Good for you!! Are you ready? Do you know what you need to do? This is a big step in your future and you will be making some very serious decisions but there is no need to be intimidated by the process. Here it is in 5 easy steps.
•1) Contact a Real Estate Professional
In most market areas this is a free service to home buyers so take advantage early in the process. Important qualities to look for in a real estate agent is their knowledge of the market area you are looking in, their willingness to help and make sure that you feel comfortable spending time with them. Choose an agent you trust.
•2) Get Pre-Approved for a Mortgage
This will help you and your real estate agent, and will also give any offer you submit a better chance of being accepted. Your real estate agent can recommend a mortgage loan officer or assist you in finding one. Friends and relatives may also have some very valuable input. It is important to note the difference between Pre-Approval and Pre-Qualification. Pre-Approval is the actual mortgage loan approval based upon your verified credit and income. A Pre-Qualification is an educated estimate based on non-verified information. A Pre-Approval is the better way to go!
•3) Make your "Must Have" list
Don't think that you will know when you first walk into a house that it is the "one". You will find your search is easier and that you will be more ready to make a decision to purchase if you have used this approach. Oh, and yes you can have a "wants" list too, just remember "we don't always get what we want".
•4) Select Your Favorite Neighborhoods.
You have heard this jingle before..."Location, Location, Location". It is so very true. You can always make changes to your house, but you can never ever change the location. (Yes I know it is possible, but why?) Keep in mind things like school districts, work commute time (not so much distance these days as time). Drive thru your favorite picks at all different times of the day and night to narrow down your choice even more.
After you have decided on your favorite neighborhoods, and you know your "must haves" and "wants," your real estate agent can print off a list from the MLS of EVERY home available that meets your criteria.
•5) Make a Decision - Write a Purchase and Sale Agreement!
If you have followed the previous 4 steps then you should be able to make a confident decision. This might be scary, but you have done your "home-work" and you know that it feels right..... so don't let another buyer take YOUR home!!
