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According to recent survey, many people feel they can get a better deal if they negotiate the purchase of a home themselves rather than using the services of a RealtorŪ. And sometimes, that may be true. Most times, however, the consumer does not thoroughly understand the home buying process, which can result in costly mistakes and inconvenient delays.
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Here are the steps to take if you decide to go it alone:
- Get pre-qualified for a loan
- Decide where you want live and identify your 'must-have' amenities
- Find houses for sale in the area
- Go house-hunting
- Write a purchase contract
- Negotiate price and terms with the seller
- Deliver the earnest money check to the title company
- Deliver your executed contract to your lender
- Submit full loan application
- Lock in your interest rate
- Ensure your loan is progressing smoothly
- Make sure the escrow representative has all the necessary documents prior to closing.
- Schedule the closing
- Review your closing figures
- Attend closing
- Receive keys after funding
- Move in!
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When you are searching on your own, you are limited to the tools and resources available to the general public. Many buyers use websites like Realtor.com to preview available houses, visit Open Houses on the weekend or contact For Sale By Owner home sellers.
When you purchase a home that is listed by a real estate agent, you will be dealing with an experienced negotiator, therefore, you must also be a competent negotiator. There is much more to negotiating the purchase of a home than simply the price.
When dealing with a For Sale By Owner, it is possible that neither party knows how to coordinate the transaction.
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