Step 1: Exploration
Why are you considering making a move? Do you already know where you want to buy? If you want a condo, townhome, or single-family home? What’s available on the private market now? Now is the time to reach out to us.
Buying a home is one of the most exciting milestones. To prepare you may find it helpful to know what to expect during the process. We created this step-by-step first-time buyer’s guide to assist you in navigating the journey. Cheryl and Layne will be with you every step of the way.
Why are you considering making a move? Do you already know where you want to buy? If you want a condo, townhome, or single-family home? What’s available on the private market now? Now is the time to reach out to us.
Notice we said comfortable 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 considering a 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 a rental or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget. We want the process to be fun, and if buying your new home stops your ability to take vacation or purchase furniture, adjusting the budget may solve these issues.
Before you get your heart set on a home, we encourage you to talk to a mortgage professional to find out what amount you qualify to borrow. Being pre-qualified has additional an advantage as most sellers will not entertain offers from buyers who aren’t already approved for a loan. Call us today and we will make an introduction to our preferred lender.
Let’s make a move! We setup a search to identify opportunities and when you see something that excites you, we will arrange a tour of showings of homes that interest you. We will take notes about what you like and don’t like, and make sure to point out details. Make sure to take time to explore the neighborhood, notice the public transportation and the parking situation, and discover how close it is to your necessities.
Once you have selected the ideal property, we will craft an 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. We will negotiate any counteroffers on your behalf until we reach an agreement. At this point, the house will go into attorney review, and we will simultaneously schedule a professional inspection.
Attorneys review the Residential Real Estate contract to ensure you're protected. We have preferred attorneys that we will recommend and we’ll join you on your calls to support.
We recommend your offer be contingent on having the home inspected to ensure there is no major structural damage or costly repairs needed. We will help you arrange a professional inspection within days of making an offer. If there are no major issues, the process goes to step 8. If there is, we can renegotiate your offer based on what needs to be fixed, or you may choose to withdraw your offer.
Now is the time to go back to the mortgage lender who pre-approved 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 FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
To ensure that all parties involved are paying a fair price for the house, your lender will have the property appraised so they assess their independent value. This step will happen without involvement from you.
Everything will be arranged by your lender, attorney and title company to be sure all paperwork is properly filed, and there are no liens on the property you are acquiring. When you’re closed, you’ll get the keys and be the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. You’ll be all set to move, and we have recommendations on movers and handymen should you need.
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more.
