THE HOME BUYING PROCESS
The first step on the journey to home ownership is Financing. If you have cash just sitting around, awesome! If you need a loan though, it is probably your best bet to make getting ‘Pre-Approved’ your first mission. A Pre-Approval Letter from a mortgage lender shows you mean business to a home seller, and shows you as a buyer just how much home you can afford. They’re going to want a lot of documents and personal information from you, but it’s all pretty painless. They’ll check your credit, crunch the numbers, and pretty soon you’ll have a Pre-Approval Letter.
Once you have your Pre-Approval Letter, It’s time to get serious about your home search and talk to a REALTOR® about your needs in a property. At this point, we hope you’ll consider the Easy Life. Why? We’ve toured the properties in the area. We know things that just don’t get listed in property descriptions, and we’re on your side. We’ll show you the comparable properties. We’re off-road ready, and have an agent that specializes in just about every property type. We represented more buyers than any other Brokerage in Grayson County in 2017 for good reason… We make time for our clients, and we pride ourselves on making the entire home buying process as stress free and easy as possible. Sounds simple right? We thought so too. Turns out we had to start our own company.
Make an offer. Once we find a property that suits your needs and is within your budget, we’ll begin negotiations with the Seller’s representatives on your behalf. We’ll handle all the hard parts. We can even send the entire contract to your email for digital signature!
Once your offer is accepted, we’ll make sure the gears keep turning and keep you informed every step of the way. Your agent will give you all the details, as the process may vary slightly based on any number of factors.[
Why buy a home?
- Tax Break – deduct interest and property taxes
- Gain Equity – no more throwing your money away on rentals
- Own An Asset – do what you want with your property, even selling it in the future for a return on investment!
- American Dream! – finally be able to live the American Dream of being a Homeowner.
There are many great aspects to being a homeowner. Now the question is, are you ready to become one?!
Are You Ready To Buy?
- Do you have a steady stream of income? You can be employed or self-employed, but you need monthly income.
- How’s your credit? – Do you pay your bills on time?
- Have you saved money? – You need money for closing costs + enough for a down payment if you apply for a loan that requires down payment.
- Have you looked at your finances and determined how much you can realistically afford?
All of these things are so important to think about BEFORE you start the home search. You can’t buy a home without all of your ducks in row first, and that starts with a good look at your financial situation.
After you have decided that you are financially and emotionally ready to start the home-buying process, do not waste time searching for homes before you get a pre-approval from a lender. Why?
You need to know what you are approved for BEFORE you look at homes, so you can make sure to be looking for homes within your price range.
- Speak with a lender and fill out an application
- You will be pre-qualified within minutes
- Once you are pre-qualified, continue the process to get pre-approved.
- This consists of turning in documents that prove your income and financial stability
- Your lender will walk you through the process
- You will receive a pre-approval letter
Finally, the fun part! You will need to contact a licensed real estate agent to help you with this process. Make sure you get a buyer’s agent who will work with you to get the best deal. Remember, listing agents represent the seller! A buyer’s agent will show you as many homes as you wish and walk you through the entire process with your best interests at heart!
- You can find an agent by requesting information online through home search sites such as Zillow, Trulia & Realtor.com
- You can also ask a friend if they know a great agent
- You can call around to different local real estate companies
Once you find a great agent, be sure to sign a buyer representation agreement with them so they can represent and negotiate for you!
- Give as much information about what you are looking for to your agent so they can help you search for homes.
- Be available to go out to the homes to look before you make an offer
- Be mindful that most homes are pre-owned.
- Some homes will be vacant – meaning there is no one currently living there
- Some homes will still be occupied by the seller and have their belongings in the home
Make An Offer!
- Work with your agent to make an offer
- Make sure to sign all of the paperwork needed to present the offer and have your pre-approval letter ready. Most signatures can be done with an e-signature.
- Your agent will go over the offer with you before she presents to the listing agent.
- Sellers might come back with a counter offer – Negotiate!
When you are under contract, there will be a lot of stuff for you to do, so make sure to listen to your agent! Here is a checklist when you are under contract.
- Receive signed executed contract from the seller.
- Turn in option & earnest money to agent within 3 days of execution date.
- During the option period, order a home inspection. [You may terminate any time in the option period].
- Go over the inspection with your agent & negotiate any repairs.
- Work with your lender to get them everything they need to fund your loan.
- Pay for the appraisal – estimated market value of the property
- Receive a survey of the property
- Home Warranty – complete application
- Final Walk-Through with your agent
- Closing – sign, sign, sign!!!
- Welcome to your new home!