1. Determine your budget
Determine how much you can afford to spend on a home. This will help you narrow down your search and focus on properties within your price range.
2. Get pre-approved for a mortgage
It’s a good idea to get pre-approved for a mortgage before you start looking at homes. This will give you a better idea of how much you can borrow and can make you a more attractive buyer to sellers. I can get you in touch with awesome mortgage officers!
3. Find a real estate agent
A real estate agent can help you find properties that meet your criteria, negotiate the purchase price, and handle the paperwork. The sellers usually pay the realtor’s commissions so there is no cost to you! I would love to be your agent!
4. Start looking at homes
Consider your needs and preferences, such as location, size, and style, and make a list of must-haves and nice-to-haves. Your agent can send you listings to help you find homes that fit what you are looking for.
5. Make an offer
When you find a home that you want to buy, your real estate agent will help you prepare and submit an offer. The offer should include the purchase price, any contingencies (such as a home inspection), and a closing date. Make sure to send a pre-approval letter from your lender with your offer
6. Get a home inspection
Before you finalize the purchase, it’s a good idea to have a home inspection to ensure that the property is in good condition. The home inspector will look for any issues that need to be addressed before you close on the home. Your real estate agent can help you get this scheduled.
7. Finalize the purchase
Once the inspection is complete and any issues have been addressed, you can finalize the purchase and close on the home. This typically involves signing a mortgage agreement, paying closing costs, and receiving the keys to your new home.
Download the full document for step-by-step guide and bonus tips!
How to get a deal?
- It is easier to get a deal on homes that have been on the market for at least 30 days.
- Usually at this point investors start making low ball offers on these properties so your offer may not be as low as you think!
- You may be able to ask for money towards closing costs or an interest rate buy-down
- Watch for homes that have been sitting on the market and you may be able to get a steal!
New Construction Homes
- A lot of buyers are worried about buying a new construction home because of how much the market has shifted in the last year. What if I buy now and then prices drop? Some builders are willing to negotiate the pricing even after you have gone under contract. Track the market and the prices of their “new releases”, you may be able to go back to them and try to renegotiate the price. It is worth asking!
- Use a buyers agent even if you are buying a new construction home! Remember, the builder will pay for it, so why not have an agent advocating for you?
Although not as common now, multiple offer situations still happen. What if you find a home you absolutely love but there are other offers on it already?
Here are a few things you can do:
- Increase your offer amount
- Increase your downpayment amount
- Make your earnest money non-refundable upon acceptance
- Give the sellers extra time to move out
- Offer a lease-back option to the sellers
- Offer to pay HOA Transfer fee
- Offer to pay Home Warranty
- Waive Due Diligence Contingency
- Waive the Appraisal Contingency
There are a lot of things your Real Estate agent can do to help your offer appear stronger to the sellers. Money is important but may not be all that is important to the sellers. Make sure to consult with your agent and lender before waiving contingencies!
Worried about interest rates?
here are several ways to reduce your mortgage interest rates.
Some sellers are offering a credit at closing for buyers to buy down their interest rate. Ask your lender about buy-down options and cost, this can be a game changer when buying a home! Even if the seller is not offering this option in their listing your Realtor can negotiate these terms!
Ask a lot of Questions!
Buying a home is a big investment so make sure to get your questions answered! You want to feel confident about your purchase!
If you need someone to talk to I would love to help you! Free consultations. I answer your questions for free! Call, text or email me today!