The home-buying process.

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Real Estate

Buying a home is one of the most exciting times in a person's life so I'd like to lay it out for you so it is less daunting. But first a story about my first home purchase. It was in Camp Hill a long time ago...a time when mortgage rates averaged 9.19%. It was also a time when "The Sales Agreement" aka "Sales Contract" was a common practice. This means the seller was also the lender. The reason it was a common practice is because it was difficult for banks to approve folks for a mortgage because of the high rates, so if a seller needed to move and was willing to take the risk they would offer "Seller Financing". We had a 2 year balloon which meant we needed to get enough cash together for the rest of the down payment and closing costs. We were hoping rates would come down but, alas, a couple of years later they were still pretty high at 8.85% but we got our mortgage from a bank, paid the seller his money and lived there for a few more years. So, buying a home in today's market is a lot easier and money is almost free as interest rates currently are around 3.50%. But I digress... here are the steps to the home buying process;

* Get Pre-Approved

* Discuss your home wants and needs with your Realtor

* Select Properties to view

* View Properties

* Write an offer to purchase

* Negotiate terms

* Accept the contract


It is straight forward but exciting. Hire a Realtor you can trust and get along with so the process is less stressful.

PS interest rates averaged 11.2% when we bought our second home and 10.32% for our third home YIKES!