Buying a Home

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When buying a home there are many things to consider.  Here's a list of what you can expect during the home buying process.

1. Decide to Buy a Home
2. Find a Realtor
3. Determine Your Budget 
4. Get pre-approved for a home loan, unless paying cash
5. Start looking for homes
6. Make a list of homes that meet your needs
7. Tour available homes with your Realtor
8. Your Realtor submits offers for you
9. Both Realtors negotiate terms, if necessary
10. Go Under Contract!
11. Due Diligence starts: Inspections, Contracts, Earnest Money, Wire Transfers, Repairs, More Negotations (possibly)
12. Clear to close
13. Closing Day
14. Home Ownership begins!

Understanding how you're going to purchase a home is critical to the process of buying a home.  Each method has different costs associated. 

Cash buyers must provide proof of funds typically within a few days of going under contract.  Cash buyers typically have the lowest closing costs.

Borrowers must have a "Pre-Approval" or "Pre-Qualification" letter from a lender indicating how much the lender will loan the borrower and what type of loan it will be.

All loans will require some oversight from the lender, called an appraisal. Assuming the home passes the appraisal, there are generally (3) kinds of loans.

Conventional Loans have few, if any, restrictions on what can be purchased and usually requires a down payment of 5%-20% of the purchase price.

FHA & VA Loans are backed by the Federal Housing Authority & Veterans Administration.   

FHA Loans require 3.5% down payment

VA Loans require 0% down payment.

Both FHA & VA Loans have some limitations on what can be purchased with these loans.  

Searching for a home can be exciting and fun.  As buyers start touring homes, many start to dream of themselves living in each home and how they would use the space for their personal needs.

Once THE HOME is found, we will help balance the features and benefits of the property that make it so appealing to the buyer with the true condition of the home.    

When we look past the new kitchen, or the remodeled bathrooms we must remember that there may be underlying concerns with the home that need to be acknowledged before getting too emotionally attached.  

Together, we'll help identify any potential issues that will require repairs from a licensed contractor. Keep in mind that not all repairs are equal.  Some may be a simple $50 item.  Other repairs may be $500 or $5,000 or more!   If after the potential repairs are discussed and we choose to proceed, we will incorporate the potential repair costs into the offer to purchase.   

Keep in mind each house is unique.  Each seller may or may not be willing to address the repairs identified.  This is where negotiations are critical for success!