Buying a house and moving to Wisconsin is a dream for most home buyers. However, the process is not as easy as most people think. It takes a lot of time with several factors affecting the price and time it takes.

Some of these factors might include the local economy, market conditions, and your financial situation. For instance, you might find houses selling faster in some places like Janevile while they take a long time in Whitewater. You need to understand all these places.

That notwithstanding, there are several things you need to know before buying a house and moving to Wisconsin. These things are going to simplify the process for you and make it faster.

They include:

Copy of Your Offer to Purchase is Needed

When buying a house in Wisconsin, the appraiser will need you to provide them with a complete purchase contract. This is a standard requirement before getting any mortgage and should include the selling price.

More than half of home buyers in Wisconsin do not know this, something that leads to time wastage. The appraiser needs this to determine things like value range and the most probable value.

Without knowing the sale price, the appraiser might end up giving the new home a value lower than its actual value. This might lead to more negotiations, something that might end up costing a lot of time and resources.

First-Time Home Buyer Programs

One of the biggest investments you can ever make in your life is buying a home. This is a major achievement, especially for first-time home buyers. However, it is not easy, and first-time buyers need to make sure that they are financially secure.

Fortunately, first-time home buyers in Wisconsin get to enjoy some perks available through some first-time home buyer programs. This is something you need to take a look at before you start buying a house.

For instance, you can get a down payment loan with a zero percent interest rate when buying your first home in Wisconsin. You can also qualify for a federal development loan if you live in rural Wisconsin to renovate, build, or purchase a home.

Walking Away From a Deal Costs Money

You stand to lose a lot of money if you decide to walk away from a deal before the sale is completed. Before you decide to walk away from your offer to buy a house in Wisconsin, make sure that you have read the Wisconsin Residential Offer to Purchase.

It states that you might be ordered by a judge to follow through with the purchase offer. They might even ask you for the earnest money to act as partial payment for the purchase price. The seller might even decide to terminate the offer and ask you for the earnest money as part of liquidated damages if they do not sue you for actual damages.

For instance, let us assume that you had offered $200,000 to buy a house and then walked away from the deal. If the seller then ends up selling the house for $170,000, they have a right to sue you for the $30,000 difference.

Fixing Defects in Your New Home

You are probably going to find some defects when buying a house and moving to Wisconsin. Of course, you will want to have all the defects fixed by the seller.

It is your right to ask the seller to make sure that these defects are fixed before the deal is closed. You can even include this in the sale. However, you will not be able to participate or even dictate how the defects are fixed if you give the seller the right to cure defects.

If you want to participate in the process of fixing defects, then make sure that the buyer does not possess the right to cure defects. You can also include your real estate agent in the right to cure for them to make sure that you have a say in the process.

Your Student Loan Can Affect Your Mortgage

Did you know that you can use your income payments based on your student loan to qualify for a mortgage loan program? At least you can when buying a home in Wisconsin.

For example, let us assume that you had secured a student loan worth $50,000. Every month, you pay $100 towards settling the loan. You want to buy a house and apply for an FHA mortgage loan.

When getting the loan, lenders will use a theoretical monthly payment, usually equal to about one percent of the loan balance. In this case, it will be $500 every month.

Knowing these things will help you get the best deal when buying a house and moving to Wisconsin.