Your home is waiting
As with any other form of purchase, there are steps to be taken when making an offer on a home, particularly in relation to first time mortgages. They can also include you being allowed to place the property on hold while you get the questions that arise, answered. However, it’s also important that you have an understanding of your commitment as the buyer as you step through the buying cycle.
Once you have found the home of your choice, you must determine whether this is actually the property you want to invest your life in. Remember, at this time you have probably spent only about 45-minutes in that environment. This is the time when you can make an offer, subject to the various questions you will submit being answered satisfactorily, prior to your commitment to buy.
This subject to purchase offer will be on the understanding that you have been granted the facility for a first time mortgage. It will include your determined price, the total amount required as a down payment and the date on which you can take possession of the property. All questions must be clearly stated and listed as subject matters. There will also be a time factor involved for answers to be received, for you to be satisfied with them and then removing the subject as qualified.
The offer and negotiations
Following your offer being made, it is likely for some negotiations to take place with the seller. In the main, they will relate to the price factor and the date on which you can take possession. Upon you and the seller reaching agreement on the sale, the transaction is then in effect on hold while you remove any outstanding conditions or receive answers to outstanding questions. During this time period, you should settle all aspects related to the financing, especially with regard to first time mortgages.
As the day for you to take possession nears, you will meet with your lawyer for singing the relevant documentation, after which, the due payments will be transferred to the seller. After a transfer of the agreed sum, your realtor will hand over the keys of the property. To assist you with the buying procedures, you will have the experience of a realtor, mortgage specialist, and lawyer to call upon.
At Mortgage Guys, we pride ourselves on the support we offer to all our first-time homebuyers as they start on this exciting adventure. We look forward to helping you, contact us today!