Buying a home is a big step, and there can be a lot to consider.
Here, we will run through the typical buying process you will go through with your agent when purchasing your new dream house.
The first step before buying a home is to ensure you have a deposit saved for your purchase. Most lenders will require you to have a deposit for your home loan. However, lenders typically have various loan products to borrow up to 100% of the property value if you qualify.
Approach lenders to get finance pre-approval to understand what price range you can receive for your new home purchase.
Explore some of your favorite neighborhoods that possibly suit your needs and, more importantly, your budget. You can do this online, where numerous property comparison sites will indicate the average sale price of houses, land, and units in that area. We also recommend visiting your chosen neighborhood at different times of the day. Does it still excite you early in the morning? Do you feel safe late at night? Can you see yourself living there comfortably?
If the answer is yes, and there are homes you are interested in, give their open houses a visit. Seeing them in person will provide you with a new perspective of the property while also allowing you to do a thorough inspection of the home.
The best way to make a formal offer and avoid confusion is to make the offer in writing. In most situations, we will provide you with a contract to start the process, highlighting any sale contingencies. Once we have written it up, we will then present your offer to the sellers.
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If your offer is accepted and all parties have signed the contract, you will have to pay the required deposit.
Typically, the seller will nominate an attorney moving forward.
Financial fees vary greatly, depending on such matters as what percentage of the property value that you will be borrowing, the amount of the loan, the amount of the purchase, and which bank is lending you the funds. By speaking to your local Harcourts agent, you can quickly ascertain approximate costs for your particular circumstances.
Possible expenses you may incur:
Once escrow has closed, your bond attorneys will conclude the following
On settlement, your bond attorneys and conveyancing attorneys will conclude the following:
Possession of the property usually occurs when escrow closes, although the seller and buyer can agree on a different date.
One of our team members will contact you to arrange a pre-escrow inspection. This walk-through is your opportunity to ensure all appliances at the property are in working order and that the property is as you recall from the time you signed the contract. If issues arise at this inspection, you should immediately postpone the closing until your attorney can address your concerns.
Although this intel may seem like a lot to take in, you must trust that your Harcourts agent will be there with you every step of the way, making sure you are happy with your purchase.
After signing the final paperwork to complete the purchase, you are now the owner of a new house.
It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Contact Nick today and discover how personalized service and profound market knowledge can transform your property buying or selling experience.