Eight
steps to buying your home in Maple Grove
1. Decide to buy.
1. Decide to buy.
There is never a wrong
time to buy the right home. All you need to do in the short run is find a good
buy and make sure you have the financial ability to hold it for the long run.
If you are paying rent, you very likely can afford to buy. Currently the housing market is a bit of a seller’s market,meaning that
inventory is low and home values are on the rise. Fortunately, interest rates
are still low. This makes first-time home-buying in Maple Grove very
affordable.
2. Secure
financing.
Choose
a loan officer (or mortgage specialist) and complete a loan application. The
lender will pre-approve you for a loan amount based on your income and your debt.
You will receive an approval letter that you will want to share with
your REALTOR. Determine what your comfort level is and stay within your budget
. The lender will explain the loan process to you and will help you decide
which loan is the best for your situation.
3. Select your REALTOR.
It is the responsibility of your real estate
agent to expertly coordinate all the professionals involved in your home
purchase, double checking paperwork and assuring deadlines are met. A buyer’s agent will be able to educate you
on the market and guide you to find a home based on your wants and needs. Your
REALTOR will be able to negotiate on your behalf and solve any problems that
may arise.
4. Find your home.
Questions to ask yourself:
- How much space do I need and
why?
- Which is more critical:
location or size?
- Would I be interested in a
fixer-upper?
- Is neighborhood stability and
priority?
- Would I be interested in a
condo, new construction, or a single family home?
- What features and amenities do
I want? Which do I really need?
5. Make an offer.
When searching for your
dream home, you were just that-a dreamer. Now that you're writing an offer, you
need to be a businessperson. You need to approach this process with a realistic
perspective of your market. The three basic components of an offer are price,
terms, and contingencies .Price-the right price to offer must fairly reflect
the true market value of the home in Maple Grove. Your agent's market research will guide this
decision .
6.
Perform due diligence.
Unlike most major
purchases, once you buy a home, you can't return it if something breaks or
doesn't quite work like it's supposed to. That's why home owner's insurance and
property inspections are so important.
A home owner's insurance policy protects you in two ways: Against loss or damage to the property itself and liability
in case someone sustains an injury while on your property
The property inspection should expose the secret issues a home might hide so you know exactly what you're getting into before you sign your closing papers.
7. Close.
The final stage of the
home buying process is the lender's confirmation of the home's value and legal
statue, and your continued credit-worthiness. This entails an inspection , appraisal,
title search, and a final check of your credit and finances. Your agent will
keep you posted on how each if progressing, but your work is pretty much done.
On closing day, with the guidance of a settlement agent and your
agent, you'll sign documents that do the following: Pay the seller, pay your closing costs and
transfer title to you.
8. Protect your investment.
Attention to your
home's maintenance needs is essential to protecting the long-term value of your
investment.
Karen Pelkey
REALTOR® Keller Williams Classic Realty Northwest
612-414-2888
If you are looking to buy or sell in the Minneapolis Metro, let me be your expert!
No comments:
Post a Comment