A STEP-BY-STEP FIRST TIME BUYER'S GUIDE
Buying a home is one of the most exciting milestones in your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step, first time buyer’s guide will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
STEP 1
PERSONAL CONSULTATION & GUIDANCE
Finding an agent can be a daunting task. Yet, it is one of if not the most important decisions you will make that will set the tone for your home journey. A good agent will listen and truly grasp what it is you need out of your home. They will guide you through the home-buying process, all while empowering you to make smart decisions for yourself. Wherever you’ve set your sights, your agent should be there to help you. When picking your agent, you should find someone you connect with on some level. Often times people pick an agent because they're a friend of a friend, but do not do their research on the agent to see if they will be a good fit for them. This can be looking at the agent's website or social media. It can also be a phone call with the agent so you can interview them, find out how they work, and make an informed decision about whether or not they're a fit for you. Once you have chosen your agent, now the fun begins.
STEP 2
DISCOVER YOUR PURCHASING POWER
Before starting your home search journey, the first step should be to check how much home you qualify for. An offer to purchase a property is given greater consideration by a seller when the offer is accompanied by a pre-qualification or a pre-approval letter from a reputable lender or mortgage broker. Your agent should be able to recommend several lending institutions from which to obtain pre-approved financing and assist you in evaluating all of your options. Shopping around and speaking to several lenders only strengthens your position as a buyer. One might be offering something another cannot. Ultimately, choosing a lender will come down to which can provide the terms that best suit you and your current situation. This step also helps save you time by looking at homes within your budget. However, it's worth noting that all real estate can be negotiated.
STEP 3
SEARCH AND FIND YOUR DREAM HOME
This should be the most enjoyable step of the entire process (other than moving in)! Your agent should be the communities’ market expert with local connections and access to information and technology to assist with identifying existing and future properties that meet your criteria. Your agent should send you a list of homes based on what your wants and needs are so you can tour homes that match that criteria. This will be a different journey for everyone. You may fall in love with the first home you tour, while it may take months, sometimes even years, for someone else to find a home they resonate with.
The home tours will be important. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores. Once you feel like this may be the one, it's time for your agent to go to work. At this stage in the game, you are pre-approved and ready to put an offer in once you've identified the home you want. Now what?
STEP 4
ESCROW GUIDANCE
YOU'RE IN ESCROW! Once the terms of your offer have been discussed between you and your agent they will write it up and present it to the listing agent. If the seller agrees to your terms you are now in escrow. The escrow process can be just as overwhelming as the beginning stages. This is why your agent needs to do their due diligence by walking you through all the necessary inspections and assisting you in evaluating the results, helping coordinate and negotiate repairs if needed, and execute the final closing documents. Your agent should want you to feel relief and excitement when you’re handed your new keys.
CONGRATULATIONS!
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender. Once that check is delivered to the seller, you’ll be all set to move into the home of your dreams!
COMPREHENSIVE BUYER SERVICES
Buying real estate can be exhilarating! But it can also be daunting. Let a PLG Estates agent take the stress out of your next real estate decision. We are here to craft a strategic plan that fits seamlessly with your needs. You can focus on the pleasant part of your home search while we navigate the process, from sourcing relevant properties and lending options to negotiations, escrow and the final closing.
