IN West Jefferson Hills Winter 2019 | Page 13

INDUSTRY INSIGHT REAL ESTATE SPONSORED CONTENT What You Need to Know About How to Buy a House in 10 Steps B uying a house is a diff erent experience than, well, pretty much anything else. But by knowing what to expect and taking it one step at a time, you can learn how to buy a house like a pro, even if it’s your fi rst time or if you haven’t done it for several years. The one thing to keep in mind is that there are more parties involved in the process than just you as the buyer and a seller. Ê HIRE A REAL ESTATE AGENT. Utilizing a great real estate agent has all benefi ts and no drawbacks for buyers. It costs you nothing, except typically a nominal administrative fee that ranges between $200 and $500 for most real estate brokers in the Greater Pittsburgh area, but will save you so much time—and you’ll have an advocate with the know-how to look out for your best interests and coordinate all the necessary tasks and service partners to get you from contract to closing, and guide you throughout the process. Ë SHOP FOR A MORTGAGE. After you’ve chosen an agent to work with, he or she will assist you with the next step in the process, which is to get you pre-qualifi ed (a general idea of what you might be able to borrow) and pre-approved (lender’s commitment of the amount you actually can borrow) by a lender. Ì MAKE A LIST OF NEEDS AND WANTS. Make two lists: one of must-haves and one of nice-to-have items like the Olympic-sized swimming pool you dreamed about as a kid. On the must-haves list, include location—proximity to work and family, in your favorite neighborhood, near quality schools, etc.—as well as number of bedrooms and bathrooms, and whatever else you absolutely can’t (or won’t) live without. Í BROWSE ONLINE HOUSE LISTINGS. Once you’ve been pre-approved and created your must- haves and wish lists, your agent will set up an automated search in the MLS that will bring you a list of homes that meet your criteria on an ongoing basis until you identify the one that’s perfect for you. This Industry Insight was written by Darlene B. Kruth, a Sales Executive with Berkshire Hathaway HomeServices The Preferred Realty. Darlene is a licensed real estate agent in the state of Pennsylvania and has designations as an Accredited Staging Professional (“ASP”) and a Seniors Real Estate Specialist (“SRES”). For more information regarding Darlene’s services and qualifi cations, please contact her at 412.831.0100 x3013 (offi ce), 412.874.0415 (cell), email her at [email protected], or fi nd Darlene’s facebook business page at Darlene Kruth, REALTOR®. Î GO TO HOUSE VIEWINGS. When you start seeing potential homes of interest, call your agent and ask him/her to start scheduling viewings. The more comparing and contrasting you do, the more knowledge you have about the market and your options. Ï MAKE AN OFFER AND NEGOTIATE. Once you’ve decided to move forward on a home, it’s off er time. Here’s where you’ll thank yourself for working with a real estate agent. An agent will help you determine the right off er to make for a particular house, including things that go beyond the dollar amount. Ð GET YOUR LOAN APPROVED. Remember when you got pre-approved? Pat yourself on the back. Now you just have to fi nish things up by making it offi cial. Let your lender know you’ve found a house. The lender will order an appraisal and give you additional paperwork to complete. Your loan now goes through the underwriting process before it’s fi nally approved. Ñ WAIT FOR THE APPRAISAL. One of the ways your lender makes sure you and your house are a good bet is with a home appraisal. This is when an appraiser does a professional evaluation of how much your home is worth. If the appraisal ends up higher than your off er, go celebrate. If it’s not, you may either have to make a larger down payment, get a second opinion, or renegotiate the sale price. Ò HIRE A HOME INSPECTOR. Being under contract means you can still back out if you learn anything unexpected about the house as long as you are following the timelines set forth in the contract for these decisions. A home inspector is the one who should identify any potential issues or surprises about the home’s condition. Ó CLOSE ON YOUR HOUSE. This is the day you get your house keys—but fi rst, you have some serious paperwork to sign. Your agent will set an appointment for closing on your home, and you’ll need to bring your driver’s license and provide a cashier’s check or a wire funds transfer for your down payment and closing costs (which may range from 5 to 10 percent of the home’s purchase price) — and a lot of patience. © 2019 BHH Affi liates, LLC. An independently owned and operated franchisee of BHH Affi liates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. FOR A FREE REAL ESTATE MARKET ANALYSIS, BUYER’S CONSULTATION, OR GROUP SEMINAR, PLEASE CONTACT ME TODAY AT 412.831.0100 X3013 (OFFICE), 412.874.0415 (CELL), OR VIA EMAIL AT [email protected]. WEST JEFFERSON HILLS ❘ WINTER 2019 11