Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
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.
Dreams do come true, you just have to have faith. You must trust and believe in your dreams and have the best Realtor®️ in town, Aaron Roberts. During the past 9 months, I have been working with Aaron Roberts of Aaron Roberts P...
3 words to Aaron: quick, professional, and trustworthy. He is extremely helpful and knowledgeable about the market. While I began shopping for the perfect home, he was able to quickly schedule showings, and offer input and grea...
I highly recommend Aaron Roberts and his team. Aaron helped me buy my second home and I could not be happier with the experience. From the very first time I contacted him to the day I picked up my keys, I felt confident, comfor...
Hi Aaron, I do not feel comfortable doing the review, because of the publicity it will subject me to on the internet. However, my experience in working with you has been very positive, your skills in real estate are very high, ...
We recently tapped Aaron Roberts to help us in search of our very first home. Aaron lived up to his reputation and set the bar about as high as it could go. He brings a rare combination of honesty, knowledge, and professionalis...
Our home buying experience started on a sour note with a very unprofessional selling agent representing the home we wanted to buy. In came Aaron. With his expertise and professionalism, he was able to help turn this bad experie...
Aaron was the best Realtor®️ during the entire process. Very helpful and efficient. I would recommend him to anyone wanting to buy or sell a property. Thanks for making the purchase of this home an awesome and smooth experience.
Aaron Roberts helped me sell two homes and purchase mine forever home in less than 6 months. He is very knowledgeable and professional. I would recommend him to anyone that is looking for an exceptional real estate broker.
Aaron Roberts is an amazing Realtor®️. He is always on top of everything and always a step ahead. He's very nice and really cares about his clients. Aaron is awesome to work with. I highly recommend him.
Aaron helped us find the perfect home. He was very polite and professional. He was always reachable when I had any questions. He will be recommended to everyone I know. Thank you so much, Aaron.
Aaron is the best. He is very honest and truly cares about finding you a great home. I would recommend him to anyone who is looking for a true professional. Thanks, Aaron.
Aaron is a very professional and helpful agent. He was helpful throughout every step of the purchasing process. I will definitely use him for my future purchases.
Aaron is hard-working, communicative, professional, and a great person to work with.
Thanks for making the purchase of this home an awesome and smooth experience.
Aaron is awesome! He’s detail-oriented, responsive, gives honest assessments, and genuinely looks out for his clients. I'm grateful to have been referred to him, and will definitely be connecting with him again when it's time t...
One outstanding thing about a professional which Aaron recognizes is the ability to stay up to date with market trends. He is continually seeking ways to get even better. Contact Aaron for the sale or buying of properties, you will be glad you did