9 Steps to Buying A Home
1. Decide To Buy
Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.
Base your decision to buy on facts, not fears.
• If you are paying rent, you very likely can afford to buy.
• The lack of a substantial down payment doesn't prevent you from making your first home purchase.
• A less-than-perfect credit score won't necessarily stop you from buying a home.
• Buying a home doesn't have to be complicated - there are many professionals who will help you along the way.
2. Select Your Agent
The typical real estate transaction involves several individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout.
Many first time homebuyers are unaware that we are able to show you any home for sale no matter which company lists the property. And as a buyer, you do not pay for our services. We will also ask other agents about their upcoming listings that match your criteria so that maybe we can find you a home before it even hits the market.
Below are the seven main roles of your real estate agent:
• Educates you about your market.
• Analyzes your wants and needs.
• Introduces you to homes that fit your criteria.
• Coordinates the work of other needed professionals.
• Negotiates on your behalf.
• Checks and double-checks paperwork and ensures compliance with deadlines.
• Solves any problems that may arise.
3. Secure Financing
If you aren’t paying cash, you will need to obtain financing. The six steps to financing a home are:
• Choose a loan officer (we can recommend trusted loan officers to you).
• Fill out a loan application and obtain your mortgage pre-approval.
• Determine the amount you want to spend on a home and select the best loan option.
• Submit your accepted purchase contract to the lender.
• Get an appraisal and title commitment,
• Obtain funding at closing.
4. Find & Select Your Home
Looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms. A buyer’s consultation will make certain that we are all on the same page as to what you desire in your next home.
5. Make an Offer
When you're writing an offer, you need to approach this process with a cool head and a realistic perspective of your market to ensure successful negotiations.
6. Inspections
Unlike most major purchases, once you buy a home, you can't return it if something breaks or doesn't quite work like it's supposed to. That's why property inspections are so important. The property inspection should expose the hidden issues a home might be hiding, so you know exactly what you're getting into before you sign your closing papers.
7. Appraisal
A home appraisal is a crucial step in the home buying process. It involves a professional appraiser assessing the property's market value to ensure that the price aligns with its actual worth. Lenders require an appraisal to confirm that the loan amount is appropriate for the property's value, protecting both the buyer and lender from overpaying. The appraisal helps ensure a fair deal and can influence the final sale price and loan terms.
8. Final Walkthrough
Before closing, we will return to the property for one final look over to make sure there have been no significant changes to the property since the offer was written and that any agreed upon repairs were completed.
9. Closing
Closing involves signing legal documents that will finalize your mortgage, pay the seller and transfer ownership of the property to you. This should be a momentous conclusion to your home searching process and commencement of your home owning experience.