When I first purchased a piece of real estate, I was surprised to find out how little I knew. However, purchasing your first home is a lot easier than most people think. For anyone that might be thinking about purchasing their first property, I have put together a very brief list of the steps to owning real estate.
1. Find An Agent: A good agent is very important. There are an endless number of things that can go wrong in a transaction, some of which could cost you hundreds of thousands of dollars. It is worth it to find someone you trust. I always recommend someone that has owned real estate.
2. Get Pre-Qualified: You can't look at homes until you know how much you can afford. A good loan officer is just as important as a good real estate agent. Any good agent will have a team of professionals to which he can refer you.
3. Shop: This is the fun part. Get to know the neighborhoods. Decide if you want a fixer upper or a new home. Your agent can help narrow the search and show you what is on the market. A good agent will also look for properties that are not on the market yet.
4. Put In An Offer: Don't be afraid to put in multiple offers, especially with short sales. Not all offers are accepted and once an offer is accepted you still have many ways to get out of the contract.
5. Due Diligence: There are several deadlines in the Real Estate Purchase Contract (REPC). The most important in my opinion is the Due Diligence deadline. Essentially, if you find something about the property that you don't like, you can cancel the contract and get your earnest money back. Your agent can help you know what due diligence you should do.
6. Close & Move In: Closing is exciting. You sign a million papers and when you're done, you own a house! Don't forget to wire the rest of the down payment!
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