When you set out to purchase a home, it helps to know how what happens during the process. If you are unfamiliar with how things go, you may believe that it’s as simple as putting down money and signing some documents.
Purchasing a home takes time, patience and work. It helps to have a real estate law firm austin tx to help guide you through the entire process. Check out the three stages of a buying a home so you have a general idea of what you can expect.
1. Finding the Home
Looking for a house can take time, but when you find the one that fits your needs and budget, it is exciting. Once you settle on the home, your realtor will put in an offer with the seller’s agent. It is possible that there will be negotiating and it may take time to agree. Once both parties agree, a contract is executed. The realtor or an attorney can prepare this document.
2. Contract Inspection Period
After the initial high of signing a contract comes the hurry up and wait period. Unless you and the seller agree to expedite things, you can expect this inspection period to run a couple of months. During this time, you will secure your financing for the mortgage. It helps to have all of your financial information at the ready. House Logic suggests that you hire a home inspector to make sure the structure of the home is sound before proceeding forward. As the buyer, you can ask the seller to fix issues as they come up.
Finally, once the mortgage has been secured and the home is in acceptable shape, you get to the closing table. Signing documents as a buyer takes more time, especially if you have a mortgage. Once you sign what is needed and the loan funds, you will get the keys to your new home.
All of the above takes place over a few months, depending on contract terms. Keep the stress out of the process by familiarizing yourself with each aspect.