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Core Group Realty and HouseHuntersofIdaho.com help understand the buing process for Boise Idaho Homes for Sale! Part 2

Main Boise Homes for Sale

Part 2 of 2, the home buying process explained. The most vital and rewarding step in purchasing a home is of course finding the perfect home that is suitable to all of the homebuyer’s needs and wants. A Realtor will help in weeding out the undesirable homes by asking a variety of questions to the homebuyers, such as:

1. How many beds/baths are you looking for in a home?
2. Do you wish to have a smaller or larger lot?
3. Is living next to a certain school district important for you?
4. What style of home do you like most, one-story, two-story, etc.?
5. Are you looking for an older or newer home?

There are a hundred more questions a Realtor could ask in order to narrow down the home choices, but it usually starts out with those five questions. Once the Realtor spends more and more time viewing homes with the homebuyers, he or she will listen and pick up on the little things that the homebuyer likes and dislikes in a home. The home searching process can be a lengthy one, for it is no small purchase.

Once the homebuyer finds his or her perfect home, the Realtor will write an offer based on the buyer’s terms, collect a deposit (in most cases one percent of purchase price), and will submit offers, copy of deposit, and pre-approval letter to the selling agent. The selling agent will present the offer to his or her seller and the seller will either accept or counter back with new terms. If the seller does accept than an escrow will open, and the deposit will be deposited into the escrow account. A typical escrow ranges from 30-45 days and all paperwork, appraisal, inspections, and loose ends are tied up within this time period. In most real estate transactions a buyer will have 17 days to complete any and all inspections they wish, and within this time period are allowed to back out without losing their deposit if he or she does not like the outcome of the inspections. The buyer will sign a large amount of loan and disclosure documents within their escrow period. Once their loan is funded, the deed is recorded in the new owner's name within 3-5 days of loan funding and escrow will be closed.

It may seem to most that the home buying process is a tedious one, but the end result is what makes it all worth it: THE PRIDE OF BEING A HOMEOWNER. With pride also comes a bundle of rights, tax benefits, and the potential for building a high amount of equity. It is important for potential homebuyers to find honest, trustworthy professionals to support them in the real estate purchasing process. The potential first-time home buyer will benefit greatly from better understanding the stepping stones to purchasing a home, thus not having to walk blindly into a real estate transaction.

 
Posted by JessicaD at 11/6/2012 9:30:00 PM

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