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Purchasing a New Home: STEP 1 Getting Prepared

Step 1 In the Home Buying Process: Getting Prepared

Many people have no clue how the home buying process works from start to finish. My job is to put YOU in the best position possible when it comes to purchasing a new home. I wrote a quick series of articles breaking down the home buying process and we start with...

STEP 1: GETTING PREPARED

1) Have your team lined up.  Your team consists of:
- Real Estate Agent (hopefully Michelle March)
- Real Estate Attorney
- Home Inspector
Talk to friends, family, and local home owners to find out which professionals they have worked with and have had success with.

2) If you are a current home owner, determine whether you need to sell your home prior to purchasing a new one.  

If you need to sell your home first, hire a great agent, get your house on the market, price it right and sell it!

3) Determine whether you will be paying cash or obtaining a mortgage.
-If you are paying cash, you will need to be prepared to show proof of
funds (bank statements) when submitting an offer to show that you are a qualified buyer.

-If you will be obtaining a mortgage, you will need to get pre-approved. The pre-approval is important for two reasons:  

The first being you need to know what you can afford. The second being that home owners are requiring all offers be accompanied by a pre-approval letter to show that you are a qualified buyer. Therefore, get pre-approved ASAP so when you find the right home, you can submit an offer without wasting any time.

Stay tuned for my next article Step 2…Shopping For Your New Home. If you have any questions, don't hesitate to contact me at marchmich@gmail.com. I specialize in first time home buyers and am here to help!

Call me, I love talking houses!

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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