Simplified Home Buyer Guide

Are you ready to buy a home and don’t know where to begin or know the steps involved? This simplified home buyer guide breaks down the home buying process into a few simple steps and hopefully will help you see that no matter what happens or how it goes, Team ERA has your back!

Step 1

The first thing you need to do is meet with a real estate professional. A Realtor® local to the area you are interested in is huge. They (We) are going to be a great asset to you during this journey. We know the local market (very very important!) and have contacts with all the local professionals such as home inspectors, contractors, and mortgage lenders.

Step 2

Speak with a local mortgage professional to get pre-approved. This pre-approval is crucial to get you into the doors of the homes you want to see. Most agents require you to provide the pre-approval letter before showing you someone’s home. To get pre-approved you will more than likely need pay stubs, W-2s, and bank statements. This will be a letter stating that per the info you’ve provided, the bank has determined you can afford “X” amount. This is not you actually obtaining a loan. That step comes a little later. Knowing for sure what you can afford is critical to a successful home buying experience.

Step 3

This is the fun part!–searching for and viewing homes that fit your criteria. Your agent will coordinate the scheduling of showings and continue to do this until you find the perfect home. Not all real estate websites are the same…or accurate. Your Realtor® has the tools and systems to ensure you see every available home that meets your criteria. Please note that your agents sign doesn’t have to be in the yard for them to be able to show you any home listed.

Step 4

Once you find the one, you’ll make an offer to the seller. Your agent will prepare an offer contract based on the price and terms you choose. There may be some negotiations involved in this step and make take a few tries, but that’s part of it and this is where your agent excels in getting you the best deal and nailing down the contract. In many cases, the contract provides you with a timeline to obtain financing (remember, getting pre-approved in Step 2 is not the same as actually getting the home loan) and get inspections completed. This is also the time that your Realtor® will inform your of all your rights and responsibilities related to the contract.

Step 5

Now you’re under contract! This means you and the seller have agreed to price and terms. The home is effectively held for you until closing.

Step 6

The final details. This is where you’ll find the ins and outs of your future home. This is the time to perform due diligence, order an appraisal, conduct an inspection, and review the terms with your lender. You will be finalizing your loan, reviewing those documents, and discussing the findings from the inspection. Your Realtor® will be managing this entire process with you.

Step 7 -final step!

This is the actual transfer of funds and ownership. A closing attorney will acts as an independent 3rd party to facilitate the closing.

CONGRATULATIONS, YOU ARE A NEW HOMEOWNER!

We hope this simplified home buyer guide helps you understand the home buying process a little better and takes a little bit of the hesitation out of taking the first step! If you have any questions or are ready to get started, give any one of our real estate experts a call today.