Step 1: FIND AN AGENT
Look for a RERA approved real estate agent.
Step 2: RESEARCH PURCHASE CONTRACTS
Don’t wait till the day you need to sign a contract to look at one. Your agent should be reviewing the documents, the processes, and the local customs for negotiations and contingencies with you while you are still searching for a home.
Step 3: SHOP FOR A MORTGAGE
Now that you have a contract, you can shop for the best mortgage deal. Remember, focus first on the lenders that you know will get the job done, then make cost comparisons to find the best deal.
Step 4: OBTAIN A PREAPPROVAL
If you will be getting a mortgage, a preapproval will help make you more comfortable with what a mortgage payment would be like. A good agent will typically have recommendations for credible lenders.
Step 5: START LOOKING AT HOMES
Often you can visit eight or ten homes in a well-planned day with a well-prepared real estate agent. However, this depends on the availability of the particular property in the market.
Step 6: START NEGOTIATING
Once you decide on a specific home, make an offer immediately. Your negotiating position gets dramatically worse if another buyer starts negotiating on the same home before you have a contract signed.
Step 7: APPLY FOR HOMEOWNER’S INSURANCE
It is important to have a property insurance in case of fire or theft.
Step 8: SET A CLOSING DATE
Pick a day when you, your lawyer, your Realtor, and the seller’s reps can be there. This may already be determined by the purchase contract terms.