The 5 Steps to Buying a House

The 5 steps to buying a house
you’re really prepared to put in the time to learn about real estate
If
make sound decisions, I want to help you out today. Buying a home
and
ALWAYS a bad investment. It’s just a bad investment if you FEEL
isn’t
you should be doing it without considering if you really should.
like

1: Obtain your credit score and report
If you’re ludicrously wealthy and plan to buy a house in full with cash,
you can just skip this part (and also, you must be a student of mine!).
Step
if you’re within the majority of people who don’t have the
However,
to do that, you’re going to need to get a mortgage. And to get
funds
mortgage, you’re going to need to get your credit score and
a
report.
your credit score and credit report have a lot in common, you
Though
to know that they are NOT the same thing.
need
people conflate the two, and though they are very similar in a
Many
of respects, they’ll tell you different information.
lot
a description of both as well as how exactly you can obtain
Here’s
them:
is an all-inclusive report detailing your credit history. It’ll include
This
such as your:
information
history
Loan
opened and closed
Accounts
history
Payment
balance
Credit
entitled to a free credit report each year, per the Fair Credit
You’re
Act.
Reporting
credit score is an actual number — the same number that
Your
and lenders will utilize in order to assess how safe it is to
renters
Credit score versus credit report
Credit report
Credit score
have you as a customer.

2: Meet with a Realtor
Much like a good lender, a good Realtor will be an agent who is going to represent you and your interests. Unfortunately,
Step
are a lot of real estate agents out there who just want to make a buck and keep their companies afloat. This means it’s
there
to be a little bit of work on your part to find a trustworthy real estate agent — but it’s absolutely worth it.
going
agency. These agencies represent the person selling the actual house. They are there to protect the interests of only
Seller’s
seller. Needless to say, you’re not looking for a seller’s agent.
the
agency. Like the seller’s agent but … well, for buyers. These agencies represent you and want to protect your
Buyer’s
You want to find a buyer’s agent.
interests.
check your state board of Realtors in order to find a reputable buyer’s agent. They’ll be able to connect you with someone
Go
be able to find you a good house at a solid price point. You can find your state board’s information through Google or
who’ll
the most part, you won’t have to pay for the buyer’s agent service — but this changes from place to place. Just make sure
For
do your research.
you
Never sign a buyer’s agency contract! According to Owen, “a good buyer’s agent is forming a long-term relationship
NOTE:
you and shouldn’t need a contract to keep you with them.”
with
you find a good real estate agent, you’ll be able to start looking for houses. Luckily, it’s a buyer’s market out there. As a
Once
there are a huge variety of places you can start looking for homes, such as:
result,
ads. Yeah, yeah. I know. “Get with the times!” Fact is, the way your parents found and bought a house is still in
Newspaper
and you can find plenty of good information on open houses in newspapers.
use
internet. Websites like Realtor.com or Zillow.com will be able to provide you with solid home listings in your town.
The
your Realtor. Once you find your Realtor, they will be able to set you up with some private open houses.
Ask
If you like your neighborhood or know which one you like, go ask people if any houses are for sale. It’s also
Neighbors.
to meet people before you’re stuck living near them for years.
worthwhile
your state board of Realtors and ask them to put you in contact with a good buyer’s agent in your area. Be sure to
Contact
all agents with respect. Even when you’re looking at houses with another agent showing you the listing, make it clear
treat
them that you are working through your very own buyer’s agent. This just makes the whole process much more transparent
with
thus easier for everyone involved.
and
In general, there are two types of real estate agencies out there:
this website here.
Action item: Find a Realtor
When you find the house you want, it’s time for …

3: Find a direct lender
Step
like a good lender, a good Realtor will be an agent who is going to represent you and your interests. Unfortunately, there
Much
a lot of real estate agents out there who just want to make a buck and keep their companies afloat. This means it’s going
are
be a little bit of work on your part to find a trustworthy real estate agent — but it’s absolutely worth it.
to
In general, there are two types of real estate agencies out there:
agency. These agencies represent the person selling the actual house. They are there to protect the interests of only
Seller’s
seller. Needless to say, you’re not looking for a seller’s agent.
the
agency. Like the seller’s agent but … well, for buyers. These agencies represent you and want to protect your
Buyer’s
You want to find a buyer’s agent.
interests.
check your state board of Realtors in order to find a reputable buyer’s agent. They’ll be able to connect you with someone
Go
be able to find you a good house at a solid price point. You can find your state board’s information through Google or
who’ll
this website here.
the most part, you won’t have to pay for the buyer’s agent service — but this changes from place to place. Just make sure
For
do your research.
you
Never sign a buyer’s agency contract! According to Owen, “a good buyer’s agent is forming a long-term relationship
NOTE:
you and shouldn’t need a contract to keep you with them.”
with
you find a good real estate agent, you’ll be able to start looking for houses. Luckily, it’s a buyer’s market out there. As a
Once
there are a huge variety of places you can start looking for homes, such as:
result,
ads. Yeah, yeah. I know. “Get with the times!” Fact is, the way your parents found and bought a house is still in
Newspaper
and you can find plenty of good information on open houses in newspapers.
use
internet. Websites like Realtor.com or Zillow.com will be able to provide you with solid home listings in your town.
The
your Realtor. Once you find your Realtor, they will be able to set you up with some private open houses.
Ask
If you like your neighborhood or know which one you like, go ask people if any houses are for sale. It’s also
Neighbors.
to meet people before you’re stuck living near them for years.
worthwhile
Action item: Find a Realtor
your state board of Realtors and ask them to put you in contact with a good buyer’s agent in your area. Be sure to
Contact
all agents with respect. Even when you’re looking at houses with another agent showing you the listing, make it clear with
treat
that you are working through your very own buyer’s agent. This just makes the whole process much more transparent and
them
easier for everyone involved.
thus
When you find the house you want, it’s time for …

you find a house that you like and want to make an offer, your next step to buying the house is to
When
out what the property is actually worth. Though it might be tempting (read: incredibly stupid) to just
find
an outside property inspector. These inspectors are third-party professionals who will go through
Hire
home and examine it for structural flaws, damages, and repair suggestions. When they’re finished,
your
allowed to go through the house as long as you ask the real estate agent for permission so be
They’re
to do so. Here’s an incredibly handy tool from CertifiedHomeInspector.org to help you find one in your
sure
area.
your lender for a home appraisal. When your loan is approved, you’ll be able to attain an appraisal
Ask
your lender on the house. That means that your lender will take into account a number of factors
from
the house including: price of houses surrounding it, number of rooms, how large it is, whether or
regarding
on where you are, the appraisal might take a little while — though no more than one to four
Depending
The appraisal will not only give you a good idea of what a fair asking price for the house is, but it
weeks.
also protect your lender from overpaying for a house.
will
at things other than money. Remember: There’s much more to life than money — and that sentiment
Look
very true when it comes to buying a house. When you’re negotiating, remember that you can always ask
is
other perks such as a washer and dryer, a sprinkler system, or even things like new windows or paint.
for
Step 4: Make an offer
throw out a ballpark number, do the smart thing and research the ever loving crap out of this house!
To do that, I suggest a number of tactics:
they’ll provide you a full report of the house and you can use this as leverage in your negotiations.
not it has a swimming pool, etc.
You don’t have to just focus on money.

h e r e y o u h a v e i t . T h e 5 s t e p s y o u n e e d t o t a k e i n o r d e r t o b u y
T
h o u s e . A f t e r y o u m o v e i n a n d g e t s e t t l e d , s t a r t b a s k i n g i n t h e
a
S t e p 5 : M o v e i n !
f a c t t h a t y o u ’ v e f i n a l l y r e a c h e d t h e A m e r i c a n D r e a m ® …
Article Source:
https://www.iwillteachyoutoberich.com/buying-a-house/
Image Source:
https://artesiantitle.com/