Buyer's Guide

A Step-by-Step Buyer's Guide

Buying a home is one of the most exciting milestones of your life. This guide will help prepare you for the process and enjoy the journey ahead!

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Step 1: Research

Think about how you live. Take stock of what works well in your current residence and what could use an upgrade. Is there a location that is more desirable - closer to work or family and friends? Do zoned public school zones need to be factored into the search? Consider the yard and outdoor area. What are the spaces in your current home that are used the most each day? What type of home would serve you best? Single family, townhome or condominium? Would you use community amenities if they were available? How long do you imagine yourself owning this new property - Is this a 3-5 year purchase or your potential “forever” home? Taking the time to think through these details can help define your search and bring focus and clarity when questions arise.

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Step 2: Decide on Your Budget

Deciding on a budget is more than just finding out what a potential mortgage company might offer in terms of a loan. Taking the time to think through monthly expenses will reveal what range is comfortable when it comes to a monthly mortgage payment. Be sure to factor in potential HOA dues and new utility costs when determining what is best for your budget. When you are ready for what’s ahead the process becomes much easier to navigate.

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Step 3: Choose a Real Estate Agent

If you have not already done so, this is a good time to reach out to a real estate agent. A professional realtor will listen carefully to the research you have done and guide you in making a wise investment. They can help focus your search and provide details about different areas of town. They can set expectations for price points and provide resources for local lenders and closing attorneys. Most importantly, a realtor should guide you through each step in the process and help you stay ahead of the market so you can be confident in your next move.

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Step 4: Get Pre-Qualified

Once you have have a budget in mind, it is time to call a mortgage professional to find out your approval amount and what loan products work best for your purchase. In addition to the interest rate, there will be choices to consider regarding downpayment, term and pre-paid interest. A good lender can explain how each facet affects your monthly payment, the cash needed to close, and quickly communicate as questions and fluctuations arise in the process.

Passion & Expertise

My goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. I am dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.

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Step 5: Find the Right Home

Your realtor will set up showings for available properties and provide information the seller has shared about the function of the property, renovations or additions completed and the age of major systems if known. These details, combined with an onsite tour, will give you a sense of how the property has been maintained and what funds you may want to set aside for changes if you decide to purchase.

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Step 6: Make an Offer

Once you have found the right house, your realtor will guide you in writing an offer. Knowing what is happening in the local market can help with decisions on price, contingencies and any special stipulations. The market can quickly move from “you can sleep on it” to “you better write an oer today”. If you have gotten your financing set up, you will have the ability to move quickly and confidently when you find the perfect property.

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Step 7: Under contract!

Once your offer is accepted, any contingencies included in the contract will begin to be addressed. The most typical are home inspections, appraisal, and financing. Home sale contingencies and additional due diligence periods can also be included in the contract. Your realtor will guide you in each step in the process.

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Step 8: Finalize your Loan

If you are financing the home, the purchase contract includes loan obligations that need to be met by the buyer. Buyers and their lender need to be communicating that they have completed the application process and that the buyer’s credit report has been ordered. The buyer also must inform the seller that an appraisal has been paid for and requested. A good realtor will help keep track of deadlines so that nothing is missed.

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Step 9: Get an Appraisal

Your lender will order an appraisal using a third party system. An appraiser will visit the home and produce an independent evaluation to confirm the property is worth the purchase price. If the appraisal is lower than the contracted price, your realtor can advise on options. If the appraisal meets or exceeds the purchase price, that contingency is removed and the process moves forward.

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Step 10: Finish Paperwork

Your realtor will be in constant communication with you, your lender and the title company or closing attorney. Each step of the process will be confirmed by all parties until you reach the day of closing. Your lender will balance numbers with the title office and prepare a closing package stating the final cash amount needed for purchase. Once all paperwork is signed and funds are received, you are the official owner of new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

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