Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
So you've decided to start looking for a new home, congratulations! First thing you need to do is make a wish list and set goals. Determine all of the important things to you and your family right now and into the future. How many bedrooms and bathrooms you require. What is your ideal square footage, acreage, and location. Another, and probably the most important factor to consider, is your finances. How much are you able to afford? The most accurate way to determine this is to speak with a mortgage lender.
If you're paying all cash you can skip this step, but the majority of people need a loan to purchase a home. Getting pre-approved is a very important part of the process. It not only helps you know what you can afford but it also lets the sellers know you are a qualified buyer. Find a good mortgage lender that advices you on the different types of loans, current interest rates, and how to get the best loan for you. A lender will examine your credit history along with your current financial situation and provide you with a pre-approval document that details how much you can borrow. Next step, find a real estate agent and start the house hunting process!
Find an agent you can rely on! Your relationship with your real estate agent is the foundation of the home- buying process. They will lead you through the entire home buying process and you'll need to trust, rely on, and depend on them. It is a very important decision, so I advise interviewing a few different agents until you find the one that fits you best. Once you have your agent, it's time for the fun stuff, house hunting!
So you've decided to start looking for a new home, congratulations! First thing you need to do is make a wish list and set goals. Determine all of the important things to you and your family right now and into the future. How many bedrooms and bathrooms you require. What is your ideal square footage, acreage, and location. Another, and probably the most important factor to consider, is your finances. How much are you able to afford? The most accurate way to determine this is to speak with a mortgage lender.
Once you find the home you want to buy, you’ll work with your agent to create an offer. Your agent will help you determine how much to offer and which contingencies to include as well as the proposed settlement date. After the offer is submitted, the seller will review it with their agent and accept, decline, or submit a counteroffer.
After your offer is accepted, you'll sign the contract! Next (if applicable) are home inspections, appraisals, and finalizing all mortgage details (interest rate, down payment, and any other financial conditions associated with the closing). Once everything is satisfied, it's time to to close and get the keys to your new house. The closing process typically takes about 30-45 days.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.
