Important Steps To Take When Buying And Selling A Home
Thursday, July 2, 2020 9:09 AM real estate, lakeshore realty, realty, Buying and selling a home
Are you looking to buy or sell a home, and aren’t sure where to start? Buying and selling a home requires a great deal of time and effort, and can often be very stressful. Lucky for you, the professionals at Lakeshore Realty are here to help you out. We understand that it can be tricky navigating the real estate waters, so we wanted to walk you through the home buying and selling process. Now, of course, some details may vary from state to state, so contact a professional real estate agent to ensure that you adhere to local laws and financing requirements.
The Home Buying Process
- Set a budget: A smart thing to do before you start looking for new houses is to come up with a budget. It’s important to know how much you can and are willing to spend on a new home. A good rule of thumb is that a house should not cost three to five times more than one’s annual household income.
- Get pre-approved for credit: The process of getting prequalified for a mortgage will help you determine how much you can afford.
- Explore early: Start reviewing available homes for sale online, in the newspaper, and in real estate brochures early. Take notes of the neighborhoods that interest you, and jot down any other useful information about the house like the listing price, showtimes, etc.
- Find a trusted real estate agent: The real estate agents at Lakeshore Realty are experts in the Lake Junaluska area as well as mountain property. We have valuable information about neighborhoods, the real estate market, etc., that will help you along in your home buying process.
- Start shopping: You will be able to find all sorts of information about each house online. Write down the things you like and the things that you don’t like about the house, and be sure to write down questions you may have. Finally, take a tour of the house. You cannot get the full effect of the house by looking at pictures of it online. You need to go and experience it yourself in person.
- Make an offer: Work with your real estate agent to make an offer. Once the seller accepts your offer, you will need to come up with “earnest money,” which shows that you are serious about buying.
- Request a home inspection: During a home inspection you will find out if there is any structural damage to the house or if there is anything that needs repair. If there is something that needs to be repaired, you will have a chance to do a walkthrough before closing the sale to make sure that the task was completed.
- Finalize loan, coordinate paperwork, close the sale: Finally, work with your mortgage lender to determine the right loan for you. During this last step you will sign all paperwork required to finalize the purchase.
The Home Selling Process
- Interview experienced real estate agents: Real estate agents will save you a lot of time and stress when it comes time to sell your home. So, make sure you find one that you trust and would like to work with.
- Determine the value of your home: Your real estate agent will help you determine the value of your home using the Competitive Market Analysis Report. You’ll want to make sure that you price your house competitively with local, comparable properties.
- Get your home ready to sell: Walk through your home with your real estate agent to determine what needs to be done in order to sell your home. This could include cleaning, repairing, decluttering, and depersonalizing the inside and outside of your home.
- Market and show your home: This step begins by taking pictures of your home and compiling information to be listed in the Multiple Listing Service. You can then decide to show your home by appointment only or by lockbox.
- Receive offers and negotiate: It is possible that you will get multiple offers on your house. It is also possible that buyers may test to see how low you are willing to sell your house for. Don’t be afraid to hold your ground on your initial price or to make a counteroffer.
- Hire a title company and open an escrow account: Once you accept an offer, you will choose a title company or your agent should connect you with one that will help you set up an escrow account. At this point, the buyer will provide earnest money indicating they are serious about purchasing your home.
- Complete seller disclosure: Depending on the age of your home, there are disclosures you will need to make in writing. This includes such things as the presence of lead paint, known problems such as pests, rodents, flooding, roof leaks, etc.
- Home inspections and appraisal: Most buyers will request a home inspection. At this point, the buyer can decide if they want to back out or continue moving forward with the process.
- Sign documents: The last step is to sign and finalize all the documents that complete the closing.
At Lakeshore Realty, we work tirelessly to help our clients achieve their real estate goals. Whether you are looking to buy or sell, the professionals at Lakeshore Realty will be able to help you along your journey. For additional insight and advice about buying and selling a home, contact us today at 828-456-4070 or visit our website.