I would say that 90% of my sales last year were from first time home buyers. It’s an incredible feeling to be part of their new stage in life. Buying your first home is very emotional, confusing and time consuming. Having the right Realtor helps minimize the confusion and frustration.

Below you will find the guide to buying the home of your dreams:

Step 1.  Deciding to buy your home

What are your reasons?

Can you afford to purchase the house without giving up your normal activities?

Do you need a tax break?

Step 2. Get Organized

Start the process by talking to a lender, getting pre-approved

Understanding the different types of loans that are out there (FHA, Conventional, VA..)

Start a home buying folder- staying organized throughout this whole process is key

Do research on selecting the best Realtor who will fit your needs and personality

Step 3. Start your home search

Do some research- look at towns you are familiar with or where you would like to live

Drive around in those areas in the day and night

Bring your Realtor a list of things that you would like in your first home (understand that you may not receive all items)

Know your price point (pre-approval letter) but also take into consideration your new monthly bills when figuring out what amount you are comfortable with paying each month

Once you have choosen your Realtor, they will then set you up on their search system.  You will receive daily emails with homes that are available in your particular price range, area and that meet your criteria

Step 4. Submitting an Offer

Once you found the home that you are interested in, submitting an offer can be very nerve racking. The owner may reject, accept or counter your original offer. During this time, it is very crucial that you stay in close contact with your Realtor.

Once the contract has been accepted by both parties, the agent (seller’s or buyer’s) will have to receive the earnest money check. The earnest money tells the owner that you are committed to purchasing the property as well as funding your down payment.

We always advise our clients to have an attorney on their side, this will help with any further negotiations after the contract has been accepted by both parties

Step 5.  Home Inspections

Once the contract has been accepted, a home inspection is required within 5 days of acceptance.

There are different kinds of inspections that you can have: Home, Mold or Radon

If any problems arise from the inspections, these items can be negotiated through your Realtor or through your attorney

Step 6. Securing the Mortgage

Earlier you received your pre-approval amount, now its time to finish the process with the lender

The lender will request more documentation and issue a home appraisal on the property. The appraisal is to make sure that house is priced where it should be with the bank.

This whole process usually takes about 45-60 days from the date of accepting the offer.

 

Step 7. Closing the Deal

Title insurance company needs to make sure that the title is clear of any liens or anything that could possible prevent the deal from happening

Insurance, the buyer needs to present proof of insurance at the time of closing

All utilities need to be in your name at the time of closing

Your estimated closing costs (HUD-1) will be emailed to you two days prior to closing from your lender. Always bring a certified check or wire the funds directly to the appropriate parties for your closing costs and your down payment.

Your Realtor will schedule the final walk through of the property. At this time, the house must be completely empty and all repairs that were supposed to be fixed, need to be fixed prior to the walk through.

Step 8. DONE

Arrive at the closing at least 15mins early

Sign, sign and sign

Get your new house keys and RELAX

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