Home Buying Made Easy
Few moments in your life are as exciting as the day you purchase a home. At the same time, buying a home is probably the largest purchase you'll ever make. This step-by-step process can help you know what to expect.

Step 1. Get Ready
There’s no perfect time to buy, just as there’s no perfect time to sell. Determining if you are ready to buy can be made easier by educating yourself and understanding your options.

Step 2. Hire a Realtor

You can tackle home buying alone if you want to limit your search to homes that are For Sale by Owner. However, if you want to purchase a home that is listed with a real estate agency, you’ll need to be represented by a realtor. You have the choice to pick your own agent and you don’t have to work with the realtor who has the home listed. Any real estate agent who is licensed in the area can show you any house on the market. Some agents are also willing to assist you in brokering deals with homes that are For Sale by Owner.

Step 3. Get Loan Pre-Approval

Although not a final loan commitment, a pre-approval letter demonstrates your financial strength and shows that you have the ability to go through with a purchase. This information is important to owners since they do not want to accept an offer that is likely to fail because financing cannot be obtained.

To obtain a pre approval letter, meet with a loan officer of you choice and have he/she review your financial information. You can visit as many lenders as you like.

Step 4. Look at Homes

Nearly 1,000 homes are sold each year in the Grand Forks area, so how do you know which one is right for you. 

    Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer,   
    and how much you’d be willing to spend. 

    Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use
    your list of priorities as a guide to evaluate each property. 

    Decide your moving timeline. When is your lease up? Do you have to sell your existing home first? Being flexible with your
    timeline will provide you with the most options.    

Step 5. Make an Offer
Making an offer is an art based on supply and demand. If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price are typically accepted. After determining a price and other factors, your realtor will complete the offer and present it to the owner's representative. The owner, in turn, may accept the offer, reject it or make a counter-offer. 

Step 6. Obtain Financing and Insurance
Once an offer is accepted, it is the buyer’s responsibility to obtain financing and insurance and Matt can guide you through the process.
> Lender Checklist: What You Need for a Mortgage

> Understanding Mortgages

Step 7. Closing
Closings bring together a variety of parties who are part of the transaction process. In most transactions, the closing agent also completes the paperwork needed to record the loan.