So, you’re thinking of buying a home? Congrats! Purchasing a home is a large financial (and emotional) decision and making sure you are going in to the entire process educated is important for a smooth transaction. Each purchase looks a little different and there are a lot of different variables based on each individual and their wants, needs, and current financial situations.
Here are the 6 Steps in the Home Buying Process.
Step 1: Find a Realtor that you want to work with. Buying a home is one of the most important and largest decisions you’ll make, so finding that right person to guide you through the process is so important. You’ll want to work with someone who is an expert in the industry, great at negotiating, and will walk side by side with you throughout the entire process. This will start with a discovery call to familiarize you with the market, the team you’ll be working with, and so that your realtor can start to deeply understand your wants and needs. Your why for buying a home. My promise to my clients is to create very clear expectations, have open and transparent communication and thorough follow up in order to ensure they are having the best possible experience.
Step 2: Get Pre-Approved. The time it takes to get pre approved depends on your financial situation and the lender that you work with. It can take as little as 24 hours to get an initial pre qualification. Talking to a lender and getting pre approved BEFORE you start looking at homes is SO important. They will look at your credit, your income, and your debts to see how much you can afford. Along with how MUCH you can afford- it’s also important to understand what monthly payment you are comfortable with. In a busy market having your financing lined up is important because you’ll be ready to move quickly once you find the home you love. Keep in mind that pre approvals generally last for up to 4 months.
Step 3: Start your search. After determining what your wants and must haves are we’ll set up a home search for you on Bright MLS. You’ll be able to see not only the homes that are active on the market already but also homes that are “coming soon” before they get pushed out to other sites like Zillow and realtor.com. We’ll schedule times to go see the top homes that you’re interested in and find the home that’s the best fit for you.
Step 4: Submit an offer. Once you find the perfect home for you, it’s time to submit an offer. In a busy market there are factors other than price that can strengthen your offer. Less contingencies, shorter close times, and clean financing are all examples of factors that sellers are looking at when reviewing offers. This will look different for each particular property so we’ll work closely together to decide the best foot forward when the time comes.
Step 5: Remove the contingencies. Once you're under contract I get to work acting as the project manager for your transaction. This is where we’ll be removing contingencies. Within the first 7-10 days of going under contract we’ll complete your home inspections. Your lender will be working to get your loan approved and financing in place and the title company will be ensuring that the title is free and clear and that when you settle on the home you are receiving the home free of any liens or encumbrances.
Step 6: Celebrate settlement. From when your offer gets accepted to when you get your keys is about 30-45 days. This can be extended slightly if you are working with particular grants or the seller has a preference for a longer escrow period. On settlement day we’ll do a final walk through of your property to make sure it is in good condition and any repairs requested were completed. Then we’ll sit with the title company for you to sign your final paperwork and get the keys to your new home.
If you’re looking to buy a home within the next 3 to 6 months, now is a great time to get in touch with a realtor to start the process. If you’d like to learn more about the home buying process click the button below to download my full Buyer Guide.
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