How TO BUY a home in 10 easy steps
Do you want to buy a home and but aren’t sure where to start? Buying Real Estate is a complex process with many moving parts that can fell terrifying if you don’t know what to expect. Having the right agent to walk you through the process one step at a time can help you conquer your fears and doubts and put you on the road to home ownership. Keep reading for my easy step by step guide to learn how to buy a home and then give me a call to start the process!
- Contact an agent (Tavarez Real Estate is an EXCELLENT option here). Why should you contact an agent first even though you may not think you are ready to start looking at homes yet? If at any point during the process of preparing to buy a home you are not sure what to do next, you can always contact your agent(like me) and we will point you in the right direction.
- Talk to a lender and get pre-qualified. If you don’t have a lender to talk to, your agent (me) can provide you with several recommendations. Why should you do this before looking at homes? A lender looks at your income and credit and helps you to determine your price range so that you don’t waste time looking at homes that are not viable options. A good lender takes into account not only your income and what you qualify for, but also what you feel comfortable paying per month in order to determine the desired price range. Just because a lender says you can spend more, doesn’t mean that you should! If you do not yet qualify for a mortgage, a good lender helps you to determine the best actions to take in order to get to where you need to be.
- Meet with your agent again. At this meeting we will sign a Buyers Agency Contract(if we didn’t already do that in step 1), review your needs and wants for you home, discuss your price range(as determined by your lender), review homes currently on the market that meet your criteria and schedule our first showings.
- Find the home you want to buy. On average, my clients look at 5-7 homes before finding the one they want.
- Write an offer! I will guide you to write an offer appropriate for the home and the current market.
- Meet with the lender again. Most likely the lender has already collected documentation of your income and employment. At this meeting they will collect any additional information they need, and submit your loan application. From this point until close it is very important to promptly reply to any requests that your bank has so that all deadlines are met and we close on time!
- Do an inspection. This will be covered in the offer to purchase. Do you have to do an inspection? No. Should you do an inspection? Yes. You do not need any nasty surprises, like an non-functioning furnace or a bad roof, after you move in!
- Don’t make any major purchases or change jobs. Okay, why did I list a don’t item as a step in the process? Because it is that important! Major changes in your credit or employment can delay the process and even disqualify you for your loan. You do not want this to happen! Wait until after closing to buy that new car, engagement ring or house full of furniture.
- Be patient and pack. The entire process from contract to close normally takes between 30-60 days. During there are many things happening in the back ground. The lender is finalizing your loan and getting the house appraised, the title company is completing your title insurance policy and preparing for closing and your agent(me) is facilliating everything to make sure everyone has the information they need and deadlines are being met. Your job during this period is to prepare for your move. This means packing and arranging for movers whether it is a full service moving company or a borrowed pick-up truck and a group of (strong) friends and family.
- Close on your home. In Wisconsin we typically close at a title company. At closing, the buyer signs the loan documents and receives their keys. Both parties sign any other necessary documents to transfer title. Generally both buyer and seller attend closing although pre-signing is an option when necessary. It generally takes about an hour and once webuyer are done, you can start moving into your beautiful new home!
Download my complete Buyers Guide for more information