Real Estate Buying Steps

Buying Alamogordo real estate can seem stressful and sometimes confusing, so we have put together a little checklist of items you will need to complete when buying a home. This is a basic 30 day closing and your situation may require more or less contingencies or documents but this is a good starting point.

1. Get a pre-approval letter from your lender.

This states you are an actual buyer ready to buy a home for a certain amount. You might even ask your lender to make a note of how much you are offering as how much you are approved for. If the seller knows you can afford more than you are offering (unless it's full price) they may tend to counter offer for more.

2. Mutually agree on all the paperwork.

The purchase and sale agreement will have many documents  in it stating when closing occurs, how much to offer, anything that stays and any contigencies to the sale. Make sure you understand all you are signing and please ask your buyers agent if you are unsure.

3. Get a professional inspection.

This is crucial as this may be your largest investment it really pays to know all you can. If you are satisfied with the report, simple sign off on the inspection contingency and continue to closing, if you are not, decide what do from here with your agent and go back and forth until an agreement can be made or the deal terminates.

4. Find an buy homeowners insurance

You will want to let escrow know all the details and the information about your homeowners insurance especially if you are financing the property.

5. Wait for all parties involved to collect all the paperwork.

Don't make any large purchases right now and don't put anything on credit. Lender are finalizing paperwork for closing and escrow is gathering all necessary documents. Be available to sign when all parties are ready.

6. Signing doesn't mean closing.

Closing actually happens 1 -3 days after signing and its when all loans have been paid off, the deal has funded and the deed is recorded at the county seat. Check again with your purchase and sale agreement on when you can move in. Sometime its 3-5 days after closing so the sellers can move out after the deal is done.

With these tips in mind you can launch yourself into the exciting world of homeownership. If you have more questions or would like info on any Alamogordo homes you find on our site, please contact us today!