to connect with your agent is just as important.
[/fusion_text]The Orrico’s treat every client just as they would treat their family. Not only are the Orrico’s certified and licensed to make your home buying process successful, but their top priority is to create a comfortable and enjoyable experience for buying your home. The Orrico’s business motto, Moving You in The Right Direction is not just a phrase. They work as a team to ensure that your future investment makes sense for you and your family.
[/fusion_text]To view a complete list of the Orrico’s credentials and certifications, please view the section below.
Selecting Your Home
One of the most exciting steps of buying your home is getting the opportunity to view houses that match your criteria. The Orrico’s will add your email to their automated MLS system, and you will begin to see available houses as many times as you prefer per week. Once you see a few houses through the MLS system that spark your interest the Orrico’s will then set up a schedule, so you to view the homes in person.
Making An Offer
Having a real estate agent assisting you through the entire process of buying your home is extremely helpful. It is especially useful to have a real estate agent helping you when it is time to make an offer on your future home. Luckily, with the Orrico’s expertise, they will be playing an essential role in advising you on the price and terms of your offer for the home you wish you purchase.
Your realtor will help you create a purchase agreement explaining all terms and conditions of the real estate transaction. Some examples of what terms and conditions described in the agreement could be:
Date of Possession
An Inclusion of Repairs
Exclusion of Repairs
A deposit, otherwise known as earnest money, will need to be included in the purchase agreement. In many cases, the deposit is 1-3% of the houses asking price. If the seller rejects your offer, your earnest money can be protected through the purchase agreement. However, the agreement will need to explain how a refund will be addressed.
On the other hand, if your offer is accepted and signed by the seller your purchase agreement then becomes a firm contract between you and the seller. In some situations, there will be counter-offers from the seller that you can accept or decline, and vise-verse. The Orrico’s will act as your advisors to help negotiate in your favor. They will be at your side every step of the way to ensure you are satisfied and that you understand the options in front of you during the process of making an offer.
Get an Inspection
After an agreement has been reached between the buyer and seller, a home inspection must be completed. Depending on the area and property, the home inspection report will consist of a variety of investigations. Your realtor will inform you of the timeframe you have to hire a third-party professional home inspector starting from the date the seller accepted your offer.
Hiring an inspector is not only part of your due diligence when buying a home; the inspection report can prevent you from spending thousands of dollars on repairs. The Orrico’s have referrals for those who are seeking to hire a professional inspector.
The Orrico’s can help refer an inspector that is best qualified for your needs. Click here to view their referrals list.
Within five (5) business days after the date of acceptance, you have the option of having an attorney review your real estate transaction. Although your realtor helps walk you through the process of viewing homes, negotiating prices, and understanding documents, the attorney is there to make sure there are no discrepancies within the estate contract. The attorney reviews your contract to make sure your legal rights are protected and to advise you of your duties and obligations. Essentially, an attorney review is like an insurance policy for your real estate purchase. Having an attorney review will help give peace of mind going forth with buying your home.
Get An Appraisal
Depending on what type(s) of financing you are using an assessment may need to be completed through your bank. Your bank appraisal determines the market value of the house you want to purchase. If the home you want to purchase does not appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller. If the house appraises, the lender will move toward closing.
Schedule a final walk-through the property with your real estate agent before attending the closing. The purpose of the final walk-through is to ensure that no damage or changes have occurred inside or outside the house since the inspection.
Contract to Closing
An exciting final step to the real estate purchase process! The timeframe for closing could take 45-60 days or 30 days if you are paying cash. The closing procedure includes signing legal documents regarding terms and conditions of your mortgage, and the agreement between you and the seller transferring ownership of the estate. There are fees associated with transferring the ownership of property and closing costs. In most cases, you are responsible for paying these fees with a check or cash at a time of closing. However, there is a possibility of adding these costs onto your loan balance. The Orrico’s will guide you through this process as well as your lender, and make sure everything flows together smoothly so you can receive the keys to your new house!