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Purchasing a home---how doest it work?

Discussion in 'General Discussions - USA & Canada' started by shravanthika, Feb 6, 2008.

  1. shravanthika

    shravanthika Senior IL'ite

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    Can you all throw some light on how does purchasing a home work from making a offer till closing?What are the factors I need to cautious abt?How far are the realtors reliable?
     
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  2. enjoylife

    enjoylife New IL'ite

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  3. Aarushi

    Aarushi Platinum IL'ite

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    Hi Shravanthika,

    A couple of things based on my experience -

    1) If you are going for a realtor, make sure he/she is from the buyer's side and not the seller's side. It is important to find out who the realtor is representing and whose interests are paramount to him.

    2) Try and get a mortgage prequalification and preapproval. That way you would know how much you can afford when you finally set out to buying a house.

    3) Shop for the best interest rates. Usually if you are buying brand new homes, the sellers also try to sell you the mortgage. Don't accept it blindly. Call up banks etc and find out the best rate you can get. If you are a member of a Credit union bank, check the rates with them. They might have the lowest possible.

    4) Before signing the contract, get an independent home inspection done - be it an old house or a brand new one. It might cost you a couple of hundred bucks, but it is worth it for your peace of mind.

    Hope this helps! All the best with your home buying!:)

    love,
    Aarushi
     
  4. shravanthika

    shravanthika Senior IL'ite

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    Aarushi,
    That was a gr8 deal of Info...many Thanx.
    And I have a doubt..My realtor says that he gets the commision from the buyer though he works for me...really contradictory...any thoughts?(I have not signed any buyer's agreement with him)

    Enjoy life,
    Thanx for the link..
     

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