BUYER'S GUIDE
A STEP-BY-STEP FIRST TIME BUYER'S GUIDE
Buying a home is one of the most exciting milestones of your life. To prepare you for this moment, you need to know what to expect during the process. This step-by-step first-time buyers guide created by your agent will help reduce the stress of buying a home and you enjoy the journey as much as possible.
STEP 1: RESEARCH
Do you already know where you want to buy? Do you want a condo, townhome or single-family home? Do you know which features do you like and dislike? Do you know what is available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insights into housing trends in specific neighborhoods and help you when the time comes to make an offer.
STEP 2: DECIDE ON YOUR BUDGET
Notice I said to decide on your budget - not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you're comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you've lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
STEP 3: GET PREQUALIFIED
Just because you think you can afford a certain payment every month doesn't mean that the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for less than expected or deny you mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won't entertain offers from those who are not already prequalified for a loan.
STEP 4: CHOOSE A REAL ESTATE AGENT
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take the stress off you shoulders? Not only will I help identify properties you may be interested in, arrange showings, and ultimately handle the offer process, but I also have knowledge of the market. Finding the perfect home can be a daunting task, but that is where my expertise and wealth of knowledge come into play. Let me show you some amazing homes that meet your dream home criteria so you can find the one that's right for you.
STEP 5: FIND THE RIGHT HOME
This should be the most enjoyable step of the entire process (other than moving in!) I will arrange showings of homes that you are interested in that are within your price range. Take notes about what you like and don't like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucet in various rooms. Do not limit you inspection to the home itself. Make sure to take time to explore the neighborhood and how close it is to necessities like schools and grocery stores.
STEP 6: MAKE AN OFFER
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer's or seller's market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
STEP 7: HAVE THE HOME INSPECTED
In most cases, you offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
STEP 8: SELECT YOUR LOAN
Now it's time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHAS loans. Work with your mortgage lender to select the proper option that you feel most comfortable with.
STEP 9: GET A HOME APPRAISAL
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
STEP 10: FINISH PAPERWORK
No one looks forward to all of the paperwork involved in buying a home, but it's a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and when you are finished, you will be the legal owner of your new home.
CONGRATULATIONS!
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 lenders, but once that check is delivered to the seller , you'll be all set to move into the home of your dreams.
WORK WITH AILEEN
Aileen is extremely diligent in every interaction with her clients; She Listens, She Gets It, and She Makes It Happen! Her clients trust in her integrity and value her timely guidance and expertise. Indulging her clients with first-class service, it is truly her joy to ultimately fulfill their requests throughout the transaction.
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