I'm sure the thought "I wanna buy a house!" has popped into your head at one point or another, and I'm sure the next thought was "where do I even start?". Lots of potential buyers head straight to a home search sight, decide what their budget is, find a home and fall in love. This is the worst thing you can do. Okay... maybe not the worst, but pretty dang close. Why? Because there's a chance you get pre-approved for less than you thought, or the site was delayed in updating, and that house is actually pending already. So how do you avoid the heartbreak? I'll tell ya!
Steps of Buying a Home
Step 1: Build your team. What I mean by this is, find your Real Estate agent (hopefully me), and your lender. If you have an agent already, they should be able to recommend a mortgage officer, and vice versa.
Step 2: Get pre-approved. Sometimes you may already have this done before you find a real estate agent, and that's totally fine! A pre-approval should be obtaining using different forms like W-2's, tax returns, proof of income, and other documents. Make sure you have these documents organized and ready to turn in.
-- At this time the mortgage officer will also talk about all the different types of mortgages, downpayment assistance, and other programs you may qualify for.
Step 3: House Hunting! This is the fun part. We will talk about everything you are looking for in a property, and set you up on a search with automated emails, so you get the newest listings as soon as they hit the market. Obviously right now, we can't physically go into houses, but virtual showings allow you to continue moving forward, but from your couch!
Step 4: Make an offer. When you finally found the one, we'll write an offer. Lots of buyers, get nervous and wonder "how will I know what to offer?". Don't freak out, I will provide you with all the information on comparable properties in the area, and educate you, so you don't feel like you're just guessing.
Step 5: Inspection. Once we have an accepted offer, we schedule our private home inspection. This will be roughly 2-3 hours where the inspector will check every aspect of the property. From roof to basement, they will inspect and operate heating and cooling, electrical, plumbing, windows, and every other part of the house.
Step 6: Secure Financing. This is when the formal application for your mortgage is submitted. Most of the documents the lender already has, but they will let you know what they need. - It's important to get these in ASAP so you don't delay the process.
Step 7: Appraisal. The lender will order the appraisal, but it's paid for by the buyer. The appraiser will give an unbiased professional valuation on the market value. This determines how much the lender is willing to loan you on the property.
Step 8: Final Walk Through. Walk the property to make sure it's in the same condition as when you made the offer.
Step 9: Closing Time!! Make sure to bring your government issued ID and rest you hand the night before, because you're gonna be signing a lot of papers. A few days before closing your lender should go over your Closing Disclosure, and let know what how much money you need to bring to closing.
Step 10: Get keys & move in! This could happen right after closing, or depending on the deal, the sellers may be staying in the house for a little while after you close. Once you get the keys, you move in and celebrate! You're a Homeowner!
Obviously there are a lot more details when it comes to the process, but this is just an overall summary of how it goes. People often steer clear of home buying because they think it's too complicated, but I'm here to guide you! Please don't hesitate to reach out if you have questions, or want further explanation on anything.
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