Consult with a Real Estate Agent
Mayar Homes’ team is equipped with professional realtors that will provide consultation and information on purchasing and selling of properties, particularly single-family homes and townhouses. Our agents have the knowledge, skills, experience, and abilities to walk you through all steps of owning a home as well as to negotiate to help you save money. As a home purchaser, you would not be required to cover extraneous costs such as commission—these costs will be taken care of by the seller of the property instead.
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Loan Pre-Approval
Before searching for a home, you should know how much loan (mortgage) you will be qualified for. To do so, the best way is to get accurate information on qualification through seeking advice from a mortgage banker. For instance, provide the banker with your information such as your annual income (W2, 1099) pay stubs and down payment. After reviewing all this information, the lender will tell you how much mortgage they can lend you, then you will know what price range house you should start looking at. when you get pre-approved and find your favorite house, they will also run your credit and will ask for your bank statements to verify your credit and financial situation.
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The Search Begins;
This step is an exciting part of the story. Your real estate agent will have you embark on touring homes with your preferred price range. In this stage, we advise you to take notes on all the houses you visit. Take notes on the houses’ information like how old the house is, prices, number of rooms, bathrooms, kitchen appliances, basement, etc. In the end, you will be able to make a logical comparison, and your notes will help you make a better decision on which house to get. Take as much time as you wish until we find you a house that you always loved to own.
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Offer a Price
After finding the right house in a desirable location, your real estate agent will draft and negotiate a fair offer based on comparable market research, which is the home’s value in the same neighborhood, with the property seller. Agreeing on the price and conditions, it’s a bit more time consuming than the rest of the steps. Nevertheless, no need to worry because your contract will be ready for a signature after some negotiations.
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Signing Agreement
After reaching an agreement with the seller, you will sign a contract. You will need to deposit the escrow into account, and the property will be kept for you until the contract is finalized and the ownership is transferred to you.
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Get a Home Inspection
In this step, the property physical condition will be inspected. This usually happens within a few days once the property owner accepts the offer. Your real estate agent will help you schedule the home inspection. The home inspection will give you a second chance to renegotiate your offer or even you can withdraw without any penalty. The inspection will provide you with an array of opportunities to ask the proprietor to fix any damages you notice anywhere within the house. After fixing, you will have another chance to visit the house and see if all repairs are done.
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Get the home appraised
Usually, the lender will arrange the appraising process with a third-party company to estimate the value of the house you are buying. The appraisal let all parties involved in the transaction to know whether the buyer is paying a fair price for a specific property.
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Paperwork Before Closing
The transference of ownership on the agreed price is the last step of purchasing a property. In this step, there is a lot of paperwork, which your lender will complete all the paperwork and make sure the seller is the real owner of the property.
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Closing the Sale
Usually, a lawyer/ title company or third-party legal person is responsible for closing and transferring the property to you legally. In the end, you will sign all the necessary paperwork and will eventually receive the keys and become a homeowner. Congratulations! time to pack up and move into your own new house.