Can A St. Louis Home Buyers Workshop Help Me?
For many first-time St. Louis home buyers, the process can seem overly complex and confusing. There’s financing, making an offer, negotiations, competing with other buyers, due diligence, and lots and lots of paperwork along the way. Having an experienced realtor can help ease the stress, but there are also a growing number of resources that aim to simplify the business of buying a St. Louis home.
First-time buyers account for about 35 percent of home buyers in the United States, according to the 2016 National Association of Realtors. As a result, first-time home buyer workshops have been popping up across the country, which can be a great way to learn the steps required to successfully make a first time home purchase.
Here are eight things you will learn in a workshop geared towards first-time St. Louis home buyers:
Credit history: Your credit history is key to securing the required financing to purchase a St. Louis home. Addressing any outstanding credit issues is one of the first steps towards finding a mortgage company willing to give you a loan. Sometimes you may need to wait until these issues are resolved before moving forward.
Pre-approval: This is essential. Beyond your credit, pre-approval of the mortgage helps to establish a budget and present a good image to the sellers. Being pre-approved means that a loan underwriter has reviewed your financial information and certifies that you qualify for a mortgage up to a specific dollar amount.
Assistance programs: Often times a lender will offer programs intended to reduce the financial burden of making a home purchase. Whether it’s a down payment assistance program, a grant, or another form of monetary assistance, these options can help make financing your new home purchase a reality. Lender’s representatives are usually present to determine which programs you may be eligible to use.
Shopping, once mortgage prep complete: After being pre-approved for a mortgage, the next step is to begin shopping the St. Louis housing market. At a workshop for St. Louis home buyers, you are likely to hear an overview about this process. They will likely discuss contacting a licensed realtor and beginning your search online to help narrow down the list of properties you’d like to visit.
Offers, contracts, and due diligence: Once you’ve found the St. Louis home of your dreams, it’s time to make an offer and begin negotiations. As local laws can have an impact on this part of the process, a boot camp rep will be able to provide specific details that apply to your particular circumstances.
Another very important part of the St. Louis home buying process is due diligence, where the buyer has a specific amount of time under contract to thoroughly inspect the property, hire professionals to make recommendations, and provide a report to address any potential concerns (code violations, leaks, cracks, pest infestations, among other things) before finalizing the purchase.
Closing: After closing, where everyone meets to complete and sign the required paperwork and you finally take ownership of the property, many assume this is the final step. However, you will likely need to speak with a representative of an insurance carrier to discuss coverage options.
Dealing with multiple professionals in the business: In addition to those running the workshop, St. Louis home buyers may be introduced to lenders, agents, appraisers, inspectors, title companies, and insurance carriers. Many people don’t realize that making a St. Louis home purchase usually requires a team of individuals working together.
Attending a workshop for first-time St. Louis home buyers can be an invaluable tool to navigate the often complex process of buying a house, It will give you insight into all of the pieces required to make the purchase a successful, enjoyable experience.