The Ten Steps To Buying A Home

Step 1: Define Needs For Your New Home

Your first step toward buying your new home will be to analyze your needs. World Properties Group advisors can help you determine exactly what you want your new home to look like and how it should function for you and your family through a half hour face to face consultation.

First, write down why you are looking for a new home.

Second, establish a time frame for buying your home.

Finally, you probably have a mental picture of what your dream house looks like. Turn these ideas into two lists: one should describe your dream home and the other should list features that are absolute must haves.

Step 2: Pre-Approval vs. Pre-Qualification

There are two ways to go about this: prequalification or pre-approval for a loan. Either way, you can contact our advisors to give you some tips in choosing the best mortgage professionals. We recommend that our client be pre-approved and not pre-qualified.

Step 3: Neighborhood Information

People don't just buy a house; they buy the neighborhood the house is in. You will need to make list for the type of area you want to invest in. Consider things like drive time to work and major destinations, amenities such as swimming pools, tennis courts, parking, etc., area schools and the demographics of the surrounding area.

Step 4: Home Search

There are a few ways to go about this. Possibly the most efficient way to find homes is to allow WPG advisors to keep you up-to-date on available properties that meet your criteria, and then allow them to screen them for you. When they present you with a home that interests you, he or she can arrange for you to tour it at your convenience.

Step 5: Make an Offer

Now that you've found your dream home, it's time to make an offer. WPG advisors will help you determine the offer price by reviewing recent sales of homes that are similar in size, quality, and conveniences and amenities. Your WPG advisor will advise you on how to create an offer that will have the best chance of being accepted.

Step 6: Negotiating to Buy

Once your offer is made you may need to negotiate with the seller to reach an agreement. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process, that is, if you have adequate information and you use it in an appropriate manner.

Some things you may negotiate:
Counter offers happen frequently. Remain in close contact with your WPG advisor so you can quickly review any changes from the seller. Remember... bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.

Step 7: Service Provider Coordination

After your offer is accepted, your WPG advisor will help you coordinate the activities of service providers and serve as your advocate when working with them. Your advisor will make sure these vendors have access to the property to perform their procedures and will oversee the execution of those procedures on your behalf.

Step 8: Before You Close

As the closing date (otherwise known as settlement or escrow) draws near you will need to be in contact with the escrow company or closing attorney and your lender to make sure all necessary documents are being prepared and will be delivered to the correct location on the appropriate date. Your WPG advisor will be walking you through the process. These days, buyers and sellers don't even have to be in the same room to close a deal. Thanks to computer automation, signed paperwork can be delivered overnight to both parties.

Step 9: Closing on a Home

Closing is where ownership of the home is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the process will attend. Closing procedures are usually held at the title company's or lawyer's office. Your closing officer coordinates the document signing and the collection and disbursement of funds.

Step 10: Post-Closing

Congratulations on the purchase of your new home!

Now that you have taken ownership of it you will need to have your electricity, cable and phone set up. Also be aware of typical homeowner expenses such as Neighborhood Association fees, landscaping costs, and annual taxes and budget for them accordingly.