Steps to Buying a Home
Everyone dreams of owning their own home. Searching for the perfect home for your family can be a very exciting, yet anxiety-filled experience. However, if you know what to expect during the home buying process you will be more relaxed and comfortable knowing that we will be by your side every step of the way guiding you through it and looking out for your best interests. Below are the steps to selling to help you visualize what this process looks like. Don’t hesitate to call us if you have any questions and remember we will be there for you every step of the way!
STEP 1: DETERMINE HOW MUCH YOU CAN AFFORD
Before the house hunting process begins, it is important to know how much you can afford. Expenses to consider include the down payment, monthly expenses, property taxes, and any home insurance costs. These will all have to be considered before the home buying process begins as they are typically included in your new monthly payment. Since a person’s credit score determines their interest rate, knowing your score ahead of time can help you decide if now is a good time to buy or not. An individual’s debt-to-income ratio must also fall within acceptable limits of the home’s cost. Once you have determined these things, and if you feel that your budget has enough room to afford a new home, then it’s time to look for the right loan.
STEP 2: GET PRE-APPROVED
Different banks and companies will offer different loan origination fees and by shopping around you can oftentimes save yourself a lot of money. Get multiple quotes so you can make sure you get the best rate and terms. Be sure to also check your loan officer’s website for testimonials and information. A good loan officer will offer you many online resources and tools. Before you lock in your rate, be sure to check the daily rate with the rate your loan officer gives you to ensure you are getting the lowest rate possible. Interest rates will determine how much a mortgage will cost each month and come in fixed or adjustable terms. Mortgage lengths can range from 15 years to 30 years. The longer the repayment term, the lower the payments will be. However, the interest accrued will also be higher on a longer loan. Don’t forget to ask for a pre-approval letter so you can include this with any offers you make.
STEP 3: FIND A REALTOR®
Before you start your home search, it is important to find a buyer’s agent that will be looking out for your best interests so you don’t fall into a money pit or end up paying too much for your new home. A good buyer’s agent will help guide you through the home buying process and can also save you TONS of time and money on the road to your new home. Buyer’s agents are legally bound to help buyers, whereas listing agents—the real estate agent representing the home listing—have a fiduciary duty to the home seller. Your buyer’s agent will also set up home tours, give you insight on any homes you like that you may not be aware of, have knowledge of upcoming listings not yet on the market, help you negotiate the best terms, protect your part in the deal, and give you invaluable advice throughout the process.
STEP 4: START SEARCHING
Start your home search by using your agent’s website (like this one!) to search the MLS for homes. Agents have a direct line to the MLS, so their websites often update with the newest properties faster than the ‘big name’ sites out there. It also has a My Listing Manager tool that keeps you both in the loop. You can start your search and begin saving your favorite properties to your account and even set up alerts to get new homes and price changes emailed to you. Your agent can then see the properties you have liked and can send potential new properties directly into your listing manager that they think you may be interested in. It’s a WIN-WIN!
STEP 5: MAKE AN OFFER & NEGOTIATE
There is an art to making an offer on a home. Your buyer’s agent will help you choose the right terms for your offer and will be watching for signs of problems in the home. Listen closely and be sure to ask questions. Be sure to ask for an inspection contingency so if there are major problems, you can back out of the deal without losing your earnest money. A home warranty is also a valuable part of your contract and is a sign of good faith on the seller’s part. You want to make sure all of your bases are covered. That’s where having a buyer’s agent is most valuable: so your rights and interests are protected. With their experience on your side, they will be able to help you negotiate a lower price that sometimes includes concessions or closing costs. Their job is to protect YOU in the contract.
STEP 6: HOME INSPECTIONS & APPRAISAL
Once your offer has been accepted, you will need a home appraisal. Banks require this so they can make sure the home is worth as much money as they are lending you. You may also need some inspections depending on your loan type. FHA and VA loans have more requirements than conventional loans. This is also the time to have a full home inspection, even if it is not required. A home inspector will go through the home and specifically look for problems and provide you with a full report on everything they find. This will give you the opportunity to avoid major problems and back out of the sale or negotiate repairs without losing your earnest money.
STEP 7: ASK FOR REPAIRS OR DISCOUNTS
Once the inspections are done, you will more than likely ask the seller to fix some of the issues you found. Keep in mind that they are only required to fix something if the loan terms require it. Be reasonable but firm in your requests. If your seller rejects your request, then it is up to you to decide how to proceed.
STEP 8: FINAL WALK-THROUGH
The final walk-through is an important last step, even if you are positive you are going to go through with the sale. Walk through and check the agreed upon repairs, make sure everything is in working order and new issues have not popped up. This is your last opportunity to back out. If everything looks good, then it’s time to go to closing!
STEP 9: CLOSING & ESCROW
Before the home is legally transferred to you, the closing process must occur. During this phase, you will sign all of the mortgage documents, pay closing costs, and sign various other legal documents. Your buyer’s agent will be at the closing with you to help you through it all. Once all of the papers are signed and monies are transferred, the keys to your new home are yours! The only thing left to do is move into your humble abode. This may occur immediately after the closing or at the date set in the closing documents.
STEP 10: MOVE IN
Depending on how far you’re moving or how much stuff you have, you may require a moving company or a moving truck. Professional movers may seem pricey at first, but when you look at the time and money to get similar results, you may re-consider. Call and set your moving date and start packing! Many places like U-HAUL sell moving boxes that are made to make your move easier. Label everything with what is inside it and what room it goes in. Recruit friends and family if needed.
Bonus Buyer Tips
See What Our Clients are Saying:
My experience with her was absolutely flawless
Amy is a very proactive, knowledgeable, fluid Realator! My experience with her was absolutely flawless and I would recommended her to anyone in the market to purchase or sell a home. My in-laws will be in the market here shortly and I most definitely will be referring Amy to assist them in their home buying needs. Amy is very fluid and easy to work with and was able to work with my busy schedule to meet me for showings when it was convenient for me. She also gave her honest assessment in different homes to help me make the best buying decision. I was able to purchase a home I can turn right around and sell and make a profit and have instant equity! I was very pleased with Amy and the entire buying process as a whole.
She drove hundreds of miles…just for us!
Amy was a blessing to find and a real gem in the Real estate business of Ocala. She helped us find and look at SOO many houses in and around Oala. Even ones far away that we asked to see- Amy never flinched. For months she worked diligently, answered hundreds of our texts and calls, she drove hundreds of miles…just for us! After our first pick fell through she knew how disappointed we were and she was the one who helped us not give up. With Amy’s dedication and help that was far above and beyond just showing us houses- we are now in our DREAM home and we couldn’t be happier. We HIGHLY recommend Amy…she is truly a professional and a kind- wonderful person with a heart of gold.
I’m forever grateful!
Buying a house is such a stressful process. I was so thankful to have Amy by my side every step of the way. She knew my budget and what I was looking for. She
also helped me sell my house. I really trusted her expertise in getting the house ready. Thank you so much! I’m forever grateful!
Robin kept us updated and answered any questions
Robin was incredible. When i called her initially, she was quick to gather a list of available homes in our price range. She accompanied us to these homes, one of which we put an offer on. Throughout the buying process, Robin kept us updated and answered any questions we had promptly. You can’t ask for a more personable, honest, and dedicated realty agent! I highly recommend Robin
Every detail was handled with care
Robin was an integral part in the success of the purchase of our first home. Her authenticity, knowledge, professionalism, kindness, and commitment to her clients is unmatched. We truly felt like she advocated for our family in the entire process. Her guidance and expertise made the process easy and rewarding. So much so that we knew to call her when it was time to sell that home and move on. The second experience working with Robin was equally successful. Every detail was handled with care. We also called upon Robin to work with a family member to sell his home. She worked hard to make sure that selling experience went off without a hitch. We can’t say enough positive things about Robin and would recommend her to anyone.
She listened so well
Robin was the ideal realtor to work with! She took the time to listen to what I was looking for and went above and beyond to find and recommend the perfect neighborhood for me and my family. I was out of the area when making my home purchase, and Robin was amazing, hosting video calls and showing me every detail I needed to see (including any imperfections she noted) so I could make a decision as if I were there in person. She listened so well to what I was looking for that I only needed to see two houses before making an offer on my new home. I wouldn’t hesitate to recommend Robin as a realtor!
She is the best
This is the second time we have used Robin to sell our homes and for buying a home. She is the best and I would recommend her to anyone buying or selling a home. She is easy to work with and keeps you well informed throughout the process.
We have already recommended Robin
Robin is both knowledgeable and fair, which are rare qualities to find in a realtor. She is trustworthy, kind and always responded to our questions right away. We have already recommended Robin to our family members and would recommend her to anyone looking to sell or buy a home!
Very responsive and patient
Robin worked with us professionally to find us a home – coming from out of state. She was knowledgeable with the area and helpful with information when we needed – very responsive and patient with our questions and concerns. We highly recommend Robin, she is dedicated loyal agent.
What a great realtor
What a great realtor. Always available, really good turn around on giving a call back. Very knowledgeable and professional. Send listing on the are I wanted fast.
Had a world of knowledge
He was incredible, and made the experience one to finally remember. Great at communication and took the time to help a new homeowner. He suggested great companies to work with. Had a world of knowledge and made things easier to understand.
He made the deal happen
Well I cant say enough good things about Mr. Singletary, I think what I was most impressed with is his patience and kindness. In my search for a home. Not at all pushy and he listened to what I was searching for. Me not being from the area and me not knowing too much about the market , he was really great to work with. He kept me in the loop for all our offers , and he really kept my interest at the forefront . Even when he did not think a particular property was right for me , if I wanted to see it he was up for it. Once we narrowed our search he kept a close eye on the market. We had put a offer in on a nice home, but we paused due to seller not really giving much. Then he found my current home,,, we moved fast and he made the deal happen. I wish him continued success and he is definitely a asset to your organization..
He is an expert in his field
Brandon Singletary exceeded all our expectations. He made selling our home and buying our new home as stress free as possible with the short timeframe we gave him. He was available whenever we needed him, and got the job of selling our home done quickly. With his knowledge and professionalism he is an expert in his field. My husband and I highly recommend Brandon.
Available at all sort of hours
Brandon was very helpful in helping me select a home made himself available at all sort of hours to work around my work schedule we looked at several homes and they’re all not quite what they seem to be in the photographs until you find that perfect home that actually matches the photographs
Always very responsive and pays attention to every detail
I have worked with Brandon on several deals. He is always very responsive and pays attention to every detail. He definitely keeps his clients best interest at heart when negotiating a deal. I would definitely recommend him to anyone looking to buy or sell a home.
Wonderful job helping us
Brandon Singletary did a wonderful job helping us buying our first home. He was very knowledgeable and clear with the process and kept us at ease the whole time with all our questions. We would definitely recommend Brandon, he was available whenever we needed him.
Very helpful in every aspect
Brandon was very helpful in every aspect of buying our home. He provided a lot of homes for us to look at and wanted the best home for my wife and I. I would recommend him to anyone.
You won’t be disappointed using Brandon!
Brandon is very patient, always on top of things. Goes above and beyond for his customers! He’s super knowledgeable and definitely loves what he does in helping his customers in any way he can. Always available when needed. – You won’t be disappointed using Brandon!
I am looking forward to using him again
He truly cares and looks out for your best interest ! I was impressed with the photographer he used and how he made sure my home was advertised with appeal. I have looked at others and how it was marketed and shocked at how some are being presented. I am looking forward to using him to purchase another home.
He navigated through an aggressive and overwhelming market fearlessly
From beginning to end, Brandon made sure my home process was smooth and stress-free. He navigated through an aggressive and overwhelming market fearlessly and exemplified great knowledge at all parts of the deal. He made sure I was not ripped off by sellers and was patient with me as I looked at numerous houses before making my final decision. I will definitely be using him again in the future and highly recommend him to anyone looking for a real estate agent with their best interests in mind!
Turned around and helped us find a home of our dreams!
He helped us sell our first home fast and then turned around and helped us find a home of our dreams! He isn’t pushy or dishonest like most sellers who just want your money. He was thoughtful, put forth a lot of his time, and truly listened to what we wanted/needed. The best experience we have ever had buying and selling!!!!
