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Gulf South Real Estate Information Network |
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| TOPICS: Getting Started with the Home Purchase Process |
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Financial Considerations
Your Credit Report
Type of Home
Size of Home New Home Existing Home Using an Agent |
| Basic Steps in the Home Purchase Process |
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Find an Agent
Find a Home
Understand Contract
Make an Offer
Conduct a Home Inspection Obtain Financing Go to Settlement |
Buying a home is probably the largest
single investment you will ever make. In doing so, you should learn as much as you can
about the condition of the property and the need for any major repairs before you
purchase. A home inspection is usually set up within a few days after the contract or
purchase agreement has been signed. However, before you sign the contract, be sure that
there is an inspection clause in the contract, making your purchase obligation contingent
upon the findings of a professional home inspection. This clause should specify the terms
to which both the buyer and seller are obligated. A home inspection not only points out the bad, but the good aspects of a home, as well as the maintenance necessary to keep it up. After a home inspection, you will have a better understanding of the home you are about to purchase, and will be able to make a more confident decision on buying. While it is not required for you to be present for the inspection, it is strongly recommended. By following the home inspector around and observing and asking questions, you will learn a great deal about the condition of the home, how its systems work, and how to maintain it. You will also find the inspectors written report, which youll receive after the inspection, easier to understand if you've seen the property first-hand with the inspector. No house is perfect. If the inspector finds problems, it doesn't necessarily mean you shouldn't buy the house, only that you will know in advance what to expect. A seller may be flexible with the purchase price or contract terms if major problems are found. If your budget is very tight, or if you don't wish to become involved in future repair work, this information will be extremely important to you. Here are some Helpful Hints for a Hassle-Free Home Inspection:
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| Information deemed reliable but not guaranteed. | Copyright © 2008 Marketlinx, Inc. | Copyright © 2008 New Orleans Metropolitan Association of REALTORS®, Inc. All rights reserved. Information deemed reliable, but not verified or guaranteed. Users are responsible for checking the accuracy, completeness, currency, and status of all information.
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