Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
I can’t recommend Angie enough! She is professional, knowledgeable, and approachable. You will feel comfortable asking her any question and know she will give you an honest and thoughtful answer! This was our first time selling...
If you need someone to accompany you along the unpredictable and surprising journey of home ownership, Angie is your woman! My husband and I made several offers, which made the process at times exhausting, but Angie was there e...
Angie is a cut above. She helped us when we were planning to move to Ohio. She was “Johnny on the spot” to assist us in getting our house ready for sale. She had determined a sale price, and when she walked through the house, s...
We had so much fun with Angie showing us homes. She took the time and care to know exactly what we were interested in. And after a tough shopping market, she found the perfect home for us.
We got a job offer in VA and didn't know anyone in Williamsburg. Through a local Facebook group we joined, Angie reached out to us to let us know she was a local realtor and here to help, but didn't push us or anything. Weeks l...
Angie has been helping me weigh my options while looking at properties while considering purchasing a new home. If you are a Veteran, she is the person to contact.
Angie Archibald has been amazing and patient in helping my family and me search for our perfect home. She is genuine, kind, and truly passionate about helping people. Angie consistently goes above and beyond, always eager to fi...
My wife and I have nothing but great things to say about Angie, who helped us to find the perfect Williamsburg home for our family of four. During the several days we spent together, Angie was perpetually cheerful and engaging,...
Angie did a fantastic job for my wife and me. She's diligent, thorough, and she really hustles. She made us feel like we were her only clients, an impressive feat, considering how busy she is. I'm confident you'll be delighted ...
Angie was absolutely wonderful to work with. She is very personable, knowledgeable, and clearly very passionate about what she does. She was responsive, caring, and attentive to the needs of our family. Angie made the home-buyi...
Get assistance in determining the current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.
