Not to long ago I made the decision to purchase a new home, this was my first time of purchasing a home and I would have to say it was scary. Although difficult it was not unbearable, and I would to anybody thinking about doing so to do it.
The first step that was took in purchasing my own home was getting my credit good enough, this included constantly monitoring my credit as well as paying off some old bad debt. The first step was honestly the step that took the longest, the reason being is you cannot just wish your bad debt away you have to work at it. This involved slowly chipping away from every paycheck until it was all finally gone. This step took me around three years to accomplish.
The second step was to speak with a ...view middle of the document...
She then gave me a print out of all the local homes that were in our price range. At this time we just went from house to house looking at our options and price differences. After finally finding a house that would suit my needs I then was moved to the realtors office to print up a offer on the home I started with a very low offer about 10 thousand less than the asking price plus the seller paid closing cost. Reasoning for this is if I start out low possibly they would give us the lowest possible price.
The next step was waiting on the seller to review the offer and come back with a counter offer. To my surprise there was not counter offer just a agreement to my terms, this really cut down the buying time and made it very easy on everyone.
After that I was sent back to the bank to speak with the loan officer again, did more paperwork and waited for them to officially put the loan together while I was supposed to get insurance and utilities turned on at the new house.
Then all the paperwork was sent to the closing office where they had to check all information on the home such as appraisal and other things to make sure that everything was in line, after a few months of this we were then called and were ready to close, this was simply signing paper work with the seller and getting our new keys to our home.
I feel that my decision making process was similar to the text in the original planning of the purchasing a home. However when it came to actually buying the home I feel that I rushed into buying and did not take enough time to really wait and see what came up in the market over a few months or a year.
Buying a Home
July 30, 2012