1. TALK, TEXT, OR MEET WITH A PRO
DON'T DIY THIS PROCESS
Meet with a good Real Estate Agent you like and trust. Take some time to have your questions answered and to discuss your ideal home--where is it, what amenities does it have, and how much would you like to spend? Your initial consultation doesn't have to be in person if your schedule is busy. Feel free to ask for a phone consultation or send your questions over in an email or text.
As a homebuyer, your agent's commission is paid by the seller in almost every scenario. This means your representation is free to you! Why would you go at it alone?
Tip: Ask your agent about their search tools and network for exclusive listings.
2. SECURE YOUR PRE-APPROVAL
KNOW YOUR NUMBERS FROM THE START
When you are ready to get serious about buying a home, you need a mortgage pre-approval. Your agent will connect you with reputable lenders who will tell you how much you qualify for, your estimated monthly payment, and how much money you will actually need to put down. Have your financial info at hand--income, loan amounts--so that you will have an accurate pre- approval.
3. START HOUSE HUNTING
THE FUN PART
Your agent will schedule showings when it's convenient for you. Make sure you are both in communication about which homes you like and dislike (and why). A good agent will tell you about off-market homes before they are available to the general public.
TIP: Keep a running list of your Top 3 Picks. Once you've seen 10+ homes, they can start to blend together.
4. MAKE AN OFFER
WHEN YOU FIND YOUR SOULMATE HOUSE.
There is quite a bit of paperwork that comes with making an offer, so set aside some time to meet with your agent to go over everything. He or she will guide you on price and other terms.
5. COUNTEROFFER & NEGOTIATION
BE PREPARED FOR SOME BACK AND FORTH
In today's competitive market, don't be surprised if your agent advises you to make a full-price offer, especially if other buyers are submitting offers too.
In most situations, you will receive a counter offer at a new price, or with different stipulations than your first offer.
Tip: Money is important, but it isn't the only factor. Your agent will help you make the strongest offer possible, which will cater to the seller's timeframe and other preferences.
6. THE CONTINGENCY PERIOD
CONGRATULATIONS! YOUR OFFER HAS BEEN ACCEPTED
The contract between you and the seller will have a timeline for you to complete your home inspections and for you to obtain a mortgage. This timeline is very important. Your agent will guide you through each step and make sure you and the seller both fulfill all your responsibilities in a timely manner.
7. COUNTDOWN TO CLOSING
TIME TO START PACKING!
You're almost there...Now you will be finalizing the details of your mortgage, setting up homeowner's insurance, and arranging to have utility accounts transferred.
Each contract is different, so this may be a short period of time, or it may be several weeks.
Tip: Don't forget to change your address with the Post Office...important things come in the mail!
8. CLOSING TIME
You will sit down with the closing company or closing attorney, the sellers, and your agents to sign the closing documents and your mortgage. When you leave, you will be the official new owners of your home!
READY TO GET STARTED?