You want to buy a home? How do you start the process and in what order?
- Choose a Realtor! Click on the link to “our flock” and choose one. They are all the best of the best and will help you have a smooth home shopping experience.
- Contact a Mortgage Lender.When you are ready to place the call be prepared. Know your monthly income. Total your credit card (s), car loans, and any student loan debt. Do not include your current rent or utilities. The Mortgage Lender will ask if they can pull your credit. Interest rates may be influenced by credit scores. They will tell you a price of how much home you can purchase. Make sure to ask what the mortgage payment would be at that price. We all have different lifestyles and the lender may not know if you like to take vacations every year to exotic places! Or you want to have a large rainy day fund. Make sure you are comfortable with the monthly payment.
- Decide what area of town you want to be in. Close to work? Beachside? Close to a school? Family? Near shopping?
- Start building you want list. Size of home, how many bedrooms, open floor plan, large kitchen, formal dining room, great room, screened porch and/or fenced yard?
- Call your Realtor and give them your want list and home purchase amount.
- Your Realtor will schedule homes that best match your list. Be prepared to take notes or snap pictures on your phone to remember the features and benefits of each home.
- Once you found the perfect one,go back for second look at it. At that time you and your Realtor should start talking the price you would want to offer for the home. The Realtor can provide you with data of homes recently sold in the area.
- Make an offer and provide your pre-approval letter from the lender to your Realtor to show the seller you are a serious buyer. Be prepared to make a earnest money deposit. The deposit will be held at the Title company where the closing will occur. The deposit will be applied to down payment.
- Wait…..Wait…. This is the worst part of the whole transaction. Will the seller accept your offer? Will they counter your offer to something you can afford?
- YEAH! They accepted your offer! Call and make an appointment with your lender. They will ask for you to bring the last 2 bank statements, last 2 years tax returns and last 2 paychecks.
- Hire a home inspector. Search them on the internet or ask your Realtor.
- Get your Homeowners Insurance.
- Start packing. Transfer services like power, TV services and address change.
- Most important…DO NOT INCREASE YOUR DEBT. Wait to buy furniture, or any major purchases until after closing on your new home.
- The day before or the day of closing you will do a walk thru and make sure the sellers left what they said they would leave for you.
- Wire transfer to the Title company your funds for closing. The figures will be given to you by your lender usually 3 days before closing.
- After closing at the Title company you can drive your car to your new home! You are now a homeowner!
Helpful Buyer Articles
Avoid Common Buyer Errors
Shopping for a new home is an emotional experience. It is, however, also a business transaction, and must be treated as such. Three of the most devastating things that can go wrong are:
When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. READ MORE!
How to get THE home at THE price
Whether you are buying your first home or your fifth, the process of buying a home can be an emotional, time-consuming venture. Feeling that, in the end, you made the right decision and got a good deal can make all the difference.
As with most major decisions, the amount of work and research you undertake before you start shopping can have a dramatic effect on how well you do in the end. READ MORE!
But do you need it? Various house toys weigh in.
Of course a basement waterfall and grotto is a practical and useful addition to any home. That’s pretty much the only thing standing between you and the playboy lifestyle you’ve always dreamed about, right? But who’s going to clean it?
It’s easy to fall in love with certain features of a home, but to find out that those same features, in the long run, are your least favorite. Here are a few common ‘extras’ and a quick assessment of their relative values. READ MORE!