Buying a Home

Buying a Home

Buying or Selling Real Estate?
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The Home Buying Process
You're thinking about buying a new home. There are many advantages to owning your own home, but the road to ownership can be stressful and Home1 confusing. When purchasing a home, the services of a qualified real estate professional are of the utmost importance. It is in your best interest to have an experienced and knowledgeable Red Carpet® Real Estate professional to give you advice and guide you every step of the way.

The way you progress through a home buying transaction varies depending on the real estate laws and customs where you live. Many steps are standard, however, even if they aren't accomplished in the same order at every location.

There aren't many experiences that can be as happy or scary as buying a new home! You'll come to find that the more you know, the smoother and easier the process can be. After all, It is one of the most important decisions you will make in your life.

Get Pre-approved for a Loan
Before you start looking for a home you approve of, you need to find a lender that approves of you. You'll need to fill out an application that asks how much money you make, how much money you've saved, and how much money you owe from everything to cars, school loans and credit cards. The lender will then assess your information, check your credit report and scores and reply with a letter saying you've been pre-approved and for how much. Your credit reports are an ongoing look at how you manage your finances. Your credit report plays an important role in the mortgage approval process and in determining the interest reate and other loan terms that a lender offers you.
A Red Carpet agent can assist you in find a lender.

Contacting a Red Carpet Associate

Real estate agents represent buyers, sellers, or both--and in some states they can work as neutral facilitators for either party. It's essential t Agent

o understand agent duties and loyalties before you make that first phone call. Our Red Carpet Sales Associate can help you through the entire process of buying a home, starting with the mortgage and continuing right through closing – and beyond.

Determine Your Wants and Needs

Buying a home isn't as difficult as you might think, even if you're short on funds. The process will go a lot smoother, however, if you get familiar with your real estate market and narrow down your wants and needs before you start looking at houses.

Start Searching for a Home

Your real estate agent will give you multiple listing sheets to study. You will most likely also pick up "House For Sale" magazines, read classified ads in your local newspapers, and probably spend time surfing the internet for homes.

Making an Offer

There's not one set of instructions that can cover all the differences in real estate laws and customs that exist throughout the United States, so the mechanics of making an offer and its specific contingencies depend greatly on your location. When you've identified the home you want to buy, be prepared to help your agent arrange a written offer quickly. Your agent will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted. Have backup homes in mind in case your offer is not accepted. Be prepared to negotiate through your agent with the sellers.

Once Your Offer Is Accepted:

· You'll be asked to submit an earnest money deposit that usually isn't refundable.

· Have the property professionally inspected. If necessary, request repairs.

· Obtain homeowner's insurance.

· A few days before closing, stage a walk-through.

· Obtain a cashier's check for the down payment and closing costs.

On the Way to Closing

· Make sure the terms and conditions of the loan statement are correct.

· Carefully read everything before you sign.

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