Home buying is a very complex issue especially for first time home buyers. It may be a bit exciting and overwhelming for the first time buyers. So, one must consider the following tips in order to stay away from frauds.
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First of all one should find an experienced realtor or a real estate agent. A professional Realtor acts as a coach and will guide one with what to do, when and how things should be done. This will ensure a smooth process of finding home. One can find a realtor through recommendation of some friend, relatives etc. This ensures that the agent is a genuine one as one knows that someone has vouched for their work.
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Next, one may apply for a mortgage pre-approval. This can be done with a lender of one’s own choice or with the realtor’s help. This application is best if done face to face. One may interview the best lenders. The realtor will suggest a few questions which can ask in the interview and then one can select the best lender among them.
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One can then select the area which suits his budget and also consider the proximity of the school, office etc.The realtor will then provide with price ranges in particular locality and then one can decide accordingly. One can also keep in mind the resale value of the home by buying home in a good locality. Good resale value can be ensured if in case one has to buy a bigger and better home in future.
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After this is done one may start looking for home in the locality which fits one’s needs and budget. After one has chosen the most suitable one, the realtor will accompany you and will arrange the showings. When one has finally found the right home for himself then the realtor will guide you through offering price, closing date and other formalities.
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Once the offer is accepted by the seller then the closing formalities begin. This includes property inspections and other detailing stuff. The realtor will ensure smooth functioning of the entire process and will make sure that nothing is neglected. Finally, the closing process is completed and the home is yours and one can start shifting in the new home.
