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. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company 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 lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a Real Estate Agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.
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. Turn light switches on and off, open and close doors, and run the faucets in various rooms. 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.
Once you have selected the perfect home, work with your agent 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 will be able to 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 can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose 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.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Jason helped us buy a home in Nashville while we were still in San Diego and made the process so smooth. He took the lead on walk-throughs for the home and helped us navigate some difficulty with the builders and ended up negot...
I could not possibly be more impressed with Jason's knowledge, experience, and professionalism with which he masterfully guided us through the location and purchase of our dream home in Franklin in a very difficult market. He's...
Jason’s patience and expertise helped me find the perfect place in an ever-changing market. I would recommend Jason to anyone looking for a trustworthy, hardworking agent that provides a hassle-free experience.
Working with Jason made our home-buying experience so easy. He listened to what it was we were looking for and made it happen. He goes above and beyond!
As a first-time homebuyer, I knew nothing about buying a home but Jason was super helpful and patient throughout the entire process! He helped me better understand the terms and conditions of buying a home and he’s very respons...
Found the perfect 3/3 home in East Nashville. It had not yet hit the market! The repair checklist and other details were handled effortlessly. Closing was done electronically. Easy and quick. So professional!
As a first-time home buyer, I had A Lot of questions about the home-buying process and Jason did an incredible job helping me navigate that new territory. His knowledge of the industry helped us close on our first home in this ...
So appreciated the details and hard work of Jason helping us not only sell our home but also buy a home, all within the same season. He was able to guide big decisions and price points and helped us understand the market while ...
Jason was recommended to us. He is organized, professional, and meets deadlines. He answered all our questions and helped us find a home in the Nashville area. Jason knows this town well and we appreciate his guidance since we ...
Loved working with Jason! As a first-time home buyer, Jason really helped walk me through the process and was there every step of the way. He genuinely cares for his clients with the goal of getting them into their dream homes....
Jason walked us through the entire home-buying process from the shop to the front door. He answered our questions no matter the time of day. We felt cared for and well-represented. 10/10 would buy it again.
Whether you're a first time home buyer or a seasoned investor, Jason is here to help you navigate your next home purchase or sale.
