While buying a home is very exciting, it can also be a little nervewracking. There are so many steps involved in purchasing real estate, and they can seem overwhelming when looking at the big picture. This guide breaks down the most crucial steps to their basic components, so you can navigate the process with ease. 

4 Things to Expect When Buying a Home

1. Mortgage Prequalification & Preapproval

If you're not sure of your budget, mortgage prequalification is crucial. You provide financial information to a lender, who will use it to calculate how much money you'll be approved for. Mortgage preapproval takes it a step further by reviewing your finances in the same manner as they would be if you were applying for a loan. That means checking your credit score, verifying your income, and going over other criteria. When you're preapproved, you show sellers that you can make good on your offer, which may put you ahead of other buyers. 

2. Making an Offer

Once you find a piece of real estate that meets your needs, you can make an offer on it. Your offer may be dependent on a few different factors, such as costs for other properties in the area and the home's value. Depending on how many other people are interested, the seller may reject your initial offer or counter with a different amount. It's up to you to determine how much you feel comfortable paying and respond accordingly. 

3. Home Inspection

Once your offer is accepted, you should schedule a home inspection as soon as possible. Depending on the results, you may want to negotiate the costs for the property if major faults are discovered. You may also want to walk away from the transaction if there is serious damage that affects the value of the home. However, don't let minor issues deter you from purchasing an otherwise valuable home. 

4. Closing

The closing is the official change of hands from one owner to another. You will sign paperwork to finalize the sale and you may be asked to pay certain closing fees. You'll also arrange a transfer of funds to the seller, either through direct deposit or a cashier's check. The transaction is usually finalized a few days after the closing, at which point you can move into the home. 

A real estate agent can assist you through every step of the above process. An experienced agent will also help you make the best decisions, which is why home buyers in Coon Rapids, MN, look to EXIT Realty Nexus for assistance. Their knowledge of the area allows them to find a suitable property quickly. From there, they can help you calculate an offer, arrange a home inspection, and prepare for the closing. Call (763) 548-1400 to speak with an agent or visit them online for more information on buying a home.