Whether you are clueless about buying a home or have bought a home years ago but can't quite remember what was involved, learn or refresh yourself here. Don't worry, there are no pop ups asking for your email address. As a Realtor® and a consumer, I realized early on, that the information on the web for home buying is confusing at best. Below, you will find the 9 steps to home ownership, laid out in order of importance. If you prefer a no nonsense approach to home buying, you may love having me as your Realtor®.
Step 1- Meet with a Real Estate Professional
Did you know that you can interview multiple agents before you decide which one you would like to work with? Your real estate agent should be enthusiastic about meeting you in person, willing to explain all of the details of home buying, and get to know the needs of your family. Your Realtor should have the best recommendations for lenders, inspectors, title companies, etc. Also, a lot of people don't know this, but the Seller pays for all commission unless otherwise indicated.
Step 2- Get Pre-Approved
If you don't already have a lender, as your Realtor® I will connect with you the best in the business. You will need to provide them with information such as W-2's, pay stubs & bank statements. Knowing what you can afford is critical in the process. We can not begin looking at homes without knowing what you can afford. You may have no clue what you need to do to buy a home, not sure what your credit score is, not sure how much money you need to save...perfect! That is the whole point of speaking with a lender. A good lender will lay out the financial path to home ownership for you, even if it is still a couple of years away.
Step 3- Search for Homes
This is the fun part! As your agent, I will schedule and show you homes that will fit your needs and wants. Home searching can be a lot of fun, it can also be a bit of an emotional roller coaster depending on the market & how fast homes are being sold. You should feel comfortable communicating with your Realtor®.
Step 4- Make an Offer
When we find the home that you would like to purchase, I will write up the offer based on the price & terms you choose. I will guide you on how to make a competitive offer that will be appealing to the seller.
Step 5- Negotiation & Contract
It may take a few tries but if you hang in there, we will get it just right! Once you and the seller agree on all terms and conditions, you will officially be under contract, and on your way to purchasing a new home. Once we have a ratified contract, I will send it to your lender and title company. I will provide you with a list of awesome title companies and you can choose which one you would like to do the title work. Title companies ensure that your home can be legally transferred to your name, free of any disputes & provide you with title insurance. Lending & title fees come out at the settlement table.
Step 6-Scheduling Inspections
You always want to have a home inspection! It safeguards you from purchasing a home that may have serious problems, saving you precious time and money. I will recommend a home inspector and schedule inspections for you. Depending on the home you buy, you may have to have multiple inspections. For instance, if your home has a chimney, I would recommend a chimney inspection. If your home has a basement, you may want to have it inspected for radon. You, as the home buyer are responsible to pay for your home inspection and any additional inspections. You will need to pay for them as soon as they are performed. In general, I tell my buyers to anticipate roughly $1,000 for inspections. Once the inspections are complete, we will discuss the results together and request repairs (if any) from the home owner. At this point, if there are results from the inspection that you feel like you can not live with, you may then cancel the contract.
Step 7- Final Details
Between this time and going to settlement, I will be waiting on results of the appraisal and reviewing the terms with the lender. You will be finalizing your loan & reviewing documents. I will manage the entire process for you. It is important you provide any documents your lender asks for promptly, to ensure that settlement is not delayed.
Step 8- Closing Day!
This is when you will settle on the purchase of your new home! This is the transfer of funds and ownership. The title company acts as an independent third party to facilitate the closing. You get the keys to your new home and we pop some bubbly!
Step 9- Write a Review
You loved working with me so much as your Realtor,® that you get on google as soon as you can, and write a stellar review, recommending other home buyers to work with me! :)
As a Realtor® and a consumer, I realized early on, the information on the web for home buying is confusing at best. If you prefer a no nonsense approach to home buying, you may love having me as your Realtor®.