Buying a new home and closing the deal can be an exciting and somewhat confusing time. The home-buying process is wrought with complicated procedures and language that can make the average homebuyer’s head spin. If you’re purchasing a new property, be sure you consider the following information to help you close the real estate deal.
Obtain Pre-Approval For A Loan
While not necessary for actually closing on a property, being pre-approved for a loan does help it close faster. Additionally, it lets the property owner know you’re serious about buying said property. You’ll also know how much house you can afford before heading out to begin house hunting.
Lock In An Interest Rate
Interest rates, especially those for mortgages, can fluctuate greatly. Not locking in a favorable rate ahead of time can leave you at the mercy of the market once you do decide on a property. Getting a pre-approved mortgage can allow you to lock in a lower interest rate, although that rate is still subject to change depending on your credit score, the location of the property, and the type of loan applied for.
Get The Home Inspected
Before making any permanent decisions about a property, you need to have it inspected. Not only will this provide insight into issues you may not be able to see, but it will also give you a good idea of the property’s surroundings. If any major issues are identified during a home inspection, the sellers will need to address them before the home can become yours.
Don’t Be Afraid To Negotiate The Purchase Price
Should your inspection turn up any problems that you’ll need to fix yourself, don’t be afraid to re-negotiate the price. Even if your offer has been accepted, there’s no harm in asking the sellers to reconsider should they refuse to fix it themselves. Remember, you can still back out without penalty if a major issue is uncovered that the seller simply won’t address.
There are many factors that go into purchasing and closing on a home. It can be a long, drawn-out process if things don’t go right. By following the tips outlined above, you can help speed up the closing process on that new home you’ve got your eye on.
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