Buyers

Home Buyer Guide1. Make the Decision to Buy

It seems obvious, but it’s good to note that the first step to buying a house is making the decision to buy. If you’re a first time buyer or a savvy investor consider the reasons you want a new house and write them down. Determine how long you want to live in the new house – does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

2. Contact Rob Allen

I’d like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We’ll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.

3. Getting Pre-Approved for a Loan

I will put you in touch with one of my preferred lenders or you can work with the lender of your choosing. The lender will go over the different loan programs and down payment options available to you. They will also need to know your income, assets, debt, and credit history. The pre-approval process can often be accomplished in as little as 20 minutes.

4. Begin the Hunt

Using the price, size, location, and features we established earlier I’ll search all my resources for houses on the market that fit your criteria. I’ll preview these houses to eliminate the duds. Then, I’ll schedule appointments to tour the houses at times convenient to you. As we tour houses, I’ll point out positive features and negative features. I’ll ask you to tell me what you like and what you don’t like. You’ll probably amend your “wish list” as we tour houses, some things will become more important and others less important. With this new information, I’ll refine our search criteria to narrow in on the house of your dreams.

5. Make an Offer

Once we have found the perfect home, we will research comparable properties to provide you with suggestions for an offer price, closing credits, settlement and occupancy dates, items to convey, as well as other contingencies. The seller then has the option to either accept, reject, or make a counteroffer. After both parties have agreed to the terms and the offer is signed/initialed in all the appropriate place, it will be legally ratified.

6. Inspections and Other Contingencies

After the contract is ratified, we will complete any necessary inspections and satisfy the contingencies. These include: radon inspections, final loan approval, a review of the Home Owner’s Association documents, and appraisals. Any problems that arise will be negotiated until all contingencies have been satisfied.

7. Prepare for the Move

 

8. Settlement Day

 

You will receive a “Good Faith Estimate” of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer’s past experience and may not include all the closing costs. I will be glad to review the “Good Faith Estimate,” answering questions and highlighting missing costs and estimates I believe to be low.
Step 9 – Move In

Congratulations! It’s time to move into your new house and make it your home. Enjoy this exciting time.

Make the Decision To Buy