Buying a home is one of the most exciting milestones of 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 created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. 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 have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
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, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Robin is an amazing agent. She knows her market and listens to her clients to understand their needs. She is fantastic to work with! Team Benton Stearns is grateful for Robin!
Robin is amazing! She truly had our best interests at heart and made the process of both selling our current home and buying our dream home as seamless as possible. We highly recommend Robin!
We recommend Robin as she is so hard-working and thoughtful. We didn't have to worry about anything as she sold our home, she went the extra mile for sure. We are looking forward to using her again for our upcoming project.
Not only is Robin professional but she is truly a kind and caring person. She goes beyond what is just necessary and takes care of every detail from beginning to end. I would never use another REALTOR and highly recommend her.
Working with Robin was an awesome experience. She listened to my needs and wants, was personable and timely, and made the process as easy as possible. She found me my forever home and I couldn't have asked for a better REALTOR....
I highly recommend Robin. She made my first home purchase an easy and wonderful experience. She is very knowledgeable and went above and beyond to get us what we wanted. I can't thank Robin enough for the help she gave us. She ...
Robin is an exceptional REALTOR. I have worked with several REALTORS in my lifetime and Robin is hands-down the best choice. She keeps her client's best interest at heart at all times. She is a great listener and excellent comm...
Robin greatly exceeded our expectations and met our every need with professionalism and kindness. My mom was selling her home of 30 years and Robin was very caring in her approach and mom’s emotions. Her market knowledge was sp...
Awesome experience buying my first home! Robin was always available to help and walked me through the process one step at a time! She made things happen quickly and the whole process was very comfortable. She provided me with e...
Robin is the most knowledgeable, helpful REALTOR I have ever worked with. She went above and beyond to make sure we found our dream house, our deadlines were current, and we had the contractor support we needed. She was encoura...
Robin goes above and beyond as a REALTOR. She spent countless hours, evenings, and weekends helping us find this home and attending to every detail. On the inspection day, she arranged to have a contractor evaluate the damage t...
We can't say enough good things about Robin Chambon. She listens to her clients, is knowledgeable about real estate and the current market, and is both conscientious and hard-working. We have used several REALTORS in the past, ...
Robin is an absolute dream come true! She listened to exactly what our needs and wants were and worked hard to find the perfect property for us. She went out of her way to search for what we were looking for. Robin’s communicat...
I have purchased two properties with Robin and would not hesitate to make her my first call on my next property. Robin is extremely knowledgeable and professional. Growing up here, she knows El Paso and Teller counties extremel...
Experienced in both residential and investment real estate, She have the ability to analyze trends, conditions, and market activities to accurately help clients and develop competitive real estate proposals. She would be immensely excited to assist you with your real estate needs. Contact her today.
