Things You'll Need:
- Inspectors
- Real Estate Attorneys
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Step 1
Consult a lender or mortgage broker to find out how much you can afford to spend on a home, or use a calculator on a financial Web site such as Quicken.com (see "eHow to Determine How Big a Mortgage You Can Afford').
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Step 2
Decide what type of financing you want: a fixed-rate or adjustable-rate mortgage.
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Step 3
Know how much money you have for a down payment; typically 5 to 20 percent of the purchase price is required, depending on the loan terms.
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Step 4
Get prequalified for a loan by a lender or mortgage broker.
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Step 5
State what inspections you want to have done before you'll agree to buy the home. You can get general home inspections, as well as geological, roof, pool/spa, earthquake/flood and environmental inspections.
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Step 6
State whom you want to pay for inspections, the termite report, required work, title insurance and escrow fees, and warranties.
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Step 7
Decide how long you want the escrow period to be.
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Step 8
Establish how long both parties should have to complete inspections, approvals and work.
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Step 9
Put a limit on the amount of time the seller has to respond.
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Step 10
Present your offer and a letter of prequalification for financing to the seller yourself or through your agent.
Comments
liz222 said
on 7/10/2009 Buying a home is SUCH a huge commitment. The thing that worries me the most is paying too much and knowing how and when to make an offer. These steps are very easy to follow and informative, in relation to your post the following website has some good information as well:
http://www.e-personalfinance.com/article/What-to-Consider-When-Making-an-Offer-on-a-Home.html
Hope this helps!!
lightray15 said
on 4/17/2009 Powerhouse Solutions does FHA loans with 3.5% downpayment and required a minimum 620 credit score. We have a 100% success rate. We are now offering a tax credit for $8,000.Call Sandy at 845-639-0407845-596-2846
lightray15 said
on 4/17/2009 Powerhouse Solutions does FHA loans with 3.5% downpayment and required a minimum 620 credit score. We have a 100% success rate. We are now offering a tax credit for $8,000.Call Sandy at 845-639-0407845-596-2846
wordsmth said
on 1/26/2007 This advice leaves out just one teeny, tiny, little item: Determining your offer price. There's a lot of stuff about determining how much you can afford, getting a prequal letter, even the length of escrow. All well and good. But the topic is "How to Make an Offer on a Home." In addition to knowing how much YOU can spend, you've got to determine what the house is WORTH. And that means asking your agent for comps, and doing some research on your own. Oh, and it has nothing to do with the tax assessment and it has nothing to do with any formula that says, "Offer x% below the asking price." Its value depends on market conditions for similar nearby homes.
Once you've established the value, then you have some basis on which to make an offer. If the house is on the market for $400,000, and you determine that its real value is $450,000, then there's no problem making a full-price offer. If that same house has a value of $380,000, then you might want to offer less than the $400,000...maybe even less than $380,000. And that partly depends on how motivated the seller is. Ask the agent (if the seller has one...if not, ask the seller directly) why they're selling. That'll give you some indication of motivation. And the more motivated the seller, the less they're likely to take.
Anonymous said
on 11/22/2005 Real estate market conditions vary in different areas of the country and at different times of the year. You might need to act quickly or, in some cases, you can take your time. Knowledge is power, so do your homework!