If you are a looking to purchase a home, you may be wondering about how the process works. Here are home purchase steps for you to look at in the meantime.
Home Purchase Steps: Pre-approval
If you’re considering purchasing a home, your first step should be reaching out to a lender to obtain a pre-approval or pre-qualification letter. The lender will perform a cursory analysis of your finances and provide you with a letter that generally states that you will be capable of obtaining a mortgage up to a certain dollar amount. You will use that document to offer a potential seller a certain level of security that you’re able to afford the home you’re bidding on.
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Home Purchase Steps: Additional Documents
After you get your prequalification letter from the loan officer, you should also speak with them about the additional documents you’ll need to complete the application process and when you should be getting those documents to your lender. Along with speaking to a lender, you’ll want to select a realtor with whom you feel comfortable to assist you in viewing various homes, choosing a home on which you may want to make an offer, preparation of a real estate purchase contract on your behalf – at a price with which you are comfortable, and tendering that offer to the seller’s listing agent.
Home Purchase Steps: Hiring a Real Estate Lawyer
Once you have entered into a contract, you will retain a real estate lawyer to assist you in completing the transaction. The attorney should speak with you about the details of your transaction and your needs, gather information about where you’re presently residing and whether you need to meet any specific deadlines for vacating those premises – and just make sure to protect you throughout the transaction. He will examine the property’s title, all sale documents, and all lender documents on your behalf, and then attend the closing with you to complete the real estate transaction.
If you have any questions about these home purchase steps, please call our experienced Buffalo Real Estate Lawyers.