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The Basics Of Buying A
House
When buying residential real estate, it is important to first secure a
letter of pre-approval from a lender. This letter will provide
information about the financial boundaries of your purchase. After
discussing your comfort levels, your real estate agent will show homes
that meet your criteria and budget. When you find that special property,
your realtor will research the history of that particular home and
others similar to it in order to determine an approximate selling price.
An “offer” is then drawn up, presented to the seller’s agent and the
negotiation process begins. When both buyer and seller are satisfied
with all terms and conditions, the contract is signed and copies are
given to all parties. Within five business days after the contract has
been executed and delivered, the buyer must apply for a mortgage and is
allowed to have a professional inspection of the property. A licensed
inspector checks for visible defects in the house that constitute a
threat to health or safety. Within these same five business days, both
buyer and seller will have an attorney review the sales contract and
make changes where necessary. A final “walk through” occurs a day or two
before the closing.
Lauri
Rosenbloom | 847-989-7740 |
www.laurirosenbloom.com
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