Buying 101:
What to Expect when You're Expecting (a new home)
01.
Figure Out Your Financing / Get a Pre-Approval
The unsexy part about starting your home search is getting a crystal clear picture of your finances. For most, this involves talking to a lender to determine the price range you are able to afford, and within that "affordable" range, where you are most comfortable. I can connect you with trusted lenders or you can speak with your own. You dont need to shop around at this point, you just need to get the conversations started.
02.
Create Your List of Wants and Needs / Negotiables and Non-Negotiables
We start here with just some basics, with the knowledge that as you start to see properties in your price range, these lists may change. It's just important to get a few thoughts out to get us started.
03.
Property Search & Showings
Tour homes that meet your criteria. I’ll provide context on pricing, neighborhoods, and resale potential so you can compare options with confidence.
04.
Making an Offer
Once you find the one, we’ll craft a strategic offer based on market data, your goals, and the seller’s priorities to give you the best chance of having your offer accepted.
One of the most important aspects of the offer are electing the right contingencies. Contingencies: A topic we will discuss in Buying 201, but all you need to know is that there are several things that still need to happen for this deal to go through, and if for some reason we cannot satisfy them, you can cancel the escrow and get your deposit back. That's why it's important to hire the right person to guide you through this very important process.
05.
Escrow, Inspections & Due Diligence
Once your offer is accepted, the fun begins! This is the point at which you send over your earnest money deposit, and then we'll do physical inspections of the property. For single family homes, we always do a general physical, sewer and chimney (if applicable). If the physical inspector recommends follow ups with specialists, we do that next. You can add on a-la-carte inspections as well, for things like mold, radon, foundation etc. The purpose of the home inspection is not to look for potential ways to renegotiate your purchase price, but to uncover major material defects that would seriously undermine the value of your investment. If these things come up, we discuss asking the seller to fix them or credit you to fix them after closing.
Also involved during the escrow, reviewing seller disclosures, statutory disclosures, natural. hazard disclosures that may affect the property, and other due diligence items to make sure you're going into this with eyes wide open. No surprises. Full transparency.
You'll also be working hand in hand with your lender signing (A LOT) of paperwork, providing paperwork and details to secure your loan etc. Once all those steps are done, your lender will give their commitment and we can remove the mortgage contingency.
06.
Close of Escrow
Once we've satisfactorily cleared all the due diligence items and removed all contingencies, closing day is just around the corner. When the day arrives, we do a final walk through of the property, the money is sent and you officially take possession.