Buying a home can be one of the biggest emotional and financial purchases you will ever make. To get your buying experience off to a smart start, contact one of our REALTORS to help you understand the process, educate you on market conditions and protect your interests.
Before jumping in, it is important to understand the process of buying a home and what to expect.
Step 1: Pre-Approval
Pre-approval is so important in today's real estate market. It can give you leverage in a multiple offer situation, it demonstrates to sellers that you are a ready, willing and able buyer and gives you peace-of-mind knowing you can afford homes you're viewing.
Meet with a reputable mortgage lender who will listen to your needs. You will want to bring your tax returns, financial statements and any other credit-related documents with you. Your lender can also help determine if you are eligible for any down payment or financing assistance programs.
Once you are pre-approved, keep your pre-approval letter handy when you're are ready to write an offer.
Step 2: Know What Expenses to Expect
While there many financing programs that allow buyers to buy with little-to-no money down, there are still expenses. The following are some expenses to expect:
*BUYER BEWARE: Some real estate companies charge extra administrative or transaction fees to their buyers at closing. At Beyond Realty we DO NOT charge administrative or transaction fees to our buyers or sellers.
Step 3: Finding a Home
There are several ways to look for homes in the Fargo Moorhead area:
Step 4: Making An Offer
Your REALTOR will advise you of all your options when they help you prepare the offer. Some items he or she will ask you to consider include:
Step 5: The Home Inspection
The home inspection provides a written report on the overall condition of the home. Home inspectors typically look at the structure, construction and mechanical systems and identify items that need to be repaired or replaced and give you an estimate of the remaining life of major systems, equipment, structure and finishes.
Step 6: The Appraisal
Appraisals are required by mortgage lenders to determine the value of the home. Please note that FHA and VA appraisals typically have a more items to address than Conventional appraisals.
Step 7: Loan Approval
Once the appraisal is complete and the buyer and seller have agreed on the appraisal value, the loan is approved. We will then schedule a final walk-through (typically one day before closing).
Step 8: Closing Day!
It's finally time to get the keys to your new home and move in!
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