First Time Homebuyers Roadmap To Success

Choosing a real estate agent that has experience and local knowledge is key! They can help you establish your needs and wants to find the perfect home for you. Your realtor will be your guide throughout the whole transaction, so make sure to pick someone you jive with and can trust! 

Your agent can reccomend your local lenders to get your mortgage through. Set up a metting with your chosen lender to help them better understand your financial situation. They will run your credit and  go through your W2's, pay stubs, bank statements, tax returns,  and other financial documents to issue you a preapproval letter. 

This is where it gets fun! Based on your preapproval amount, and specific criteria, your agent will set up a search of the market for homes that would best suit you. When you see one you like, you and your agent will schedule a tour. 

Once you find a home you would like to purchase, you will write an offer to send to the seller and their agent. Your offer will include the price you would like to pay, an earsnest money deposit (EMD), closing date, and your desired inspection period. Your real estate agent will present the offer to the sellers agent. From there, the seller can either accept, reject, or counter the offer. 

Congrats on an accepted offer! Most buyers choose to conduct a home inspection to make sure there are no major issues that could affect their willingness to purchase. A reputable home inspector will visit the home and you will get the chance to walk thre property with him/her, ask questions, and learn more about the property you intend to buy. If results are satisfactory, great! If not, you can choose to request repairs, seller credits, or a release of contract. 

Your lender will order a home appraisal. The appraisers job is to make sure that the property is actually worth what you plan to purchase it for. Lenders will not provide a loan above the appraised price. If the appraisal comes in short for one reason or another, you can renegotiate or release the contract. 

Once you have made it through steps 1-6, now is a good time to schedule your move to help things go as smoothly as possible. Here's a general guide:

• 4 WEEKS OUT: sell, donate, or toss any unneeded items. Call several movers for estimates. Contact schools to transfer transcripts if needed. Make a room by room checklist!

• 2 WEEKS OUT: Pack one room at a time and label each box. Transfer or set up home owners insurance policy. Notify utility company of transfer date.

• 1 WEEK OUT: Get all necessary bank checks for closing. Arrange child/pet care for moving day. Confirm moving/travel arrangements. Pack clothing for a few days while your life is in boxes! 

You're in the home stretch! While your loan is in underwriting and details are being finalized on the financial end, now is a good time to prepare for closing day.  Make sure you have time off of work if needed, all necessary closing paperwork, checks, home owners insurance policy, change address for bills/banks/subscriptions/etc..., and meet with your realtor at the property for a final walkthrough! The final walkthrough is an essential part of the process, that ensures the home is still in the same condition it was in originally, and all inclusions remain. Make sure of these things prior to signing!

Happy closing day! You will finally gain ownership of your home, congratulations! Closings are held at your real estate attorney or title insurance office. The closing agent will verify everything, adn walk you through the singing. You will pay the remainder of your closing costs which can include your down payment, attorney and lender fees, credits to seller for prepaid taxes/oil/etc. After you sign, the deed will be recorded with the town hall and you will be given the keys. 

Congratulations on your new home, now it's time to celebrate!