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Steps to Home Ownership
Step 1: How much can you spend?
- You analyze your finances, decide what you
can afford to buy, and how much you will spend.
Step 2: Shopping
- You work with a real estate agent to find
a home.
Step 3: Mortgage
- You shop for mortgage options.
Step 4: Selection
- You select a home, make an offer, and negotiate
a price.
Step 5: Negotiation
- The seller and buyer negotiate, you agree
on a price, sign a sales contract, and put up the earnest money.
Step 6: Mortgage
Step 7: Inspections
- You have the home inspected, appraised, and
the title searched. You obtain hazard insurance and prepare funds for
the closing.
Step 8: Closing (owner)
- The owner brings to the closing a clear title,
deed, termite inspection certificate, and keys to the home.
Step 9: Closing (buyer)
- You bring the down payment, closing funds,
and insurance and mortgage verification to the closing.
Step 10: Legal
- The attorney or real estate professional coordinates
the signing of documents and the transfer of money and ownership.
Step 11: Transfer
- Ownership of the home is transferred to you
at the end of the closing, and you move your belongings into the home.
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