Oftentimes, when we purchase a home, we tend to do steps backwards or completely out of order so it was recommended by a friend to write this blog so that it can help out first time home buyers or others who may be interested. I write this experience as a previous Realtor and current first time homeowner.
1. Pre-Approval
Nothing hurts more than already having your mind and heart set on a home that you’ve been looking at for days or months, just to find out that you don’t qualify for it. The purpose of a pre-approval is to make your standards become more realistic. It shows you what you CAN afford and what homes you CAN fall in love with and to be honest, most realtors won’t work with you for too long until you get a pre-approval. It also shows that you are serious about the home buying process.
2. Get A Realtor
A realtor for home buying is free* to you! They work FOR you and with you. I do not recommend going in blindly as an agent who is working with the homeowner is going to only try to get the best deal for the homeowner and not you. The realtor who works for you is going to be paid by the commission on the home. There’s NO reason not to have a realtor who works for you and is FREE*.
(*Most realtors who work with homebuyers are free but with the new virtual brokers such as Rex and such do not pay commission to the buying agent. Please be cautious of this when looking at which homes have these brokers.)
3. House Searching & Viewing
After getting your pre-approval, I recommend at least having 3+ houses in mind to go look at because if you’re set on one home and it gets sold or under contract, you’re gonna be right back at step 1. This will save you time and heartache.
4. Getting An Inspection
This step is automatic for homes already built but not for new homes or homes waiting to be built — I highly recommend it. Getting an inspection ensures that the home is in good condition and if not, you can walk away or use it as negotiating point when it comes to putting in an offer.
5. Putting In An Offer
This is the most important part as it could be you get or don’t get the home. Make sure you come with your best offer and not your lowest offer. Best offer doesn’t necessarily mean HIGHEST offer but your best. Do NOT go over your budget and do NOT lowball. The process of home buying is serious and you should take it seriously or you’ll find yourself without a home.
I hope explaining this process has helped and that you take something away from this! Feel free to reach out with any questions or comments!
Sincerely,
Melissa Lee