Many first time home buyers have no idea what to do and/or when to do it. Below is a simplified list (in order) of the process and what to do when...
* Arrange financing-
Buyer can explore options for financing, and obtain a pre-approval letter.
* Select a real estate agent-
Using a real estate agent will significantly reduce the buyer's research time, and will almost always result in the buyer having more homes to select from. The reason for this is simple. During any given week, it is estimated that only about 1% of available homes are advertised. They will also help the buyer get the best deal possible for any given home on the market.
* Select homes to view-
Select the homes that you are interested in and would like to see. Your Realtor can arrange for the homes to be viewed.
* View homes-
This would include the area and land around the home, and the inside as well. Make notes on what you like and dislike, then compare after all have been viewed.
* Make offer-
A purchase agreement is setting forth all of the terms and conditions desired by the buyer. They are prepared , and then signed. Michigan law requires that all real estate purchase agreements be in writing, as verbal agreements are not enforceable.
* Get sellers acceptance of offer
* Arrange for financing, title work, inspections, and other details-
If a buyer is obtaining a new mortgage, an appraisal will be required and is usually paid for by the buyer. The seller is usually required (at sellers expense) to provide a "Title Insurance Policy" to guarantee a marketable title.
* Closing of sale
*Possession-
Yay! You get to move in to your new home!!
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