My Steps to the Home-buying Process (by no means is this a complete outline, for more detailed information, or for any questions, please contact me!)
Search. Find. Buy. Often times buyers look at the process as being that simple. Using that “simple” process can actually make the home buying process a huge hassle! Reality is the “search” part that buyers feel is the first step actually does not come until over halfway through the process! I’ve put together this list below to give you more information and hopefully help your home buying process be as smooth as can be. The more prepared you are before you start can make all the difference in the world.
1. Financing
Get pre-approved with a certified lender! This is extremely important. It will let you know how much home you can afford, and the costs involved in buying a home. It should be your first stop (not to mention having a pre-approval included in any offer helps show the seller you are serious and able to buy, some sellers will not accept an offer without one). Shop around and ask family and friends if they have any recommendations for a lender, not only are the costs and fees an important decision in selecting a lender, but also knowing they will be there whenever you need them. They will be a very important asset during your loan process.
2. Select Location
Location, location, location. Know where you want to be, it’s the one thing you can never change with your home.
3. Needs Assessment
Ask for my needs assessment sheet to fill out. Complete it thoroughly. It will become an important tool to continually look back at when you may start to wander away from what you know you really want or need.
4. Time Frame
Set a time frame. When are you looking to buy? When would you like to be in a home? It is an average of 30-45 days to close on a home once under contract.
5. Assemble Team
Have people you can trust. Not just friends and family, but a team for the transaction. A loan officer, REALTOR, home inspector, contractors, etc. You will need all of them to make sure the transaction goes as smooth as possible. I can certainly recommend a few if needed.
6. Determine Budget
By this point you have been pre-approved so you know what you can spend up to, but are you comfortable spending that amount? Decide what a realistic monthly budget is for you and go from there. Just because you were pre-approved for a certain amount does not mean you will be comfortable paying that amount.
7. Sell or list your current home (if needed)
It is never a good situation to fall in a love with another home before your current home has even hit the market.
8. Get Market Data
This is where we find comparable homes for you that fit the range that you are looking for and answer the question of what the market is like (home prices, taxes, interest rates). This is a great way to set expectations from the outset.
9. Search (there it is!)
Now you can begin the search! I will set you up on your own “listing cart,” and we will start the search for your new home. There is no better way to search, new properties that fit under your preferences will be automatically e-mailed to you as soon as they hit the market. I am also able to follow up and give you the most detailed information you can find on each property.
10. View Property
It never hurts to do a “drive-by” any homes you have strong interest in. A home that looks great online and in pictures may just be located right behind a major highway or in a neighborhood you just don’t like. We’ll get together and view properties together.
11. Evaluate
Go back to you needs assessment. Remember what is most important to you in a home.
12. Decide
This speaks for itself, now let’s go forward!
13. Make Offer
We will look at comparable homes that have sold recently in the area you choose to help guide you on what is a “good” offer. Items such as asking for closing costs, repairs, closing date, and certain contingencies also affect the “value” of your offer to the seller.
14. Negotiate
Anything from selling price to the closing date can and may be negotiated. We will take this step by step to get you your home at the best price with the terms as favorable to you as possible.
15. Contingencies
These include items such as buying the home contingent on a satisfactory home inspection and also contingent that you are able to secure financing by a specific date.
16. Renegotiate (if needed)
Any items can also be renegotiated, including purchase price, closing date, personal property included, and more.
17. Close
You did it! And hopefully if you followed this steps, you had a smoother transaction than you thought possible. A lot of times there are bumps in the road throughout, but keeping a level head and sticking with the process can help you so much, and I am right there with you.
For more detailed information or to schedule a time to speak with me, email me! I also have several books available if you would like to borrow them.
