BUYERS

Step 1

Research

Have you decided on your preferred location for purchasing a property? Are you considering a condo, townhome, or single-family home? What features do you favor or dislike? What options are currently available on the market? If you’re uncertain about any of these questions, now is a great time to begin your research. As you look at homes that catch your interest, pay attention to any fluctuations in asking prices. This can provide you with important insights into housing trends in specific areas, which will be beneficial when you’re ready to make an offer. When working with me, you also get access to Compass Collections, a smarter, more seamless way to find a home you’ll love. With this new tool, we can easily organize the properties you want to see and discuss them together.

Step 2

Budget

Be sure to establish your budget yourself, rather than relying solely on the amount the mortgage company is willing to lend you. Often, mortgage companies will pre-approve you for a higher amount than you might be comfortable spending. It’s crucial to determine a monthly payment that you are comfortable with before consulting a lender. This process likely involves creating a comprehensive household budget and considering all changes in expenses that will occur once you move into your new home. If you're transitioning from an apartment or a shared living situation, don't forget to account for new costs such as garbage, water, or HOA fees, which can significantly impact your budget.

Step 3

Pre-Qualification

Just because you believe you can manage a certain monthly payment doesn’t mean the mortgage company will concur. While they might sometimes approve you for a higher amount than you're comfortable with, they could also approve you for a lesser amount or even deny you a mortgage altogether. Factors such as limited job tenure, insufficient credit, past bankruptcies, or other financial issues can create significant obstacles in securing a mortgage. Before you become set on a particular home, consult with a mortgage professional to determine the amount you can qualify for. This step can also be beneficial when making an offer, as some sellers prefer to consider offers from buyers who are already prequalified for a loan.

Step 4

Your Realtor

Can you shop for, view, and make an offer on a home without a Real Estate Agent? Technically yes, but why would you, when agents like us can alleviate much of the stress involved in such an important decision? I can assist in identifying potential properties, arranging showings, and managing the offer process. Additionally, I possess market knowledge that you may not have. Finding the perfect home can be daunting, and this is where my years of expertise and experience come into play. Let me guide you through homes that meet your criteria, so you can find the one that's perfect for you.

Step 5

Home Search

This should be the most enjoyable step of the entire process (other than moving in!). We will schedule showings for homes you’re interested in that fit within your price range. Take notes on what you like and dislike, and pay close attention to details. Test light switches, open and close doors, and run faucets in various rooms. Don’t limit your inspection to the home itself—explore the neighborhood as well. Observe traffic patterns at different times of the day, evaluate the parking situation, and check the proximity to essentials like schools and grocery stores.

Step 6

Offer

When you've found the ideal home, collaborate with your agent to draft a competitive offer, taking into account the value of similar properties currently available. Depending on the listing price and the prevailing market conditions—whether it favors buyers or sellers—your offer might be below, at, or above the asking price. If a counteroffer arises, your agent will skillfully negotiate on your behalf until a mutual agreement is reached. Upon acceptance, the property will enter the escrow process.

Step 7

Inspection

Typically, your offer will include a contingency for a home inspection to assess the property for any significant structural issues or major repairs required. We can assist you in coordinating this inspection, which can typically be scheduled within days of your offer. If the inspection reveals no major concerns, the process proceeds to the next step. However, if significant issues are identified, you have the option to renegotiate your offer based on the necessary repairs or to withdraw it altogether.

Step 8

Your Loan

It's now time to revisit the mortgage lender who pre-approved or pre-qualified you and select your mortgage. They'll present you with a range of options tailored to your specific financial circumstances, including fixed-rate, variable-rate, 15-year, 30-year, or specialized programs like VA or FHA loans. Collaborate closely with your mortgage lender to choose the option that best aligns with your comfort level and financial goals.

Step 9

Appraisal

Step 10

Paperwork

While the paperwork involved in buying a home may not be the most exciting part of the process, it's an essential aspect. The good news is that your lender and title company will handle all the necessary arrangements. Once everything is completed, you'll have the assurance of being the legal owner of your new home.

Congrats!

You're a New Homeowner

Upon signing the final paperwork to finalize the purchase, you officially become the owner of your new home. While it may take a few days for your loan to be funded once the paperwork is returned to the lender, once the check is delivered to the seller, you'll be ready to move into the home of your dreams.