Buying a home is one of the biggest decisions most people will ever make. For first time home buyers, the decision often takes on even more importance given the lack of experience and knowledge of the home buying process that they must overcome. The Peggy Graves team is here to provide you with the tools and information you will need to determine if home ownership makes sense for you. Once the decision to buy has been made, Peggy and her team will educate you on the various programs, grants, types of assistance, tax breaks and loans that are available specifically for first time buyers.
Once you have determined that now is the right time to buy your first home, you’ll need to start to organize the required paperwork to secure your loan, you’ll need to develop a strategy to find and view homes in your price range, learn how to prepare an offer, secure a mortgage and close the deal. The Peggy Graves team has helped hundreds of buyers realize the dream of home ownership. Is it time for you to buy a home? Call us now to find out!
Below is a brief look at the buying process, what first time buyers can expect along the way, some questions to ask and answer as well as some general advice. There is much more to consider, so contact us for in depth answers to any questions you have after reading this overview.
Deciding to Buy
Before you run out to look at homes, there are some important questions to ask and answer. Do you have the required down payment? Why are you buying now? How long do you plan on living in your first home? The answers to these questions will be different for everyone, but your answers will go a long way toward determining if now is the right time to buy. For example, if you have saved up 15% of the purchase price for a down payment and plan on living in your home for 4 or more years, you may be ready to buy. But if you know that you’ll be moving next year then you may need to reevaluate. Once you have answered these basic questions, give us a call and we’ll help you fill in the blanks.
Getting Organized
If you have determined that the time is right to buy your first home, you’ll want to start to get organized. Collecting pay stubs, tax returns, credit reports, bank statements and contact information for past landlords and employers is a great place for you to start. Once we start working with you as your buyer’s agent we’ll help you with things like listing sheets on properties you like, insurance and inspection documents and pre-approval paperwork from your lenders. For now, gathering all your personal financial records is the best thing you can to to get the process moving!
Searching for Your First Home
This is where it will pay to work with our team as your buyer’s agent. We will work with you to identify your price range and what is important to you in a home and neighborhood. We’ll use our extensive knowledge of the local market along with the MLS to map out a list of homes to show you and take you through the process of making note on properties you like, asking the right questions and staying organized through the entire process. We’ll be your expert guide throughout your entire home search, so you won’t miss a thing.
Preparing an Offer
Again, this is where it will pay to have an experienced agent on your side. We will prepare a report for you on current market conditions along with a comprehensive detail of what comparable homes are selling for in the area you are looking. We’ll help you understand subtle things like how motivated the seller is or isn’t, show you how to prepare a strong offer, advise you on including conditions with your offer and much more. And when the time is right to negotiate, we have decades of experience that will secure you the best possible deal. When a seller counters your offer, there are many things that an experienced agent can help with in the negotiation process.
Securing Your first Mortgage
Earlier we talked about getting pre-approved, and we advise that you do that before moving on to any of the next steps in the buying process. But once you are pre-approved, there is still a lot to be done to actually finalize your mortgage. You’ll need to get your documents in order and submit them to the lender and you may have options as far as what type of mortgage to select. We will help you every step of the way to track interest rates and select the best type of mortgage for your situation.
Close the Deal!
You are almost there! But this is a very important part of the process and first time buyers are often overwhelmed with how much complicated paper work there is to wade through, how many forms they need to fill out etc. Actually closing on your home can take from a couple weeks to a few months from the time you have negotiated a deal with the seller. We’ll help you every step of the way as you select a closing date, estimate your final closing figures, schedule a final walk through and finally, sign on the dotted line on closing day. You’ll have the keys to your new home and all the dreams that come with it!
Buying a home for the first time is an incredibly exciting and rewarding experience. It can go very smoothly if you are prepared and you are working with the right real estate Agent. We are here for you and it will be our pleasure to answer any questions that you may have about the buying process, so please contact us today!
