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.
Reach out to your Compass Agent, a licensed real estate professional. They will work as your advocates and trusted advisors to help guide your search Reach out to your Compass Agent, a licensed real estate professional. They will work as your advocates and trusted advisors to help guide your search
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home). Your Compass agent can connect you to a mortgage advisor. Based on your income and credit history, the mortgage advisor will determine how much a bank will lendyou, which will help you determine the price range for your search
Attend viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal location and amenities
Reach an agreement with the seller on price and terms. Once you have seen a home you like, you can place an ofer, which is a non-binding agreement to pay a certain price for the home. If your ofer is lower than the list price, the seller will likely return with a “counter ofer”, which you can choose to accept, reject, or counter. Your Compass agent will advise on pricing throughout the process.
Analyze the contract of sale, disclosures and other documents with your attorney and/or agent. Your attorney and/or agent's job is vital to protecting your interests and understanding the disclosure package.
Work with your agent to submit your fnal ofer which includes contract and disclosure package.
Once price is agreed upon and the seller approves your offer, you are one step closer to becoming a home owner!
A final walk-through ensures that the property's condition hasn't changed since your last visit and that the terms of your contract will be met.
Congratulations, you are now a home owner!
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.
Reach out to Rob Smith for expert real estate services. Buy, sell, or rent properties with confidence. Contact him today!