The Buying Process
Well to help buyers figure out that the information overload age need not apply to them when looking for and in buying a house, we have detailed the Buying Process for better peace of mind below...
We will assume for the purposes of this article that you are buying a home, but much of the same advice might apply for any kind of property.
We will assume for the purposes of this article that you are buying a home, but much of the same advice might apply for any kind of property.
The article is written in a state where real estate agents handle real estate transactions, so realize that in some states or counties an attorney is required.
Information in the article is not guaranteed to be reliable regarding differences that may exist in different states.
If you don't contact a realtor first, do at least take time to get educated both about the real estate values by shopping online and about getting pre-qualified with a mortgage lender.
Maximize your opportunities to find the right home by eventually sharing your property wants/needs and timeframe with a realtor.
Create a venue for home buying advice and counseling.
Often times a good realtor will give the best recommendation.
Don't forget the energy and possible long hours saved from shopping around for homes that don't meet your needs and budget.
After becoming pre-qualified or pre-approved with a lender, it is time to find a home that truly meets your needs and budget.
Most local county boards will control how much data gets released onto the internet.
Most realtor sites will "serve up" some version of the local Multiple Listing Service containing all the listings.
There are also some bigger 3rd party conglomerates that are competing to serve up the data more centrally because of how the information gets withheld or released and based off referral power revenue (to agents) that can be generated.
The question of reliability in which the 2nd or 3rd party data gets delivered up, will leave that property search less desirable.
The entities get property data either direct or in a "feed" from the local Board of Realtors in that County.
Many entities that serve up the data do not have a very friendly search interface console.
The bigger conglomerates compete with how you as the end user will eventually be connected up with which realtor.
Both realtor and conglomerate may compete with the need to withhold enough information to still be able to entice you enough to get your contact information.
Often times an individual realtor's site will give out more data on listings than the big conglomerates because they already have some security of possible representation of business.
Email updates are when a new listing comes onto the market matching your criteria and you get a reference to that listing freshly emailed to you with all pictures and data relative to that new listing.
Let your realtor know which ones that you would like to see or know more about and he/she will research the homes you have selected and set appointments for those you are interested in. Please note that the realtor will have showing instructions on each listing you select, which may or may not accommodate your desires of seeing it "right now".
Depending on areas, sometimes a Key-Box will be attached to the home as a way for your realtor to access the home when an appointment was not able to be secured.
If in an area, likelihood abound that many homes of the homes selected are on Key-Box, then less time is required and in some cases immediate showings can be arranged.
Your realtor should be competent enough to guide you through getting an offer written and accepted, after which you may need to immediately start on getting a loan.
Since, the market has been hit hard by the sub-prime market, many people and even Lenders are in a quandary over what is going to surface as the "real deal" in Lending money.
I hope so, because the below is what you are looking at and why do this after all that house hunting work, only to find out you have wasted everybody's time.
Employed - 2 year tax returns or W-2, 1 month pay stubs
Commissioned -2 year tax return including 1099 or W-2 and pay stubs
Verify your information meeting the criteria for the loan
Once all conditions have been met, the loan is released from Final Underwriting and the true lender is committed to funding the loan.
Your realtor or attorney can be checking in with your mortgage lender or bank as performance dates grow close.
You, your realtor and lender should be working hand-in-hand to ensure that the loan details are being handled and remedied as needed.
Many a home buyer can breathe a sigh of relief knowing that if you follow the "yellow brick road", along the home buying process that it will land you a home...