Buying a home for the first time can be a nerve-racking experience, that’s why we’re here to help you! Keep reading for information you’ll want to know before beginning your journey as a buyer.
Step 1. Pre-Approval & Meeting With a Local Lender
Meet with a local lender that will check your credit score and help you get pre-approved for a loan. This is a crucial step in the home buying process, as a pre-approval letter is the first thing more realtors will ask for. This letter is the only way to get an accurate description of your price range and how much money you will be able to borrow.
Step 2. Find a Real Estate Agent
At Our Town Realty, Inc. all of our agents strive to provide you with a personalized experience and want to help you find your dream home. As a boutique agency, our culture is centered on customer service, and we are here to guide you throughout your entire journey as a home buyer. If you ever have any questions, doubts, or concerns, let us know and we will be happy to help ease your mind!
Step 3. Choose a Home & Make an Offer
When making an offer, earnest money is typically used as evidence of good-faith in your offer. It is commonly thought of as a security deposit and is intended to show the seller that you’re serious about your offer. It is usually around 1-3% of the purchase price and is held in an escrow account until the deal is complete.
Our agents are trained to help you make the best offer possible, and we will also negotiate with sellers on your behalf!
Step 4. After Your Offer is Accepted
Scheduling a home inspection is an essential task that should be done before your due diligence period ends. This step is very important, as you will want to know if there are any minor or major issues with the home before purchasing it.
Finally, closing costs will need to be paid. These are typically split with the seller and usually range between 2-5% of your loan amount. When purchasing a home, you can negotiate some of the fees in an effort to lower your closing costs.