1. Decide to buy
There are solid financial reasons to support your decision to buy a home and among these: equity buildup, value appreciation, and tax benefits.
Buy on facts
- If you are paying rent, you very likely can afford to buy.
- It’s always the right time to buy the right home.
- The lack of a substantial down payment does not prevent you from making your first home purchase.
- Buying a home is easy; there are many professionals who will help you along the way.
2. Hire your agent
- Buyer’s agents
- Seller’s agents
- Mortgage brokers and underwriters
- Insurance assessors
- Title researchers,
- And a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed.
It is my responsibility to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout.
3. Secure financing
While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be the complete opposite. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment.
From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.
Six steps to financing a Home
- Choose a loan officer (or mortgage specialist).
- Make a loan application and get preapproved.
- Determine what you want to pay and select a loan option.
- Submit to the lender an accepted purchase offer contract.
- Get an appraisal and title commitment.
- Obtain funding at closing.
4. Find your Home
I am there for this specific purpose; to sit with you and help you find the home you are looking for. There are many specifics that each individual looking to buy needs and that is why I am always listening for those features that you are looking for. Check out the home wish list for ideas on what you might need in your dream home.
5. Make an offer
The three basic components of an offer are price, terms, and contingencies.
Price: the right price to offer must fairly reflect the true market value of the home you want to buy. I provide my clients with a CMA to determine the best possible price for your home in the current market.
Terms: the other financial and timing factors that will be included in the offer. Terms fall under five basic categories in a real estate offer:
- Schedule: a schedule of events that has to happen before closing.
- Conveyances: the items that stay with the house when the sellers leave.
- Closing costs: it’s standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract.
- Home warranty: this covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this.
- Earnest money: this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer.
The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. I will keep you posted on how each is progressing, but your work is pretty much done.
- Finalize your mortgage.
- Pay the seller.
- Pay your closing costs.
- Transfer the title from the seller to you.
- Make arrangements to legally record the transaction as a public record.
7. Protect your investment
Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your Realtor® and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. Even after you close on your house, your agent can still help you:
- Find contractors to help with home maintenance or remodelling.
- Help your friends find homes.
- Keep track of your home’s current market value.