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Here's a helpful video on the buying process
Before you embark on your home shopping journey, let's go over a few things:
Get pre-approved: It's like getting a golden ticket to the real estate chocolate factory. Find a reputable lender and go over your finances. Talk about your budget expectations and discover loan programs that fit you best. And hey, if your down payment is playing hard to get, explore programs that can swoop in like a hero on a white horse. A pre-approval letter will be your reality check when it comes to what you can actually afford. No magic wands, just practical numbers.
Know what you want: It's time to unleash your inner home genie. Make a list of your must-haves and keep it close like a genie lamp throughout the process. Don't be swayed by shiny distractions; stay true to your desires. Remember, finding the perfect home is like finding the perfect partner—know what you want and hold out for it.
Don't add debt: This isn’t the time for impulsive decisions, my friend. Don't go off buying cars, collecting credit cards, or quitting jobs like it's a shopping spree. Keep your debt-to-income ratio in check, because lenders are watching. Save the celebration for after your purchase has closed, and then you can go all out with a confetti cannon (figuratively speaking, of course).
Now, let's dive into the thrilling process:
Earnest Money: Show the sellers you're the real deal by including an earnest money deposit with your offer. Think of it as a down payment on your commitment. Keep in mind that contingencies exist to protect you and ensure your earnest money stays safe and sound. However, be cautious, because if you bail on the deal without a valid reason, that money might just fly out the window. Use it wisely, and it'll play a part in your down payment and closing costs.
Inspection: Time to play detective and get to the bottom of things. Schedule private inspections to unearth any hidden surprises. This is your chance to dodge those unpleasant surprises that could come back to haunt you. If something seems off, you can request repairs or, if you're not feeling it, walk away making a clean getaway.
Appraisal: Think of it as the real estate equivalent of a reality check. Your lender wants to ensure the home is worth the amount you're borrowing, so an appraiser steps in to protect their interests. If the appraisal comes back all roses, you're good to go. If not, well, you might need to reassess the situation.
Final Walk Through: It's time to give your future home one last once-over. Make sure everything is just as you remembered it—no funny business or surprise makeovers. The seller has a responsibility to keep things shipshape, and it's your chance to make sure it’s all good. No red carpets needed, just a final stamp of approval.
Closing: The grand finale has arrived. Once your lender gives the final nod, the closing company eagerly awaits your presence. Prepare for a signing appointment. Bring your down payment and closing costs to the table, and when all is signed and sealed, the lender releases the funds, and voila! The keys to your castle are yours.
Remember, having a dream team of experienced professionals by your side throughout this process is like having a superhero squad on your side. Your agent, lender, and closing company should work together harmoniously, ensuring a smooth ride for you. So buckle up, trust the process, and enjoy the adventure of finding your perfect home.