Step 1: Discovery
The path to homeownership begins well before you start looking at homes. Your top priority should be finding the right real estate agent — one who is highly qualified and makes you feel well-prepared for what's ahead. Our first meeting is
designed to get to know one another, to arm my team with the information necessary to serve your needs, and to provide you with a roadmap for success.
In our kick-off meeting, we will:
- Uncover your goals in buying a home.
- Discuss your wants and needs in a house and neighborhood.
- Review your past home-buying experiences, if any.
- Cover what to expect throughout the process.
- Answer any questions you might have.
- Provide you with an opportunity to interview our team and ensure we are the right partners for you.
Step 2: Mortgage Pre-Approval
Our next step is to find a trusted local lender and get you prequalified for a home loan. By undergoing the pre-qualification process, we will:
- Better understand the right loan terms for you.
- Define a purchase price point that will result in a comfortable monthly mortgage payment.
- Arm you with a pre-qualification that allows you to move quickly when we find the right home.
In this stage, you'll be asked to provide detailed financial information, and it's never too soon to get organized. Lenders will typically ask for proof of employment your last two pay stubs, tax returns and W-2s (or 1009s) for the last two years, recent bank statements and a few additional documents.
The amount of money you intend to put towards a down payment combined with your income/target monthly mortgage will determine the size of the loan you can qualify for, and therefore, the home price you can afford. There are many types of loans out there, and your lender can discuss which will best fit your needs.
If you haven't already, now is also the time to ensure your credit report is in tip-top shape. Address any errors, pay down balances if possible (if advised by the lender), and do not make significant purchases with credit cards or loans during this period.
Step 3: House Hunting
Now that the proper preparation is in place, we can start the fun part — finding the right home far you!
Using the information collected in steps 1 and 2, we will search for properties that fit your criteria and notify you the instant they become available. We'll review online listings, and when a home sparks your interest, we will set up a showing
to tour the house in person. In these tours, we will be able to offer our opinion on value and investment potential for the neighborhood, and gauge whether or not the property accomplishes your purchase goals. Sharing our ability to
envision a property's potential and spot diamonds in the rough is especially helpful to buyers at this stage.
It's not uncommon for us to kick off the house-hunting process with a "marathon day" in which we tour as many homes as possible so that you can become acclimated to what is currently on the morket. Moving forward, we will continue searching for and visiting homes until we find the one" and can make an offer.
Step 4: Writing the Offer
Once we've found your dream home, we'll collaborate to write a winning offer. Our team begins the process by contacting the listing agent to develop a complete understanding of what the sellers are hoping for in the offer and to build rapport.
Once we have that information, we will develop your offer based on our review of comparable sales and market value of the home. This is where our negotiating skills begin! In addition to price, we will discuss what terms and contingencies you want to include in the contract so that your offer stands out to the sellers.
When submitting your offer, we'll have your lender call the listing agent to sing your praises as the strong potential loan recipient and buyer you are. Using these techniques is how the vast majority of our buyers win in their first multiple-offer situation, sometimes even if their offer isn't the highest! Sellers will occasionally want to respond with a counteroffer that can request anything from a higher closing price to quicker closing.
Step 5: Offer Accepted!
Congratulations, the seller hos accepted your offer!
You are now in contract to complete the sale and will be asked to deposit the agreed upon earnest money as
determined by the purchase price. See below for a timeline of events once you're in contract.
The next step is to schedule an inspection of the property. Typically, there will be a general inspection, radon test plus a sewer inspection. Inspections can reveal obstacles that you may want to address before you take possession of the home. Thanks to the contingencies we'll have placed in your offer, you'll have flexibility in how to resolve any repairs. For example, we can:
- Prepare a list of requested repairs for the seller to correct
- Request seller credit so you can make the repairs after closing.
- Or you can choose to back out of the contract without penalty.
Mother priority in this stage is to continue the loan process. Your loan officer will walk you through every step of the final application and will inform you on best practices, such as promptly providing financial documents and tactics to keep your credit stable throughout the process.
The property will also be appraised during this stage. The purpose of a professional appraisal is to ensure that you (and the lender) are paying fair market value for the property.
Step 6: Closing
Once your loon has been approved and we've satisfied all contingencies in the contract it's time to sign and make your purchase officio!!
You will be informed on the exact amount to deliver to the title company conducting the closing. The title company is responsible for transferring ownership to you, after making sure the home is free of any liens or any other issues.
An average closing takes about an hour, and after everything is signed, you get the keys to your new home! It's an especially thrilling moment, especially if this is your first home purchase.
Step 7: Happily Ever After
Our team is always here to answer any home or neighborhood questions you might have. Just because you are now a homeowner doesn't mean you have lost us as a resource!
Whether you have questions about your home's value in the future or need information on great local contractors, interior designers, landscape architects, or even a great restaurant recommendation, we're here to provide whatever you need!
