You've researched the market, saved up for a down payment, and now you've found the perfect home, so what comes next? According to the professionals at EXIT Realty Urban Living in Jersey City, NJ, it’s common to encounter a collection of tasks that occur in rapid succession over a short period. To make the life-changing event easy to digest, the real estate agency outlines the subsequent steps in the buying process below.
Found the Perfect Home? Here’s What’s Next
1. Get a Pre-Approval
A mortgage pre-approval differs from a prequalification because the process is more in-depth, so there's less of a chance for issues arising during the underwriting process. If a seller receives multiple offers, they're more likely to accept the buyer that already has their financing in order. As such, taking this step provides an advantage.
2. Make an Offer
With a pre-approval in hand, it's time to contact your real estate agency to make an official offer. Your agent will send the seller's agent the proposal, and then they'll either come back with a counteroffer or accept. Typically, buyers and sellers start on the opposite end of the price spectrum and meet in the middle.
3. Sign a Contract
Once the seller has agreed to an offer, you'll sign the finalized contract. This is a legally binding document, so review it thoroughly with your agent before moving forward. You'll want to ensure that certain stipulations are included, like a home inspection and appraisal, as well as a set close date.
4. Schedule a Home Inspection
The process is designed to identify any structural or appliance issues with the home. If problems are found, you can work with the seller to determine who's responsible for what. Your real estate agency will likely have a list of preferred contractors, so ask for their recommendations.
5. Wait for the Home Appraisal
Before closing, one of the final steps of the buying process is the home appraisal. Most lenders require this task to be completed before they finalize the loan as a way to ensure the purchase price is close to the actual value of the property. Ask the real estate agent to schedule the appraisal right after the post-inspection repairs for the most accurate estimate.
Finding the right property is only half the battle of buying a home, but a skilled agent will make the process a breeze. If you're ready to purchase a home, turn to EXIT Realty Urban Living. Serving buyers and sellers in northeastern New Jersey, the real estate agency emphasizes a personalized experience to meet the needs of each client. Find your dream house by browsing their online listings, or call (201) 380-4200 today to schedule an appointment.