Purchasing real estate in the Jackson Hole, Wyoming area can be an exciting process, but there are many important steps to be followed for a successful transaction. I have prepared a list below so that you can be best prepared.
Step 1: Start The Research
Begin your research of areas in and around Jackson Hole that you are most interested in. Make note of the properties and prices that are currently in the market. This will give you an idea of what neighborhoods might be best for you to consider that are within your budget.
Step 2: Define Your Budget
Consider your comfortable budget, debt and amount of money that you have on hand for a down payment. A lender will still need to qualify you for a loan, but you should also make this determination based on your own level of comfort as well considering your lifestyle.
Step 3: Get Prequalified
Before you officially start your active home search in the Jackson Hole area, you will need to explore how much you can spend. The best way to go about this is to get prequalified for a mortgage by contacting a reputable mortgage broker and provide some of your personal information and details. Your lender will then tell you how much you will be approved for which will dictate what price range of homes you can begin looking for. It is important to provide your lender with accurate data for the pre-approval as you will have to eventually follow up with supporting documents.
Step 4: Search for Homes and Make an Offer
Once you begin touring real estate around Jackson Hole be sure to take notes as you may see many houses. Consider things like convenience to local services, work and other things that address your lifestyle and needs. Once you find the home of interest, then submit your offer with your pre-approval letter.
Step 5: Home Inspection
A home inspection is a pivotal milestone as it can check for signs of structural damage or items that may need repair. Offers are typically made contingent of a satisfactory home inspection to protect the buyer. Any items that shall be addressed by the seller can be confirmed before the closing at the walk-through.
Step 6: Home Appraisal
Your lender will arrange for the property to have an appraisal. The appraisal value will confirm to all parties that the price you are paying is a fair price for the property.
Step 7: Complete the Necessary Paperwork
Your lender will have a title company review documents and confirm that the seller is the rightful owner of the house. Also, you will need to complete your loan package by providing your lender with documentation that proves your employment and financial status.
Step 8: The Closing
After your final walk-through of the property, you will then have the closing. At the closing you will sign all legal documents to complete the purchase including loan paperwork. Once this is complete and the check is delivered to the seller, you are ready to move into your new home.