Owning a home is a dream for many, but the buying process can feel overwhelming.
A good real estate agent, some patience and diligence are key. Here’s a simplified look
at the path to owning a home:
Prepare your finances: First, review your budget. How much can you comfortably afford for a down payment and monthly mortgage? Then, get pre-approved for a mortgage, which strengthens your future offers.
Find your perfect home: Decide on your must-have features: location, number of bedrooms and bathrooms, yard size, etc. Partner with a real estate agent to help you find properties that meet your criteria, negotiate offers and guide you through the process.
Make an offer and negotiate: Your agent will research comparable properties to determine fair market value. You’ll submit an offer that includes the purchase price, earnest money deposit and any contingencies (such as a successful home inspection). Buyers’ closing costs are typically paid for by the buyers, but negotiations can some-times lead to the seller covering some or all these costs.
Inspections and loans: Schedule key inspections and finalize your mortgage application by providing necessary documents to your lender. Choose loan terms (fixed or adjustable rate, loan term length and interest rate).
Close the deal: The lender will evaluate your finances and the property. While a professional inspector assesses the property’s condition, an appraiser determines its market value. Closing involves signing what feels like a million documents, then — finally — becoming a homeowner!
Kim Leighty
REALTOR® /Broker
Berkshire Hathaway HomeServices
Real Estate Professionals
(503) 510-9036 | kimleighty@bhhsrep.com
Comments