First Time Home Buyers
When you start out looking for a home, it can be both scary and exciting. It’s understandable to feel this way. First, you are making the biggest
investment of your life. But you’re also moving on to that ” Next Stage ” where home ownership is something you’ve been looking forward to for a long
time. To be nervous is very common, you’ve never done this before and aren’t really sure how it works. Well the good news is, I have. I’ve walked many
people through this process and helped them make hard decisions and explained things that were confusing and made them easier to understand. If
you are not sure of something I am available at anytime to answer your questions. Believe it or not, this is much easier than you think. Below you will
find a simple walk through on what to expect and how the process works.
1) Home Loans:
The first order of business is securing a home loan. This is the first order of business because this will not only give you your approval amount
but also what the monthly payment will be. Something to remember here is that you shouldn’t be afraid to shop your approval. What I mean by
that is that banks want to earn your business, so you may want to see who can give you the overall best deal in the long run.
2) Finding the right house:
We all make a “wants & needs” list. Keep in mind, there is no “perfect” house unless you build one yourself to your own specifications. But by
making a list of the things that are most important to you is always helpful.
3) Presenting an offer:
Believe it or not, it’s not always about the highest price. There are also factors that come into play. Earnest money, inspection window and closing
date. In a multiple offer situation my job is to let you know the highest I think a house will appraise for. The home will only appraise for a certain
amount and the lending bank will only pay up to the appraised value. Anything above that will be expected out of pocket. So to overbid a house
just to get the deal opens up more problems down the road. Keep in mind, sometimes you just put in your best offer and if it doesn’t work out it’s
best to move on to the next one.
This to me is the most important part of the process. It truly tells you what you are getting. Your home inspector will check it all inside and out
and then go over the inspection report with you. A good home inspector will not only tell you about current issues but also things to keep an eye
on down the road.
5) Inspection Response:
This is where we ask the homeowner to make needed repairs. Keep in mind, they are only going to make repairs that are major. They rarely
touch up paint or fix dents in the walls. But, if we see the roof is bad or the furnace is in need of servicing we ask for this to be completed before
6) Final Walk through:
Usually five days before the closing date we will go out to the home one last time before signing and make sure any needed repairs have been
made. We will also be sure that the home is in the same condition it is in when we went under contract on it. In other words, no surprises of any
damage that may have occurred since the inspection.
7) Signing Loan Documents:
OK, We’re getting closer. The escrow company will contact you usually a couple of days before the “official” closing date and set a signing
appointment. This is not closing so don’t show up in a moving truck. This is where they will have you sign all loan documents and set up final
payment of down payment towards the home. This usually takes about an hour.
8) Closing day:
After signing the loan documents, the next day the lender will record the sale of the home with the county. Once that is done I will get a call from
the escrow company and informed that the transaction has closed. At this point, I will call you and let you know that you are homeowners and
meet you at the home to give you the keys to your new home !!
I know this sounds like a lot, but I will tell you that it’s not and I handle most of the things so you don’t have to worry about it. When I said it’s
easier than you think I meant it.