Everything you need to know about purchasing a home
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. I'll be here to guide you every step of the way.
What are your needs and goals? Do you want a condo, townhome, or single family home? Do you prefer urban or suburban? What features do you like and dislike? Now is the time to do some soul searching. I'm here to help you navigate the market and make your dreams a reality.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a lender will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve never owned a home, you may overlook new expenses like taxes & insurance, utilities, or HOA fees that make all the difference.
Alternatively, because you think you can afford something doesn’t mean a lender will agree. Just as they may approve you for a higher amount, they may approve you for a lesser amount or deny you a mortgage altogether. Lack of employment history, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before we begin our search, I can connect you with a mortgage professional to find out what amount you can qualify for. This is a critical step, as sellers won’t entertain offers from those who aren’t already preapproved for a loan or able to provide proof of funds to close.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores and visualize yourself living there.
Once you have selected the perfect home, we will work to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I'm here to strategize for your best interest. I will help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I will help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes forward. If there is, you can renegotiate based on what needs to be fixed, or you can withdraw it altogether. Our contracts are written As-Is where a buyer can walk away for any reason during their inspection period. Alternatively a seller is not required to make any repairs.
Now is the time to go back to the mortgage lender who pre-approved you and apply for your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with. There's a lot of creative options out there.
If you're obtaining financing, the home is subject to appraisal. Your lender will have the home appraised so they can independently determine its value. If an appraisal comes in lower than the purchase price we will renegotiate - whether the seller accepts a lower price, you meet each other halfway, or you walk away from the deal entirely.
There's many hurdles that I will help you navigate for the purchase of a home. No one looks forward to all the paperwork, but I make it as painless as possible. Fortunately, our team will work alongside your lender and title company to ensure a flawless transaction. When all is finished, funds are dispersed and keys are given to you as the legal owner of your new home.
Homeownership is one of the most satisfying accomplishments of your lifetime. Real estate is an excellent investment for you and your family's future. No matter your real estate goals, I'm here to help you achieve them.
By offering concierge service, Weston serves as a trusted advisor to his clients for all things real estate & beyond.