Congratulations, you have decided to purchase a home.  There is never a bad time to purchase a home for you and your family.  Purchasing a home is what we thrive for after all the hard work that we put out.  Purchasing a home is the American Dream.  Whether you are a first time home buyer or looking to upgrade from a coop, condo to a single family house or from three (3) bedroom to a four (4) bedroom house, or down grading, the process of home buying is always a big investment and importation decision for you and your family.  Although the process is and can be simple, due to various outside factors and parties involved, the process can get complicated, if the matter is not addressed and handled properly.  That is where Trivedi Law Group P.C. and it is experienced support staff comes helpful.  At Trivedi Law Group P.C., when you call during normal business hours from 9:00 a.m. to 5:00 p.m., there will be always someone answering the phone to answer all of  your questions.  Although Mr. Trivedi relies on his team to communicate and handle some of the duties of the transaction, however, Mr. Trivedi is always involved in the process and is overseeing the transaction.  At any given time, Mr. Trivedi is reachable and you can have access to him for any of your questions.  During the time of contract signing, Mr. Trivedi will personally discuss in detail the process of purchasing your home and advise you on the do and don’t and will make the process as seamless as process.   Purchasing a home should be a good positive feeling and Mr. Trivedi along with other parties involved, ensures that you are properly protected and you achieve your American Dream.  Below are some of the steps to purchasing your home.

Step 1: Start Your Research Early.

Researching home a process and more homes that you see, the more define and refine your search will be.  In today’s market, there are many sources of information that one can obtain in order to find a home that you are interested in.  You can start with the Websites, newspapers and real estate maganize that has listing of home for sale in your area.  You have to pay particular attention to the asking price and obtain a sense of idea how long the house has been on the market and why, and have to get a feel of the houses in the area.

Step 2:  How Much House You can Afford.

It is important to learn and find out what is the price range that you can afford to purchase a house.  Thus before looking for a house on the market, it is important to visit a lender, such as a bank or a private mortgage broker to determine how much house you can afford to purchase based upon your salary.  If you are married and your joint account and salary will determine how much house that you can afford.  This will allow you to realistic search for a house in the area that you are desiring for the price that you can afford.  Once you know the house price that you can afford, then you will search the house in the area that you desiring for the purchase price that you can afford.

Step 3: Get Prequalified and Preapproved for credit for Your Mortgage

Before you start looking for a home, you will need to know how much you can actually spend. The best way to do that is to get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to your mortgage banker, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much we can lend you. This will tell you the price range of the homes you should be looking at. Later, you can get preapproved for credit, which involves providing your financial documents (W-2 statements, paycheck stubs, bank account statements, etc.) so your lender can verify your financial status and credit

Step 4: Find the Right Real Estate Agent

Real estate agents are important partners when you’re buying or selling a home. Real estate agents can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller of the house.

Step 5: Shop for Your Home and Make an Offer

Start touring homes in your price range. It might be helpful to take notes on all the homes you visit. You will see a lot of houses! It can be hard to remember everything about them, so you might want to take pictures or video to help you remember each home.

Make sure to check out the little details of each house. For example:

  • Test the plumbing by running the shower to see how strong the water pressure is and how long it takes to get hot water
  • Try the electrical system by turning switches on and off
  • Open and close the windows and doors to see if they work properly

It’s also important to evaluate the neighborhood and make a note of things such as:

  • Are the other homes on the block well maintained?
  • How much traffic does the street get?
  • Is there enough street parking for your family and visitors?
  • Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation?

Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the Agent will have a binder signed by both the parties.  Once a binder has been signed, Seller’s attorney will draft the contract and your attorney will review.

Step 6: Get a Home Inspection & Sign Contract

Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing.  Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller.  However it is advisable to conduct a home inspection prior to signing the contract, unless of course, there are many potential bidder on the house, in such case, it is advisable to sign the contract and then conduct the inspection.   Normally, there is a contingency of a house inspection in the contract, this contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage. Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.

Step 7: Work with a Mortgage Banker to Select Your Loan

Lenders have a wide range of competitively priced loan programs and a reputation for exceptional customer service. You will have many questions when you are purchasing a home, and having one of our experienced, responsive mortgage bankers assist you can make the process much easier.

Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly payments never increase. And still others pick a loan based on the knowledge they will be moving again in just a few years.

Step 8: Have the Home Appraised

Lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraisal will let all the parties involved know that you are paying a fair price for the home.

Step 9: Coordinate the Paperwork

As you can imagine, there is a lot of paperwork involved in buying a house. Your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.

Step 10: Close the Sale

At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home!