Steps to buy a home

Steps to buy a home

Whether buying a home for the first time, buying a second home or considering investment property, you should take steps to protect your investment and financial health. No matter what type of property you’re eyeing, take these precautions as you navigate the purchase of any piece of real estate.

Take stock of your finances. Before contacting a real estate agent or window shopping for a new home, figure out what you can spend.

Start with financing: Obtaining pre-approval for a loan will make the process of negotiation and loan approval process smoother from the start.

Look for a professional who is both familiar with the area you’re considering and its home values – and who is well versed in the laws, timelines and deadlines in your state.

Read the contract: When you’re ready to submit a purchase offer, your real estate agent should review the contract with you. If the agent moves through it swiftly, protect your rights by slowing things down so that you get an explanation of every paragraph of the contract.

Ask for exact dates: Your contract might state you have 10 days to conduct your inspections or 30 days to fulfill all contingencies. Ask your retailer for exact dates, not just the number of days, to make sure you don’t miss any important deadlines. This will also tell you when you’re supposed to receive documentation, such as disclosures or notices about the transaction.

Get it in writing: If you negotiate any extras (the seller will leave furniture or items not listed in the contract, you can occupy the house the day before closing, etc.) make sure that they’re documented in writing and that all parties sign off on the extras.


 

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