Whether you’re an experienced buyer or a first time home buyer, it’s important to know that there are specific steps that should be followed when buying. Buyers who attempt to purchase a home without a plan in place often experience problems or even worse, their purchase isn’t successful. When using a local Realtor® like Stonehenge Properties, LLC we will walk you through these steps the whole way!
One of the biggest mistakes that’s been made by even the most experienced home buyers is neglecting to research and prepare. The first step to buying a house is to begin researching and preparing well before actually getting involved in the process. As for preparing for the process of buying a house, another area you need to review and focus on is your financial picture. Buying a house does cost money and there are few circumstances where a buyer doesn’t need to spend a penny to buy a house. It’s important to know you’ll need to have money saved for a down payment and other expenses.
2. Check Credit
Credit scores and history play a huge role in the ability to secure financing to buy a house. Generally speaking, most lenders will require a minimum score of 620. If you’re unsure of your credit score or history please contact Stonehenge Properties and we can recommend the top lenders who will tell you exactly what you need to do if anything to get your score where it needs to be when purchasing a home.
3. Find a top Realtor®
This step plays a HUGE role in the overall success of your home buying experience. There are a lot of important reasons to hire a buyers agent when purchasing a home. One of the most obvious reasons is because it is at no cost to the buyer! Hiring a local Realtor® can make the entire process relatively simple. At Stonehenge Properties, LLC we are here to assist you with securing financing, helping you negotiate the best price at the best terms, and also be your trusted adviser throughout the process.
4. Get pre-approved
The next step is to get pre-approved by a local lender. Hire a local lender who has an understanding of the local real estate market and the local buying process. Many buyers aren’t sure where to get a mortgage or who they should speak with. Stonehenge Properties, LLC has several reputable local lenders who we know you will have a good experience with.
5. Learn about the local market
Buying a house is one of the most expensive purchases you’ll ever make so it makes sense you should learn about the local market before jumping in. We will help you to understand what your money can purchase, how competitive the market is, how much homes sell for in the area, and about different neighborhoods. Learning abut the local market will ensure you’re comfortable and confident with the house you’re going to buy.
6. Begin shopping online
Now that you’ve completed steps 1-5 you’re ready for one of the most exciting. Searching online for houses you’re interested in can be simple and fun, but the internet can also have unreliable information. You’ll want to make sure you’re researching with the right websites. When you work with Stonehenge Properties, LLC we will recommend the most reliable resources for your online research.
7. Find the perfect house
When buying a house the goal is to find the perfect house. This will be different form one buyer to the next and our goal is to understand what is exactly the perfect hone to you! An experienced buyers agent will be able to guide you in the right direction to find your dream home. We will also help to find potential issues within a potential home. Once you find a house has met all of your necessities, you’ve found the perfect one.
8. Make an offer
Now that you’ve found the perfect house, it’s time to make an offer. This step may seem simple on the surface, but there are actually many decisions that will be made. It’s recommended that as you’re determining how much to offer on a house to lean heavily on your agents expertise. Stonehenge Properties, LLC will perform a market analysis on the house to help determine the price. While price is important its not the only decision to be made. We will also help you determine other important details such as target closing date, how much deposit should be made, what contingencies you should include, what concessions you can ask for, etc. The terms and deadlines can make or break a deal. It’s critical you understand what each section of the offer means and that is what we are here to help you with!
9. Complete Inspections
The immediate step after an offer is accepted is to complete inspections. Within each contract is a number of days you will have to complete these inspections. There are a number of important home inspections and we will help to suggest the accurate type needed as each home is different.
10. Apply for a mortgage
At the time of application you will need to provide many important documents including your previous two years tax returns, recent bank statements, recent pay stubs, and also detials of your employer so verification can be made. Over the next month or so, your lender will request specific documents to satisfy conditions to your mortgage commitment is contingent on. It’s extremely important that buyers stay in constant contact with their lender to make sure they have all documents requested. Not providing documentation in a timely fashion could result in a delay of closing.
11. Bank appraisal is completed
A bank appraisal in performed by a third party which is hired by the lender to perform an evaluation of the subject property. The primary responsibility is to determine that the sales price agreed upon is a fair current market price. They will also ensure their are no safety issues with the house.
12. Final walk through
Once a closing date and time is set, the next step is to preform a final walk through. This is a chance for buyers to walk through the property and ensure things are like they were when they wrote the purchase offer. This is also a chance to make sure any repairs agreed upon from inspections were completed.
13. Closing and get keys
Buying a house is one of the most exciting events of your life and closing day is when you will receive the keys to your new home! You’ll also be signing documentation to finalize the sale of your new house.
14. Move in
Now that you’re the proud owner of your perfect house it’s time to move in! Moving can be daunting but its much easier if you prepare properly. A few important tasks to consider when you movie into your new property are changing the locks, change your mailing address, inform employers and schools of your new address, meet your neighbors, and ENJOY!
If you or someone you know is looking to purchase a new home please have them call Stonehenge Properties, LLC and we will walk them through this exciting process!