A Guide to Buying Real Estate by PrestigeLegalDoc

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									Real Estate Purchase Table of Contents
I. How to use this guide .................................................................................................. 2
II.     Do I need a real estate agent? .................................................................................. 2
III.    How do I find a reputable real estate company/agent? ............................................ 2
IV. General FAQ ............................................................................................................ 3
    Why should I buy instead of rent? .................................................................................. 3
    Will bad credit hurt my chances of buying a home? ...................................................... 3
    Are there special homeownership grants or programs for single parents? ..................... 4
    How do I know if I can get a loan? ................................................................................. 4
    How do I find a lender? .................................................................................................. 5
    What will the lender look at when I apply for a mortgage?............................................ 5
    What does it mean to get pre-approved?......................................................................... 5
    What is the minimum down payment I can make on a home? ....................................... 6
    Should I pay discount points? ......................................................................................... 6
    Should I lock in my rate? ................................................................................................ 6
    What will my mortgage payments include?.................................................................... 7
    In addition to the mortgage payment, what other costs do I need to consider? .............. 7
    How much can I afford? ................................................................................................. 7
    How much time should I spend viewing houses? ........................................................... 7
    How do I go about finding open houses?........................................................................ 8
    When I find a home I want, how much should I offer? .................................................. 8
    What if my offer is rejected? .......................................................................................... 8
    What are bidding wars? .................................................................................................. 8
    How does seller financing work? .................................................................................... 9
    What is a house “closing”? ............................................................................................. 9
    What will happen at closing? .......................................................................................... 9
    How long should it take between the time of contract and the date of closing? ........... 10
V.      Buyers Checklist .................................................................................................... 10
VI. Steps to buying a home .......................................................................................... 11
    Step 1: Decide which community or neighborhood you are interested in. ................... 11
    Step 2: Begin looking at houses. ................................................................................... 11
    Step 3: Assemble your team of professionals ............................................................... 12
    Step 4: Figure out how you will pay for the house ....................................................... 13
    Step 5: Offering to buy the house you want. ............................................................... 13
    Step 6: Dealing with the home’s physical condition .................................................... 14
    Step 7: Closing the deal ................................................................................................ 15
    Step 8: After closing considerations
								
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