The home buying process can often confuse and cause stress however, fortunately for you it doesn't need to be that way. With the right professionals working alongside the home buying process can be the exciting time in your life it should be. Having a basic understanding of what to expect and look for will also save you time and help make your home buying experience a positive and memorable one. Don't be afraid to ask questions or ask for help. Find qualified and trustworthy professionals to help you along the way.

MikeKnowsOmaha can help you with all of your Omaha Real Estate needs.

The following is a step by step breakdown of the home buying process.

Finding Your Realtor

Ask friends, family members or anyone you know and trust for referrals. Chances are if people you trust have had a positive transaction with a specific Realtor you will as well.

If you already have a general idea as to where you would like to purchase a home try and find a Realtor with working experience and knowledge of that area. A Realtor who has a good understanding of a specific neighborhoods market and trends can save you money and time. An experienced and knowledgeable Realtor will be able to show you and help you understand information regarding an area's market.

As in all relationships how personalities mesh is important. The same can be said for the relationships between a client and a Realtor. Make sure you feel comfortable working with your Realtor.

I recommend asking your prospective Realtor the following questions:

• What area's do you specialize in?
• How many other clients do you currently represent?
• Can you provide a referral list?
• What are your duties as my agent?
• Will you be handling all aspects of my transaction? If not who will be?

Talk With A Mortgage Consultant

The more mortgage conslutant's you speak with the better off you will be. It is important to obtain at least a few different quotes from different mortgage consultants. An experienced mortgage consultant will not only ensure your transaction runs smoothly on the lending side but will also be able to offer suggestions to improve your credit, loan interest rate and loan amount.

Ways To Find A Mortgage Consultant:

• Visit your local bank
  • You should already have an established relationship with your bank and using their lending service would be convenient.
• Ask your Realtor for a referral
  • More than likely your Realtor has a mortgage consultant with whom he works with on a consistent basis.
• Ask your friends and family members who have already bought a house

When you first meet with your mortgage consultant he should be able to pre-approve you for a loan amount based on your income and credit. You will need to follow up with your mortgage consultant after your initial meeting as he will need more information from you before you purchase your home. Upon loan pre-=approval your mortgage consultant will give you a Good Faith Estimate which spells out the loan amount and terms you are pre-approved for. A Good Faith Estimate is not locked in and can change, it is only an estimate. Loan pre-approval is important because it enables you and your Realtor to search for a home in a price range which you can afford. You should always obtain a loan pre-approval prior to searching for homes.

I recommend asking your mortgage consultant the following questions:

• What paperwork will you need from me in order for me to be able to obtain my loan?
• What can I do to improve my chances or obtaining pre-approval for a loan?
• What can I do to improve my loan interest rate or loan amount?
• What types of loans are available to me and what are their differences?
• What would my monthly payment be?

View Homes

It is now time to discuss the "Three W's" with your realtor:

• Where?
  • Location, locatio, location. Let your Realtor know the general area's or neighborhoods in which you would like to purchase a home. If you are still unsure take some time to drive around town and check out different neighborhoods. You can also ask your Realtor to set a up a time to show you some houses from different neighborhoods through the Multiple Listing Service on the computer.
• What?
  • Do you absolutely need to have a 2500 square foot Ranch styled home with at least a 4 car garage? Make sure your Realtor knows that. Give your Realtor two lists, the first being your Needs, and the second being your Wants. Being able to communicate what is absolutely necessary for your home to have versus something you would like to have in a home is important and will make the home search process much quicker. It is also understandable for your Wants and Needs lists to change over time, just make sure you communicate those changes with your Realtor.
• When?
  
  • Come up with a home buying time line with your Realtor. It is a good idea to set an unofficial time in which to try and choose a property. There are thousands of properties available and too often buyers pass up on great houses because they are afraid they may miss out on seeing another house. Even if it is an unofficial time line and you may take longer or quicker to choose it is a good idea to have a goal time in mind. Also discuss how long the negotiation and closing process may take with your Realtor.

Select Your Home

You love the neighborhood, you love the house and you think you have find "the one". Before writing an offer with your Realtor you should take a look at the Seller's Property Disclosures and if applicable Lead Based Paint Disclosure.

• Seller's Property Disclosure
  • Outline's seller's knowledge of the property
  • Will address any major issues with the property
  • If the seller has no knowledge of any issues regarding property (unseen issues like mold or termite damage hidden behind walls) seller is not required to disclose
  • Estate Sales and Bank Owned Foreclosures are not required to dislcose
• Lead Based Paint Disclosure
  
  • Depending on the properties location and age there may or may not be a Lead Based Paint Disclosure
  • Seller's will disclose whether they have knowledge of lead based paint in building
  • Estate Sales and Bank Owned Foreclosures are not required to disclose

Offer / Acceptance

Once you've decided on a house to purchase set up a time with your Realtor to meet and write an offer. You will need a check for an earnest deposit at that point. Once you have decided upon an amount to offer the terms and contingencies to include in the offer a signed offer sheet is sent to the listing agent. The negotiation process goes on as long as it takes for both parties to agree upon terms and contingencies or reject and walk away from the negotiations. Ask your Realtor about appropriate and effective negotiation strategies. When all the terms are agreed upon and contract signed by both parties the escrow period begins.

Loan Processing / Title Work

During the Escrow period all legal documents are sent to the title company which carries out the transaction as a non biased 3rd party. Your mortgage consultant will also need to meet with you again at this time to finalize the loan paperwork. All inspections and appraisals necessary for financing are carried out at this point.

Realtor and mortgage consultant should check in with you and keep you updated with the transactions progress.

You should also start making any necessary moving plans, obtain homeowners insurance and notify utility companies when you are planning on taking possession.

Closing

On closing day you will meet your Realtor, mortgage consultant and the closing specialist from the title company to sign the title over to you.

Possession

When all legal paperwork is signed and completed on closing day your Realtor will hand over your keys and you are free to enjoy your new home.

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