IN Pine-Richland Spring 2018 | Page 21

INDUSTRY INSIGHT BUYING A HOME SPONSORED CONTENT TIPS ON BECOMING A HOMEOWNER A re you interested in becoming a homeowner and want to know how? Here are few suggestions to simplify the process from start to finish: STEP #1: Ask about financing. There are state and government programs designed specifically for first-time homebuyers. Consult with a mortgage lender to determine which financial option is right for your specific needs. Through my relationships I have access to knowledgeable mortgage loan officers who can help you determine which program is right for you. STEP #2: Take the mystery out of mortgages. It’s important to be aware of what mortgage lenders look for. Know your financial status as it affects the terms of a mortgage and the interest rates or types of mortgages you qualify for. STEP #3: Get pre-approved for a loan. It’s critical to be pre- approved for a loan because it serves as a commitment to lend a specific amount based on the information you provide. A pre- approved loan gives you the confidence and buying power you need. STEP #4: Do your homework. Get to know the market you are interested in. Spend time researching different neighborhoods, school districts, transportation, etc. Go to luzcampbell. cbintouch.com to obtain information on buyers’ resources. Doing this type of homework gives you a better understanding of what is available and at what price. STEP #5: Simplify your search. Create a checklist of the important features you want in a home, such as location, or the number of bedrooms or bathrooms. Other questions to answer: What will the commute to work be like? Are there shopping centers, parks, and schools located near the home? STEP #6: Contact me and I will help you identify homes for sale and in the right price range. The agent also can help with tasks such as writing contracts, negotiating the asking price, and closing the purchase. STEP #7: Make an offer. Once you find the right house, make an offer. Make sure it is contingent on two items: 1) You’re able to obtain adequate financing (if you haven’t already done so), and 2) you can pull out if the property doesn’t pass the home inspection and the owner can’t come to terms about how to fix the problem. Be prepared for counter-offers from other buyers and some negotiation with the seller. Make an earnest money deposit, which is a check you’ll give your agent to indicate you are serious about buying the house. The check will apply toward the sales price if the deal goes through; if not, you get it back. You should also set a time limit with your agent that the offer you’ve made is good for three days. If an offer is accepted, it goes to the contract phase. STEP #8: Be safe, not sorry. You’ve found your dream home! Now you need to ensure it’s worth every penny. Making an offer contingent on an inspection by a registered home inspector can save thousands of dollars by avoiding unseen problems. Inspectors check the house for any structural damage. In the contract with the seller, it should state any necessary repairs to be made before the closing. Prior to closing, walk through the house and to see if the repairs have been made. STEP #9: Protect your investment with homeowners’ insurance. Lenders require homeowners’ insurance to protect the new homebuyer’s interests as well as their own. There are many providers so shop around for the best rates. STEP#10: Before, during and after the closing. This is where the seller and buyer sign settlement-closing papers to transfer the ownership of the home and all transactions are finalized. If you need any assistance or guidance throughout the home buying process, please feel free to contact me at my office: 724.776.2900, cell: 724.713.1462 or [email protected] “I pride myself on a thorough understanding of my clients’ needs and desires, as well as my ability to make my clients feel as though they are my only client.” LUZ CAMPBELL / Office: 724.776.2900 / Cell: 724.713.1462 / [email protected] © 2017 Coldwell Banker Real Estate Services. All Rights Reserved. Coldwell Banker Real Estate Services fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker® and the Coldwell Banker logo are registered service marks owned by Coldwell Banker Real Estate LLC. PINE-RICHLAND ❘ SPRING 2018 19