First Time Home Buyers

First Time Home Buyers

The Purchase Process
Buying a home is the largest financial transaction and most complex you may ever partake in. Hiring the Right Agent is Crucial in the home buying process as there are so many moving parts. They must have good communication skills to keep the whole team involved working together on your behalf. Make sure they are enthusiastic and understands your needs.

1) Financing and Budget
When talking with your loan officer make sure to take into consideration additional expenses such as taxes, insurance, utilities, condo or HOA fees when creating your monthly budget. Remember…do not make any large purchases of ANY kind while you are in the loan process. This could changes what you loan qualification.

2) Identify What you need in a Home
  • Style of home
  • Type of community
  • Number of bedrooms & bathrooms
  • Schools
  • Commute time/Distance from Job
After assembling a list together of the top homes you are interested in, your Realtor will provide you with a printed overview of the homes, but be sure to take your own notes of the home’s positive and negative qualities. This will help to narrow down your list and keep you from forgetting the details once you start seeing multiple homes.

3) Making the offer
Now that you found the home of choice you and your Realtor will work together to put in an offer. The market is what dictates the value of homes. Evaluating the market analysis to compare the listing price and the price of recently sold will help define the homes value. Location, Upgrades and Inventory can play a big factor that you should be prepared for a possible bidding war. It is important to put in your best offer to avoid being out bid.

4) Contract Acceptance
Now that the contract has been accepted, you will proceed thru the the inspections, the appraisal, and final loan commitment. We will be there every step of the way to answer any questions and service the intrigue details throughout the process.

5) Inspections
The inspections are conducted with a licensed inspector of your choice. The inspector will be checking the mechanical, electrical, plumbing, roof etc to ensure you know what you are buying. There are many inspections you can have so be sure to talk with your Realtor to make an educated decisions on which ones you would want to have preformed. Time of of the essence on these inspections so be diligent.

6) Appraisal
The appraisal is a market analysis on steroids. The lender will have an appraiser visit the property to make sure the homes value meets the loan amount and check for any safely concerns that will need to be fixed prior to settlement.

7) Settlement
The final step has arrived and you will be signing settlement documents with the title company. Plan to be there around an hour and once all documents have been signed the Keys will be handed over.

8) Home Ownership
Congratulation on the keys to your new home!

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