Like any new experience there is a degree of mystery and a
little fear mixed in, plus this IS your most expensive purchase you have ever
made. You don’t want to mess up. The KEY
is an experienced team to be successful. Yes, TEAM… your Realtor, your Lender
and you, the buyer. Information is power so I’m going to impower you with how
the process goes. And I must tell you I have
been helping first time homeowners for many years. I really enjoy it.
First find a Realtor who works with first time home
buyers. This is a specialty for the very
reason you pointed out… you don’t know where to start. This must be an experienced realtor,
remember, new agents are learning and will learn from the mistakes they make
with their clients. You don’t want to be
one of the mistakes. Also, the Realtor
must be willing to spend more time helping you and teaching you about the
process. Guiding you and protecting
you. Saving you money whenever we can throughout
the process.
Second, your Realtor will help you find a great lender that has
low interest rates and closing costs to save you money and one who works with
first time homebuyers. There are
programs for the first timer. Usually
you must take a class to qualify and you must be qualified by income as well. There
are other programs you may also qualify for.
Your lender can help you with that.
Third, your lender will help you to get a pre-approval
letter, which you will need to send with your offer when you identify a home
you want to buy. There is paperwork
involved with this step, so it may take a couple of days. Also, some lenders do not work on weekends. If you wait, you may miss out on a great home
that sells before you can get your pre-approval letter. Once you have it, it is easy to update after
that. The letter is usually good for 90
days.
Fourth, your Realtor will guide you through the process. She will send you homes in your price range
and locations you have chosen using the auto-email system from our MLS. You
will get them right away when they are listed.
You will work as a team. Your part
is to drive by the homes that interest you, and check out the neighborhoods,
amenities, school info on line, whatever is important to you, etc. Identify homes you would buy, if you are not disappointed
by the inside condition when you visit.
And then tell your Realtor which homes you want to see. The first time
you will want to see a few or several, then after that you will be watching for
the auto-emails. Buying a home is a process of elimination. Eliminate certain neighborhoods,
size floor plans, etc.
Fifth, your Realtor will quickly make the appointment, when
you find one that is interesting, and meet you at the home to inspect the
interior. If it is the one you want,
your Realtor will quickly write up the offer, email it to you to read over, and
for electronic signature. Within minutes
it can be sent to the listing agent along with your preapproval letter to be
considered by the sellers. This market (2018) is very competitive, and you must
be ready and willing to act quickly to be successful. If you are not, you are not ready to buy. Interest rates are going up. There are multiple offers on most listings
within the first week unless they are priced too high. This sounds a little fast, and it is, but
with your team in place, you are not alone.
Next, possibly after some negotiations between you with your
Realtor, and the listing Realtor with the sellers, you should have a signed
contract. Then you must make a deposit,
apply for your loan, submit more paperwork to the lender, schedule inspections,
go to inspections, appraisal, possibly make some more decisions, find an insurance
company, moving company, call utilities, etc. all with the help and guidance of your
Realtor. There are a lot of things that
must happen between the contract and closing.
Your Realtor makes sure everything is done in a timely manner. Your lender makes sure everything on his end
is done in a timely manner.
Finally, Your Realtor takes you to your final walk through
inspection and closing. Another
successful homeowner emerges from closing with keys in hand. You did it!
I hope by describing the process this makes you more
confident in your decision to buy a home, and gives you a place to start. Information is power. The key to
everything is finding the right Realtor.
Of course every transaction is different, and this is only an outline. An experienced Realtor can navigate any snags for you. Good luck and have fun!
Your Realtor,
Dee Smith
RE/MAX PREMIER GROUP - Wesley Chapel, FL
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