June 18, 2018

GUIDE FOR FIRST TIME HOME BUYERS

Home buying can be daunting especially when buying for the first time. Being informed can make a big difference and having a trusted real estate agent to help you navigate the process can turn it into a great experience! So here are the steps involved in home buying:

 

GUIDE TO HOME BUYING

 

IDENTIFYING YOUR NEEDS

It all starts with some home work by the buyer just clearly identifying the motivation for buying-what are the specific needs to be met. This could translate to what type of house, how much square footage,school districts and so forth. Here is a handy questionnaire that we use with our clients.

TALKING TO YOUR AGENT

This one is easy, communicating your needs to your agent is key in getting faster to your ideal home within your budget. Your agent is your new best friend who is going to help you get the most value for your money!

FINANCING

Typically we provide at least three different lender references to our clients so they can evaluate different options and pick an ideal loan choice. Next off is getting the pre-approval for desired mortgage amount. With that next steps are to find you that dream home that clicks for you.

SEARCH

There are various approaches to home search. We typically create comprehensive search alerts to get the latest info from RMLS to our clients. Buyers could also browse through listings or neighborhoods, check out open houses or request private viewings of properties of interest. Once you’ve found the house you’d like to buy its time to put an offer.

OFFER

Typically you would work very closely with your agent to put in an offer not just at the price that you are willing to pay but also covering any contingencies and timelines that need to be factored in. Sometimes there may be several rounds of negotiation involving counter-offers before a decision is made. When an offer is accepted, you are one step closer to your end goal of owning the home by entering a contract. Typically this is followed by home inspection

INSPECTION

It is best to hire professional home inspector and get a thorough inspection of the house. Typically any major repairs identified are then fed back to seller with a request to fix.

APPRAISAL

Once you have applied for financing, your lender will need to have the home appraised to make sure the property value is enough to cover the mortgage. Once appraisal is successfully through, financing is secured and you are off to closing.

CLOSING

This is the final settlement where you obtain the ownership. This typically gets done at a title agency through escrow and includes several paperwork covering ownership,  insurance and taxes. At the end of a successful closing, you have the keys to your new home!

Hope this article was insightful, you can leave your comments/questions below or reach us at info@pdxprime.com. We look forward to hearing from you!

-PDXPrime Realtors

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