Updated: Jan 30, 2021
So, you believe you are ready to purchase your home! How exciting. Whether this is your first home or second home, there is always that thought of "I want to be prepared"
In today's blog, I will be talking and explaining the 12 steps that you must take in the home buying process.
#1: Find A Realtor
Hiring a realtor you can trust is crucial to your home buying process. Not only do realtors go through hours of studying and training, a great realtor is extremely knowledgeable of current market conditions. Realtors help guide you through the process, handles negotiations, and also has your best interest at heart.
#2: Needs Analysis
The next step is creating a needs analysis. Usually this is done with your realtor during your first or second meeting. This gives your realtor and family a clear picture of what your needs are in a home. Doing this helps your agent look for homes in areas that best fits your family.
#3: Get Pre-Approved For A Mortgage
Before you go to look at houses, talk to a couple of mortgage specialists so that way you can know how much the bank will approve you for. A great agent will ask for you to get a pre-approval letter because if you do find a home you like, you would be able to make an offer right away. Sellers will not accept an offer without a proof of pre-approval.
If you aren't sure of who to speak with, feel free to contact me in the box above and I'll be happy to recommend you some. Oh and P.S. I don't get paid to recommend any of them. These are all specialists I have worked with before and can guarantee you will get the best experience with them.
#4: Search For Homes
Have a list ready of homes you would like to see. You can use your local MLS to see houses that you like, your realtor would also know some to take you to as well.
#5: View Homes
Be prepared to see up to 3-4 houses a day with your realtor. Bring water, some snacks, and breathhhh. Remember that this is one of the biggest purchases you will probably make in your lifetime. Take your time, when you find the one, you will feel it.
#6: Make An Offer
So you have FINALLY found a home! Now it is time to make an offer. Talk with your realtor and see what your terms are so that way you can submit a strong offer.
#7: Offer Accepted
Congratulations!! Now that you offer is accepted, it is time to get to the real work! Once your offer has been accepted, get two checks ready. The first one will be your Earnest Money. The Earnest money is usually 1% of the total sales price. This earnest money puts faith in the seller that you are a serious buyer. If you have decided to put an option period, this will also need to be delivered on a separate check to the title company. These both need to be delivered within the agreed days in the contract.
#8: Complete Inspections
Getting an inspection is crucial! This will help see if there is anything wrong with the home. If there is something wrong with the home during inspections, this is your chance to negotiate the contract.
What the Heck is an appraisal? An appraisal is when an appraiser develops and opinion of value for the home you are buying. An appraiser's opinion depends on the materials and conditions of the foundation and exterior wall, roof surface, floors, etc.
Winning Tip: Have your realtor put comps and the reason why you listed it at the price you did the day the appraiser comes.
#10: Final Walk Through
After you receive the appraisal report, you will have a chance to negotiate repairs with the seller. Or, you will decide to buy the house as is. Keep in mind that the seller is not obligated to repair anything you ask. If you guys did agree on repairs, this is your chance to make sure it got done.
Now that all the paperwork is done, it is time to officially close!! You will receive more information from the title company on extra funds you need, if applicable.
#12: MOVE IN!!!!
Yes!!! Move in time!! At this point, you can start moving in! Congratulations on your new home!! :) You did it!!
I hope this gave you some insight on what to expect in your home buying process. Remember to breath, understand that buying a home is an emotional process. Take your time, I wish you all the success and happiness. Thank you readers.
Yours Truly, Sabrina.
For all your Real Estate Needs, contact me today