Purchasing a home is a top priority for adults in the United States. An estimated 83 percent of adults have dreams of owning a one- or two-story home where they can build a life and start a family. The prospect of finding your dream home and making an offer is an exciting step toward making dreams come true.
Navigating the home-buying process alone is daunting, but working with buyer agency services can give you access to expert guidance. Knowing what to expect can prepare you for the steps you’ll take when exploring home markets.
Take control of your home shopping experience. Read on to learn more about the process of purchasing a home with a buyer’s agency today!
Determine Your Budget
Knowing your financial situation and what you can afford to spend is beneficial before scouring the home market. The buyer’s agency’s expertise is ideal because they’ll know the best loan options to help you save money.
FHA loans provide a path toward home ownership with affordable payments and interest rates. The agency’s expertise can estimate your down payment and monthly terms to help you determine if you can afford your dream house purchasing.
Your credit score is a significant factor when preparing to purchase a two-story home. Check your credit score, and pay any outstanding bills to increase it. A better credit score will help you secure favorable mortgage terms.
Arrange Your Down Payment
After finding your dream home on the housing market, the next step is to prepare your down payment. Buyer agency services will give you a clearer idea of what you can expect to pay when submitting your offer. The down payment size is determined by the loan type you use.
Loan options like the USDA and VA loans are 100 percent financed. You can purchase a home without the need to pay a down payment. Work with your buyer’s agent to set aside extra cash to cover closing costs and any other surprises during the buying process.
Get Mortgage Pre-Approval
Your mortgage pre-approval will tell you how much you can afford to spend on a new home. It’s best to avoid shopping for a two-story house until you get approved. You can enjoy more accurate search parameters after receiving your pre-approval.
Most buyer’s agency services will only take you seriously once you have a pre-approval letter in hand. The pre-approval is a strenuous examination of your financial situation.
Use your buyer’s agency expertise to find lenders offering the best terms before seeking pre-approval. You’ll set yourself up for a better financial situation when offering and buying a home. Work with these Buyers agents to get the guidance you deserve.
Shop for Your Dream Home
After your pre-approval, you can search the housing market in areas that appeal to you and your family. You can enter search parameters to find the two-story homes in the area that fit within your budget.
Go shopping and enjoy the discovery aspect of shopping for a home with a buyer agency’s help. Looking at homes will give you a clearer picture of what you want and the features you value.
Take pictures and notes during each house tour. Documentation is invaluable when comparing your options and preparing to make offers.
Top house-hunting things to add to your checklist include:
- Square footage
- Number of bedrooms
- Number of bathrooms
- Outdoor living space
- Basement
- Garage
- Roof
- Energy efficiency
Take notes on all of these categories to find the best value. You can also check the neighborhood to ensure you’re moving into an area with access to amenities and education. Pet restrictions are another aspect to consider if you have dogs or cats.
Consider Hiring a Lawyer
Depending on the state you’re shopping in, consider hiring a real estate lawyer. Use your buyer’s agency’s expertise to determine if you need legal guidance and assistance.
The service can advise whether you need to hire a lawyer and connect you with the best options in the region to represent your interests.
Treat the process of finding a lawyer like finding a buyer’s agency. Use reviews and referrals to find a lawyer who will go above and beyond for your home-shopping experience.
Make an Offer and Negotiate
The housing market is competitive, and making a fair offer is essential to start your negotiations on the right foot. Base your offer on the seller’s asking price, housing market conditions, and whether there are other existing offers on the property.
The seller’s agent will either reject, accept, or counter the offer you submit. If the seller declines your offer, making a counteroffer at a higher price is wise.
The offer should include an earnest money deposit ranging from one to three percent of the home’s listed price. If you decide to rescind your offer, the earnest money deposit is forfeited. Ensure you’re ready to make an offer to avoid losing money.
Get Final Approval
If the seller’s agent accepts your offer, the next step is to get the final approval on your mortgage. You will need to provide additional documentation to begin closing the sale.
Top documents include your previous two years of W2s, pay stubs, tax returns for self-employed individuals, and explanation letters for employment gaps. Getting homeowner’s insurance is essential to buy your dream two-story house.
After getting insurance, you can schedule a home inspection to look for potential issues. You can close on the house and prepare to move in when it passes inspection.
Find the Perfect Two-Story Home Today
Shopping for a two-story home is an exciting and landmark moment, and it’s a step closer to having a space to call your own. Use the buyer’s agency expertise to determine your budget and get a pre-approval letter.
Consider hiring a real estate lawyer to represent you, and take notes when touring homes with buyer’s agency services. Most of all, make a fair offer and get final approval on your mortgage.
The real estate market is competitive, and having expert guidance can help you find the best deal within your budget. Check out our Real Estate guides for tips and inspiration when shopping for a home today!
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