- Foundation – Are you serious about buying? Contact a Real Estate Office and they will be a great help to you with this very important purchase.
- Do you bank locally? If not, does your lender lend money in North Dakota? If you do not have a lender, we would be happy to provide you with a list of lenders that we have worked with.
- Most important step is to get pre-approved by your lender. Your lender will ask for pertinent information such as tax records, work history, liabilities that you owe and any assets you own. Providing your lender this information helps them to determine the amount of house you can afford to purchase.
- Now that you are pre-approved contact a Realtor. They will be happy to discuss with you the homes that are available for sale in your price range. They may be able to provide you with a link to the MLS where you would have the opportunity to peruse the listings. A Realtor can set up appointments for house showings for you. Did you find a FSBO home? Perhaps the sellers would be willing to work with your Realtor.
- You’ve found your dream home! Now what? Your Realtor can help you write up an offer, provide good advice regarding any contingencies, and get you to the closing table.
- What are contingencies? How do they work? Typical contingencies include a satisfactory home inspection, appraisal, and financing.
- What is a satisfactory home inspection? As a buyer it is in your best interest to pay for a home inspection. Your Realtor can provide you with a list of home inspectors in the area. A home inspector will check the plumbing, wiring, roof, attic, exterior, windows and other areas of the home. The home inspector will send you, the buyer, a report following the home inspection. Based upon the findings you can ask the seller to replace, fix or repair items. If the inspection showed too many issues you are able to decline your offer based upon the home inspection.
- Who orders the appraisal? Your lender will order the appraisal on your behalf. Once the appraisal has been done it is sent to your lender. If the appraisal came back at asking price you will now move onto the next step. If the appraisal did not meet the contracted price, buyers and sellers will re-negotiate. Were there any requested repairs?
- Time to close. Now that the home inspection and appraisal have been completed it is time to move forward to signing documents and taking ownership of your home. Prior to the closing you should transfer utilities into your name as of the date of closing. Once papers have been signed you will receive keys and can begin to move in!
Congratulations! You are a home owner!!