What to Expect When Buying a Home

Lora Davis
 


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Many first time buyers will expect that purchasing Portsmouth, NH houses for sale is as simple as your everyday shopping where you go and pick a house, have the seller accept your offer, you sign your name on a few dotted lines and you get the house keys in a few minutes. Contrary to popular belief, acquiring Rye, NH houses for sale is one long and complicated process that culminates in the closing of a successful sale before ownership is transferred. When all things are god, you can expect this process to take between four and six weeks at the very least from the time the seller accepts your offer; there will be other processes involving inspection, appraisal and getting financing.

More than a down payment: While many people looking for Hampton Beach, NH houses for sale only think about a down payment as what they will require to pay from their savings, you want to remember that you will also be paying other fees and costs. Such fees will include third party charges like appraisals, credit reports, lawyer fees etc. This will typically amount to about six percent of the total loan even though the closing costs will differ from one state to another or from transaction to transaction. You have leverage in bargaining with the seller but you cannot postpone any of these payments which must be paid at closing.

You will deal with more than the seller: Once you have finalized issues with your mortgage lender for the New Castle, NH houses for sale you are interested in, you will be required to buy homeowners’ insurance and make plans for the transfer of utilities; there will be other parties in the transaction that will also be completing their own tasks. If during the negotiation the seller agreed to do any pending repairs after the inspection, they will be busy doing their part even as they alert the utility companies about the changes and settling their final bills. There are also other tasks that will need to be completed by the closing agent, the real estate agent, the Title Company and many other parties.

You will need patience: When you are closing the process for Dover, NH houses for sale you need to remember to bring along the original purchase contract, a current driver’s license or passport that will be used to confirm your identity. Your lender may also require conformation that you have already purchased homeowner’s insurance. As much as possible, you need to set this meeting early in the day because it almost always takes longer than expected; you can be sure that you will spend a few hours signing the huge stack of papers.

Closing covers purchase and financing: During the closing process for any Sea Coast, NH houses for sale there are a number of documents that you are going to sign. You want to take some extra caution reading between the lines for any unexpected terms, incorrect amounts, misspelled names and wrong addresses before you can append your signature.

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