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LET'S FIND YOUR DREAM HOME

A COMPREHENSIVE GUIDE TO BUYING A NEW HOME

Is it time

IS IT TIME TO BUY?

Thinking about buying? Have you gone through the process before or is this your first time? Buying a home is a huge financial decision, but it's also an emotional one.  There are steps to determine whether you're financially set, but the emotional side of buying a home is often overlooked. To gauge whether you're ready to stop renting and buy, think about these below-the-surface questions:

IS THERE A "WANT" TO BUY A HOME?

  • You should never buy a home because others are doing it or because you think it's what you're supposed to do next. You've gotta have your own "want" and desire.

ARE YOU READY TO PUT DOWN ROOTS?

  • Buying is a more long-term decision than renting, so you want to be sure you're ready to plant roots for at least a couple of years before signing on the dotted line.

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DO YOU DESIRE MORE PRIVACY AT HOME?

  • If you're exhausted by noisy neighbors and no place to stretch your legs, it may be time to buy.

ARE YOU CONTENT IN YOUR CURRENT JOB?

  • Lenders want to see job stability, so if you're thinking of buying, evaluate your long-term employment plans.

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IS YOUR DEBT-TO-INCOME RATIO HEALTHY?

  • Your DTI ratio is an important factor when applying for a mortgage. Getting debt under control before purchasing is always a wise decision. Let's determine your DTI with the formula below:

DETERMINE YOUR DEBT-TO-INCOME RATIO (DTI)

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Gettin Prepared

THE HOME BUYING PROCESS

1. FINANCIAL PREPARATION

Gain Pre-Approval

  • Most Pre-Approvals are Valid for 30-90 days

  • Work with a Local Lender

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Ask Questions if You Need Clarification. Examples Below:​

  • What Type of Loan do You Recommend?​

  • Will my Down Payment Vary Based on the Loan Type?

  • What is the Interest Rate and APR?

  • Can I Lock-in an Interest Rate? If so, For How Long?

  • What Will My Closing Costs Be?

  • Can You Estimate My Expected Monthly Payment?

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Locate Down Payment Funds​

Prepare for Additional Costs

2. OUTLINE NEEDS/WANTS

Make 2 Lists​​

  • MUST HAVES​ (Beds, Baths, Location, First Floor Primary Bedroom, etc.)​

  • WANTS​ (Pool, Fenced-in Backyard, Den, etc.)​

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As a first-time home buyer it may be difficult to locate a home with all of your "wants" but it is important to keep track. "Wants" are always something that you can add or change to a property down the road.

3. SEARCHING STRATEGICALLY

Representation by a Professional​​

  • Consider Hiring a Licensed Real Estate Agent to Represent our interests (the buyer) and not the interests of the seller

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Evaluate the Market​

  • Are most homes selling for Above, At or Below List Price?​

  • Does that Change your Budget/Search Criteria?​

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Online Searches​

  • Popular sites include Zillow, Realtor.com, Redfin, Trulia, etc.​

  • Use Search Filters, but not too many

  • Good filters include min. beds, baths, as well as location and other criteria on your 'must haves' list​ (Pay attention to the number of homes each 'filter' removes from your search)

  • Utilize Google Street View​​

  • Don't Eliminate a Home because it's 'Pending'

  • Pending contracts do fall through and many sellers will accept backup offers. 

  • Pictures may not tell the Full Story​​​​​​

​Finding A Neighborhood

  • When possible, Drive through a Community you're interested in (Mornings, Rush Hour, and Evenings)​​​

  • A few things to consider:

    • Average Home Value​ in Neighborhood

    • Year-over-Year(s) Home Value Appreciation

    • School Districts

    • Proximity to Work

    • Access to Highways

    • Proximity to Parks/Walking Paths/Dog Parks

    • Safety

    • Dining/Nightlife

    • Relocating? Ask a friend, family member, co-worker, or your realtor for Neighborhood Recommendations​​​​

Suburban Homes

4. SHOWINGS

Review Your Must Haves vs. Wants List

  • Take Pictures to keep on your phone​

  • IF you Love some Aspects of the home, be willing to sacrifice wants

Make Sure You Love the Lot & Location​

  • Remember, you can't change these, and you probably don't want to be the priciest home on the block​

Visualize Your Furniture/LIFE in the Home​

  • Don't get distracted by paint, staging and decor​

  • Take Pictures/Videos

  • Take Measurements

  • Be Creative - what easy improvements can you make to the home?

TAKE YOUR TIME​

  • This is a very Important Decision - spend time looking around​

  • It's OK to go back and see a home a 2nd time!

Make a Pros vs. Cons List​​

  • Talk about what you liked / didn't like​

  • Share feedback to your realtor​

  • If you're serious about the home, write the list down

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What to expect
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5. HOW TO KNOW IF IT'S "THE ONE"

If you're you doing any of the following things, this may be the one :

  • You look at other houses, but are still thinking about this one

  • You are Comparing every other house to this one

  • You've told all of your friends and family about this one

  • You keep looking at the photos

  • You want to go back inside the house again

  • You feel defensive about the house

  • You've started thinking about furniture arrangements

  • It checks everything off of the 'Must Haves" List​​

6. OFFER & NEGOTIATION

Learn About the Contract to Buy and Sell Real Estate ​

  • Discuss Multiple Offer Strategies (As needed)

  • Discuss Contingencies/Deadlines

  • Negotiate to Optimize Price and Terms

  • Acceptance of Offer / Counter Offer​​

7. GOING INTO ESCROW

Escrow Deposit​

  • Wire initial deposit to Title Company

  • Notify Lender to begin loan process

​Sign and Return Opening Title Instructions 

Contact Insurance Agent for Homeowners Coverage

Inspections & Disclosures​​

  • Schedule all desired home inspections​ (Sewer Scope, Radon, etc.)​

  • Approve/Negotiate Repairs

Schedule Appraisal

Review/Approve Preliminary Title Report

Meet Deadlines/Remove Contractual Contingencies

  • Schedule Final Walkthrough Prior to Closing

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8. Closing

Review Closing Statement from Title​

  • Arrange to Wire Down Payment and Closing Costs

  • Transfer Utilities​

  • Closing, Key Delivery, and Celebration 

  • Move into Property​

Working Together Again

  • Staying in touch and keeping you informed

  • Investment Properties and Mountain Homes

  • Providing Resources and Instructions

  • Referrals, Testimonials, and Reviews

BUYER CONTACT
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THE OVER ASKING CONCIERGE TEAM

HOW  CAN
WE HELP?

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