When buying a home, which steps do you need to take to find the home that’s right for you?
The first and most important step is finding a good Realtor to work with. This means someone who understands your needs, your family situation, and how to help you. You don’t want someone who’s pushy or would try to sell you something.
When you meet with your Realtor, talk about what you’re looking for in a home. They’ll ask you questions like how many bedrooms you need, what neighborhood you want to live in, and how many people are moving with you. They’ll also need to understand what you’re looking for in the property. For example, does it have to be move-in ready or are you looking for a fixer upper?
The next thing they’ll need to know from you is what you’re approved for in terms of your mortgage. This factor is especially important when it comes to negotiating with sellers over price. You want the bargaining power that comes with being pre-approved and being ready to buy, so meet with a mortgage broker if you haven’t already and get pre-approved.
After that, you and your Realtor will start looking at properties. Our job is to find out what you’re looking for, so we’ll start booking home showings and show you around. Buyers typically want to look around inside the properties they’re interested in, so if you’re a first-time homebuyer and you have questions about utilities, this part of the process is a great opportunity to ask your Realtor about them. You’ll want to narrow your options down, too, and your Realtor can help you with this because they have in-depth knowledge of different neighborhoods and communities and the homes for sale in those areas.
Your next step is putting an offer on the property you like. The paperwork for this is typically 10 to 15 pages long, depending on the type of home you’re purchasing. You’ll want to include the right clauses and contingencies to protect your interests. Your Realtor will write up the contract for you and include all other necessary items.
After that’s done, we’ll start negotiating the price with the seller and their agent. Our team has been in the real estate business for 15 years, and one of our top priorities is helping homebuyers get the best possible price so they don’t overpay for homes in our market.
Once an agreement has been reached and the purchase is contingent on a home inspection, the next step is to hire a home inspector and have them walk through the home with you. The home inspector’s job is to mainly check for any issues and show you how to run and maintain the home.
Next, the bank comes in and gives the property an appraisal. The appraiser’s job is to make sure that the home actually exists and that it’s worth the price it’s being sold for.
After that’s done and the contingencies are removed, all the documentation gets sent to the lawyers so they can do a title search. This is done to ensure that the title that’s still owned by the seller is cleared and there are no judgements or encumbrances that will affect the purchase on the closing date.
Finally, you have the closing. Three days before the closing date, the lawyer will ask for the monies that are due. By 4 p.m. on the official closing day, they’ll have made sure that everything’s closed and the property is yours. After that, the keys are yours as well.
After that, it’s time to party because you just bought your first home!
If you have any more questions about the home buying process or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to me. I’d love to help you.