What are the steps involved in buying a home?
My family’s home was destroyed by a tornado last week. It was a family Home frome previous generations – paid for. Neither my husband nor I have ever bought a home before. We both rented before living in the now gone home. It’s in the country. We have the deed to the land the old home was on. What are the steps we need to go through to get a home? We will need a deep well, septic tank, bank loan, everything. Where do we go to know what to do first – bank first or call the well-driller and septic tank person? We really don’t know which way to get started.
We are hoping to be able to get a double wide mobile home to put on this land. The land is only one acre.
Unfortunately we have no insurance. The home we were in was an older model and couldn’t be insured. (Yeah, we got the luck!) So everything we do is going to have to be financed by the bank. We are literally starting from scratch. Savings has around a thousand in it.
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The first thing to do is decide if you are going to buy an existing home or have one built on the land you own. If you are buying an existing home you will need to obtain financing through a bank or mortgage company. Get pre-approved before looking for the home.Find a REALTOR that you are comfortable working with. Be sure to have the purchase of the home contingent on it passing an inspection.
If you will be building a home on the land you will still need to obtain the financing to construct the house. Before getting the loan you will need to find a REALTOR who works with new construction and have them help you find the builder for you. I could go much further but this will set you on the right path.
Get a good ,responsible real estate agent and she or he will help you through all the steps of buying and take care of most of it for you
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The first thing to do is decide if you are going to buy an existing home or have one built on the land you own. If you are buying an existing home you will need to obtain financing through a bank or mortgage company. Get pre-approved before looking for the home.Find a REALTOR that you are comfortable working with. Be sure to have the purchase of the home contingent on it passing an inspection.
If you will be building a home on the land you will still need to obtain the financing to construct the house. Before getting the loan you will need to find a REALTOR who works with new construction and have them help you find the builder for you. I could go much further but this will set you on the right path.
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I would first see what kind of settlement you will get from your insurance company. Then you can decide if you want to use that money to rebuild or if you will, as you suggested, just bring in some mobile home. If you do the latter, I would think you could connect it to the existing services you had with little effort.
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Well…………getting pre-approval for a mortgage from your bank would probably be the first step. This will set a dollar value you can borrow. You own the property outright, and it’s value will help in your personal equity worth when the bank crunches numbers. If you’re going to rebuild, the bank will need specifics on what you’re building, so you will have to nail that down early in the process as well. Best to enlist the aid of pros to ensure all constuction and municipal requirements are met and adhered to. No doubt buying an existing home would be simpler, using the proceeds of the sale of your lot would also allow you a nice downpayment……..which banks LOVE to see!!!!
Best of luck!!!!!!!!!
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