Once you have reached a decision to either buy or sell your home, there are several steps or points along the way that need to be considered. Use the following tips to help you down the path.
During this early planning phase of the process you should begin gathering information that you will use later in the process. Lenders will do a credit check on you during the loan applications process. Running your own credit check during this early phase can help you prepare and make the loan process easier. If you find any items on the report are questionable, work with the credit agency to research and correct any discrepancies during this early phase so they will be corrected by the time your lender pulls your credit report. If you are selling your home, locate all of you documents from when you originally purchased your home. Of course, you will need to clean up and prepare your home.
A Realtor or Not?
Shopping for Real Estate and finding a trustworthy realtor can be a difficult experience. We pulled together some great tips on how to find real estate property bargains in your area to buy or for rent. You will also find some ideas on how to Find a Good Realtor to help you shop for real estate or land.
Finding a Home
If your looking for real estate, there are many things you can do without a realtor or broker. Pick up real estate flyers at local grocery stores and convenience stores. Read the real estate sections of your local newspaper. Drive around neighborhoods that interest you and write down addresses where there are “for sale” signs. Go to open houses. There are an abundance of web sites you can use to find local home listings in your area. Check the links on the left under Related Links for some of the better sites to help you find real estate in your area.
Finding a Lender
You can use a broker to help you find a lender or you can bypass the middle man and find your own mortgage lender. Be sure to ask friends, tacoma movers, real estate agents for advice on lenders in your local area. Many are now available on the internet to help with your search and save costs. Be sure to check the Related Links on the left navigation bar for some of the best resources on the internet for finding a home mortgage lender. Getting pre-approved can speed up the closing process later.
Make an offer
Making an offer on a home purchase is a critical step in the process. You are making a contract with the seller that you will be contractually bound to if the seller accepts. Be prepared. Do your homework on the market and comparable in the neighborhood. Make sure the comparable are for recent sales. Determine the motivation of your seller. Recent job changes, divorce or other factors can influence the motivation of the seller. Be sure you clearly agree in writing what stays and what goes including light and other fixtures, window treatments, outdoor storage sheds, ceiling fans, portable air conditioners and such items. Never assume the seller will leave them behind.
Do your research on the type of loan you will use to purchase the home. There are many options available for individuals with good or not so good credit. There are advantages and disadvantages to each type of loan so be sure to evaluate your options given your circumstances. Monitor interest rates closely. If interest rates are low when you start the process and trending upwards, you may want to consider locking in your rate early. Consult with your lender or broker for advice.
Closing the Deal
It can take from 15 to 90 days or more to close a deal depending on the complexity of the transaction. Be sure to leave yourself enough time to move out of your existing home or apartment and into the new one. Schedule a final walk through to ensure the seller completed any items that needed repair from the inspections. Evaluate your closing costs and be sure to discuss the tax implications with an accountant.
Staging Your Home to Sell
If you are selling your home, you will want to ensure you get top dollar for your home and get those offers rolling in quickly. Properly preparing or “staging” your house before you place it on the market can help get that sold sign up quickly.
Buying or selling your home is a significant and stressful time in your life. Proper planning and educating yourself on the many steps in the process will go a long way to reducing the stress and ensuring the process goes according to plans. Use the Related Links on the left navigation bar for additional information to help in your process.