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The Buying Process
What steps will I have to go through to buy a house?
To
buy a “for sale by owner” home, follow these simple steps:
1.
Determine Your Budget:
The first step in any home buying process is determining how much
you can afford. It’s important to not overextend yourself. Luckily,
there’s many Internet-based mortgage calculators that will tell
you how much you can afford based upon your income, debt level,
mortgage rate and available cash for a down payment. Click here
to determine your housing budget
2.
Get Pre-Approved:
Now that you know the price range that you can afford, you’ll
want to get pre-approved so that you can move forward in the home
buying process. In today's market, buyers with a large down payment
and a strong credit rating are more likely to obtain a mortgage.
Check out local mortgage lenders and get a pre-approval letter
is a quick process that will tell sellers that you are a serious
buyer who can afford their home.
3.
Search For Homes:
This part is simple. Just click on www.irishhomesforsalebyowner.com
to find your ideal home.
4.
Contact the Owner Directly or submit an enquiry form:
Unlike homes represented by an agent, there’s no middleman to
interfere with you from getting directly in touch with the seller.
If the seller has provided direct contacting information feel
free to phone or email the seller and ask additional questions
about the home that wasn’t on the online property description.
Or, submit an enquiry form and the owner will contact you directly.
Thereafter, if you’re still interested, agree on a mutually
convenient time to tour the home.
5.
Get a Valuation Report of the Home: Either
before or after you see the home get a valuation and/or property report
to see how the home’s asking price compares to other recently
sold homes within the neighborhood. Ask for a copy of the BER.
6.
Hire a Solicitor: A
solicitor specializing in property transactions will provide you
with all the advice and counsel you’ll need to go from the offer
to closing. Use a local solicitor who is knowledgeable about your
town’s ordinances when it comes to real estate transactions.
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7.
Make an Offer:
Now that you’ve seen the home firsthand and have a property
valuation report, plus a solicitor in your corner, you’re ready
to present the seller with an offer. Your solicitor should have
the necessary offer forms.
8.
Lock in Your Mortgage Rate: Assuming
that the seller is entertaining your offer, you’ll want to shop
around for the lowest mortgage rate. You should visit local banks
and contact mortgage brokers to price compare.
9.
Get the Home Inspected: The
next step is hiring a quality home inspector who will go through
the home – from foundation to attic – to see what condition
the home is in. You’ll get an inspection report outlining
any mechanical or structural problems that the home might have.
Depending on the results on the inspection report, you might want
to re-negotiate the purchase price. For example, the inspector
might tell you that the boiler needs to be replaced. Negotiate
with the seller to lower the price to compensate for any such
expense.
10.
Close the Deal:
Your solicitor will handle most of the details at closing and,
depending on your state and local area, will advise you on any
special paperwork that needs to be completed between you and the
seller. Your solicitor and your mortgage lender will also assist
you with coordinating the financing and providing payment to the
seller. The seller will sign over the deed of the home and, voila,
you’re the new homeowner!
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