Steps to Buying a Home
Decide What You Want
The first step to take when buying your first home is to decide what you want. The best way to do this is to create a prioritized list of features and amenities that are important to you. This list should serve as your guide to searching for a new home, keeping in mind that the home you eventually purchase might not include every feature on your list. Three important factors to consider in your search are location, personal tastes, and budget. Doris can provide a wealth of information on communities, subdivisions, school districts, local conveniences, and other neighborhood features that will play an important part in your final decision.
Doris is a Realtor that understands your needs and communicates well, staying in touch. There are several reasons for sticking with one realtor. You want a realtor who is committed to you and who you are committed to in return. Working with ONE realtor also means less people know your personal profile and personal information, which can be a factor in negotiations. Not all Realtors are alike! And not all offices provide the same services. Get the facts, ask questions!
Determine What You Can Afford
Apply for a Mortgage
There are literally hundreds of mortgage programs available to first time home buyers, and it can seem like a daunting task to know which program will give you the most for your money. Consult your local lender for options and a pre-approved home loan. Selecting a local lender is a wise choice since they understand the market in the Sheridan community. The following information is usually required during the loan process:
- Your Social Security number
- Current pay stubs or, if self employed, your tax returns for the past two years
- Bank statements for the past two months
- Investment account statements for the past two months
- Life insurance policy
- Retirement account statements for the past two months
- Make and model of vehicles you own and their resale value
- Credit card account information
- Auto loan account information
- Personal loan account information
Shop for a Home
Now that you have an idea of the area you would like to live in and how much you can afford, you can start your search for your new home. To help you simplify the process as much as possible, ask Doris to add you to the automatic notification email for new listings and updates.
Make an Offer
After you have found a home you like, you will need to make an offer. Doris, as your real estate professional, will negotiate the offer on your behalf and provide you with representation for a smooth transaction. An important thing to remember is that if you have any personal interaction with the homeowner, be sure not to divulge any information about your move, current housing status, financial status or positive or negative feelings about the property. All of these factors will play an important role in future negotiations on the purchasing price.
Inspection and Insurance
Once your offer is accepted, you will need to set up, coordinate and interpret various inspections on the property. These can include insect, radon, building quality, needed repairs, etc. It is important not to get discouraged if problems are discovered during this period. Doris is always there for you to make this process as easy and smooth as possible.
In addition to the previously mentioned inspections, you will also need to arrange for homeowners insurance and finalize your mortgage agreement.
The Final Closing
How you get to closing is what distinguishes the difference between offices and real estatae agents. Doris has the experience along with the backing of 5 support staff, 3 acting brokers, and a team of 30 agents that work together. This allows your ERA agent to spend more time with you while the details are being handled by the experienced staff. Before you arrive at the final closing, you should make sure that all the necessary paperwork and deposits have been completed and forwarded to the appropriate parties. Missing or incomplete information can delay the closing, so it is imperative that everything is done prior to your closing date.
Once all the paperwork is completed, signed, and the loan has funded, you own the house.
Doris will provide additional detailed information about the home buying process!