Each home purchase is different from the next because every transaction has a multitude of variables.
The agent on either side will be different, the house will be different and all parties involved will be different.
So you can't base a new home purchase on previous transactions.
But there are some things that are facts and never change when buying a home.
1.
If you finance a home, you will need approval.
Whether that approval comes before you start looking or after you have made an offer, if you plan on financing the home, you will to make sure you can afford it.
A lender will not loan money to a buyer that has poor credit or is a high risk.
If you can't get approved on the home, you simply cannot buy it.
The best way to go about this is to obtain financing before you buy a house.
This is a great way to limit your choices to what you can afford as well.
It only wastes everyone's time if you find a home you love and realize you can't afford it.
Not only is it heart breaking but the seller's have lost out on time on the market.
2.
You must submit an offer to the seller.
Of course this sounds obvious but this contract is a legally binding contract.
You cannot agree to pay for a home by your verbal word.
You must draw up the appropriate paperwork for your state and possibly county that will hold up in a court of law should that ever be necessary.
As a buyer or a seller you will want to protect yourself from all angles.
Having a buyers agent on your side throughout this process helps easy some fears and explain some confusion.
3.
You don't have to offer any earnest money.
It helps, but is usually not required.
You can offer other items as earnest money such as property, personal belongings or stocks.
This is unusual though and typically sellers just want a check securing the offer.
But a seller can accept an offer with no money given as security.
Also, there is no minimum or maximum amount allowed.
You can offer $5 or $100,000 or more.
This is only a security deposit credited to you at closing.
4.
You don't have to have an inspection.
But its an extremely wise idea.
You wouldn't buy $200,000 worth of a stock you didn't know anything about would you? This is similar.
This is an investment and if you are going to understand it and hold onto it to make you some money, it pays to know all you can about it first.
But again, it is not required.
You can buy a home sight unseen.
5.
Closing doesn't happen the minute you sign the final paperwork.
This is a broad misconception.
Many buyers and sellers thing the transaction is done when they sign on the dotted line.
But this only sets all the final plans into motion.
The deed must be recorded at the county in which it is located and any funds must be dispersed.
This is funds for all parties involved including the escrow company and buying parties.
Until this is complete the home is still the sellers.
Once the deed has been recorded and funds have been accepted, then closing happens and keys can be handed over.
There are many details to home buying and these rules and laws change quite frequently.
It pays to have an experienced agent on your side throughout the transaction.
For more tips, visit the capable agents with Anniston homes and real estate.
They are your Alabama homes experts.