First Time Home Buyer
What you need to know!
A First time home buyer is typically very excited about purchasing a home yet they may be a bit overwhelmed. It is crucial that a first time home buyer surround them self with professionals to guide and educate them throughout the entire process. The Sales Team is highly experienced working with first time home buyers and we will be with you every step of the way. Your first step should be to reach out to a licensed Realtor whom can put you in touch with reputable lenders. You can also use your bank or any lender of your choice.
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How much home can you afford? This is one of the most important questions to address. How much you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. Interest rates remain ridiculously low at this time but you do not want to be house poor. Your second step is to contact a lender to obtain your pre-qualification or pre-approval. This is an easy and painless process by supplying your lender with requested information. With this information they will calculate your purchase price, estimated monthly payment, closing costs, down payment, loan type and other related expenses. Once you have your conditional pre-approval then it is time to meet with your real estate agent.
Work with a Realtor that you are comfortable with and can easily communicate with. They should set up an initial meeting to go over your budget, criteria, location and special requests. If they are an experienced and good agent they should be able to tell you if your wish list is realistic within your budget. You don’t want someone to promise you everything and then can not deliver. Your Realtor will run a preliminary search through their multiple listing service. If too many results come up, more questions will be asked to narrow the results down. If too few homes come up they will ask you to change some of your criteria or to expand your preferred location. You need to be realistic in your wants and needs. Many first time home buyers do not get everything on their wish list. Be prepared to make some sacrifices and compromises.
Once you are happy with your customized search you are ready to go see some homes in person. You should start with your top 3-5 homes. It can be confusing seeing more than that in one day. Even if you take notes and pictures they all start to get fuzzy and important details may be forgotten. Some first time home buyers are lucky to find a home on their first outing others it may take weeks and even months to find your perfect home. Be patient and know the right home is out there. When your search was created the system should send you notifications of new listings and price reductions. Keep in close contact with your Realtor and in a hot market get out to see new listings as soon as possible.
Once you find your dream home and are ready to make an offer there are several things your agent will need to discuss with you. They should provide you with recent comparables to make sure the home is priced fairly. They should contact the listing agent to see if there are any other offers and to get a feel of the seller’s motivation. Your real estate agent will assist you with an offer price along with any conditions you want to ask for. Your realtor will then present the offer to the seller’s agent. You should expect back an acceptance, a counter or a rejection. If the seller counters and you don’t agree to it, you walk away.
If you reach an agreement with the seller escrow will be opened. You then will submit your earnest money deposit specified in the residential purchase agreement. Escrow is a short period of time (about 30-45 days) in which the assigned officer facilitates the closing of the property. For more information on the escrow process please visit: https://findinghomesinhenderson.com/the-escrow-process/
One of the first things that will be scheduled is the home inspection. This must be completed during your due diligence period as agreed upon in the residential purchase agreement. For more information about the home inspection please visit: https://findinghomesinhenderson.com/what-is-a-home-inspection/ Once your loan application is complete your lender will order the home appraisal. This is usually done within the first couple of weeks. To learn more about the appraisal please visit: https://findinghomesinhenderson.com/real-estate-appraisal/
As a first time home buyer we want your entire buying process to be stress free and enjoyable. Bumps in the road may occur but we will be with you every step of the way. When the inspections and the appraisal out of the way you are now very close to being a first time home buyer.
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Closing consists of signing a ton of paperwork at the escrow office. You should receive your settlement statement 3 days prior to closing to make sure everything is accurate. Once the papers are signed off and loan documents have been received your lender will wire funds to escrow. You will also receive wiring instructions to wire your money in. Once everything is received, verified and verified again your file will be sent out to record. Once confirmation is received that the file successfully recorded you will receive keys and officially be a first time home buyer.
We want your investment to be protected therefore The Sales Team will purchase a one year home warranty for you. To learn more visit: https://findinghomesinhenderson.com/free-home-warranty-with-home-purchase/
This is a very basic outline of the home buying process. We would love to sit down with you to answer any questions, get specific and to get the process started. To schedule a complimentary consultation please call us at 702-845-5348. We look forward to assisting you become a first time home buyer.
The Sales Team