It’s no secret that the national housing market has favored sellers for the past several years. Things have begun to return to normal over the past few months, and many potential buyers are wondering if this is the ideal time to shop for Satellite Beach homes for sale. Before you begin looking at houses and scheduling in-person showings, it’s wise to take some time to understand everything that the process will require. As you read this article, you’ll learn more about each step in the home-buying process, and you’ll be ready to take the next step toward purchasing your dream Satellite Beach home with greater confidence.
1. Understand the timeframe
2. Learn about the current state of the market
3. Start getting your finances in order
Unless you plan to purchase your home with cash, you’ll need to work with a lender in order to secure the funds to buy your new home. It’s wise to start talking with lenders early in the process since this will give you a better idea of the price range where you should be shopping. Give yourself enough time to speak with multiple lenders to look broadly at potential interest rates. Have two or three recent pay stubs ready to share, and be prepared to answer questions about your debt-to-income ratio. Your lender will use all of this information to determine what sort of loan you could be pre-approved for. Some realtors will want to see proof of pre-approval before they agree to work with you, and it’s common for a seller to require a pre-approval letter before they will sign a contract to sell you their home.
4. Think about what kind of house you want
5. Prepare for closing
Once you agree to a deal with a seller to purchase their home, you’ll schedule a date to close. Several things happen between the time when you agree to an offer and your closing date. First, you’ll schedule a time for an inspector to come and look at the home. The inspector will look at the home’s exterior and interior spaces and give you a report on the condition of your home. Many home insurance providers require an inspection report before they will issue you a policy, so you won’t want to skip this step. In addition, you’ll need to have an appraiser come and assess the home to ensure it’s selling for a fair market price. Your lender will use this information during the underwriting process, and if the home doesn’t appraise for a price close to the selling price, you may have trouble securing your loan. Finally, both you and the seller will work with a title company to facilitate the transfer of ownership of the home. The title company will do a thorough check of the home’s ownership history to ensure that the seller is the only person who can legally claim ownership of the home. They will also communicate with your lender and help with the transfer of funds between you and the seller.