Apart from paying for the purchase of the house, various other additional costs are associated while buying a home. Paying for a real estate agent is one of them. One needs to pay hefty commission fee to a realtor in turn of his help. But, getting away with it is possible with certain efforts. Make sure to do everything that is necessary prior to and post purchasing a house. Below mentioned are a few steps that can be followed to purchase a home without having to pay for a realtor.
The primary step incorporates looking through property listings. Without taking the help of an agent you would be required to search for a house that perfectly matches your preferences and requirements. Search through online portals and newspapers. With so many listings on the internet and newspapers, searching for a suitable home is not a hitch.
Since many average wage earners are unable to own a property by making the payment in full, looking for a home loan is what they do. Look for a reliable lender and get your loan pre-approved from the bank. The maximum amount you qualify for is assessed through your earnings and financial capability. A pre-approved loan helps you set a budget for the home, allowing you to negotiate with the seller with confidence.
Home purchase is a complex task and many legal issues are associated with it for which legal advice is vital. Therefore, hire a lawyer who can successfully look through the legal aspects such as title deed, sanction of building plan, forming an encumbrance certificate, and many more.
After you have finalized a property, personally visit the property site. A visit can either be open house or you can call the seller’s agent to schedule the evaluation of property. Make sure to correctly evaluate the real estate and do not hesitate to ask its worth. You can hire a property appraiser who can help you know the exact worth of the house. In case you do not want to pay the property appraiser, online comparison of similar type of properties can also help.
The actual and most laborious part of home purchase begins here. You need to agree upon the price of the property that is suitable to both parties. In case you realize what you are offered for the house is more than its actual worth, negotiate with the seller. Be confident while negotiating as this increases the chances of reduction in sale price.
Once the sale price is acceptable to the seller and buyer, the final step is closing the deal. The lawyer checks all the necessary documents to make sure everything is correct. After everything is in order, you can sign the agreement to seal the deal. Submit the signed contract to the lending institution as it would be required for further processing of home loan.
Although, owning a home brings you financial stability, be sure of taking wise decisions at every step of home purchase as a single wrong decision can result in big loss. Therefore, act wisely to make the most of your investment.
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