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Buyer Guide

As the purchase of a home is one of the largest transactions that you will make, you will want to be sure you follow some important guidelines along the way. I have prepared a list below for you to follow so that you can be best prepared.

Step 1: Begin The Research
Begin your preliminary research of areas that you are most interested in. Take note of the properties and price points that are currently in the market. This will give you an idea of what neighborhoods might be best for you to consider.

Step 2: Determine Your Budget
Identify your budget including the amount of money you have for a down payment. You will still need a lender to qualify you for a loan, but you should make this determination based on your own level of comfort as well.

Step 3: Get Prequalified
The best way to go about determining your budget is to get prequalified for a mortgage. Once you provide some of your personal information and details then they will then inform you of how much you will be approved for. This will dictate what price range of homes you can begin looking for.

Step 4: Search for Homes and Make an Offer
Begin searching for homes in your price range and make notes about the ones you like. When you visit homes in different neighborhoods, consider things like proximity to your place of employment and other things that address your lifestyle.

Once you find the home of interest, submit your offer with your preapproval letter.

Step 5: Home Inspection
A home inspection is important as it reviews for signs of structural damage or items that may need repair. Offers are often made contingent of a satisfactory home inspection to protect the buyer. Any negotiated items that shall be addressed by the seller can be confirmed before the closing at the walk-through.

Step 6: Home Appraisal
Your lender will arrange for the home to have a formal appraisal. The appraiser will be from a 3rd party company that is not directly connected so there is not a conflict of interest. The appraisal confirms that the price you are paying is a fair price for the property.

Step 7: Complete the Necessary Paperwork
Your lender will arrange for a title company to review documents and confirm current ownership of the house. You will also need to complete your loan package paperwork and provide supporting documents that prove your employment and financial status.

Step 8: The Closing
After the walk-through of the property, you will move on to the closing where you will sign all documents to complete the purchase. Once complete and the check is delivered to the seller, you are ready to move into your new home.