7 Steps To Buying A Home Thru Closing Day

Buying a home takes about six months from your search to the closing day at a minimum. There is a lot to consider when likely making the biggest purchase of your life. So you will need to make some effort to get things in order.

Step 1: Get your finances in order.

You will likely need a loan unless you have loads of cash to pay for your house. Hopefully, you have been budgeting and saving for a house purchase.

Step 2: Prequalify For A Mortgage

Before you actively go house-hunting, it is a good idea to get preapproved for a mortgage. It will help to narrow your search. By doing so, it will save you some angst from the disappointment of finding a dream home out of your price range. The pre-approval letter may expire between 90 days and 120 days, giving you an idea about how long you should time your house search.

Step 3: Search for your home online and in-person

This process can take two months or longer. Early in this process, you may what to explore desirable areas. Driving around can be a fun part of the process or emotional as you move to the next stage of your life. You will need to consider your budget. Brace yourself from making an impulsive buy of a too big or too perfect home that will be difficult to afford.

Step 4: Always Negotiate  With The Seller

This step is complicated with some parallel tracks. You can negotiate the price, the timing of the closing, the outdoor furniture, and other details.

Step 5: Hire An Attorney And Formally Apply For A Mortgage Loan

Once you make an offer for the house, you will want to hire an attorney. Their role is to write a contract of sale through the home’s closing.

Step 6: Prepare For The Closing Once you have made an offer, you will need to engage an attorney to represent you in the title’s negotiations and the closing. With that in mind, we will explore the contract process through the eyes of a  New York residential deal.  In many states, attorneys are minimally involved, if at all.