Buying a home should be 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 homebuyer’s guide created by your agent will reduce the stress of buying a home and help you enjoy the journey.
Decide which communities, home features, and property types you and your family prefer. Have candid conversations about which of these characteristics are required, and which are “nice to have” in your next home. There’s a big difference between “wants” and “needs”. We’ll find out how realistic your vision is once you get pre-approved.
This is essential to understanding if you can turn your dream into reality. During the pre-approval process you’ll find out your purchasing power which ultimately shapes your search. The earlier you do this the better as you may be further ahead or behind where you thought you were. If you’re behind, the lender will be able to help you come up with a game plan with actionable steps to get you where you want to be.
Now it’s time to find your dedicated real estate representative! Regulations enacted in 2024 require real estate agents to obtain a signed buyer’s agreement before showing consumers homes. Of course, your agent does a great deal more than opening up listings; Your agent can help you understand your local market, identify areas and properties that fit your specific criteria, help you create competitive offers that match your financial and logistical needs, and much more.
Finding the perfect home and navigating the purchase process can be daunting, but my goal is to always make the process as easy and stress free as possible!
Your agent will arrange showings of properties that meet your specific criteria and price range, taking note of your likes and dislikes to further refine their search parameters. Your agent will help you explore the details — from storage to light switches to the flow of a home — and understand the pros and cons of the options in front of you. Your agent will also help you make time to explore the neighborhood and examine elements like local traffic at different times of the day, parking options, and proximity to neighborhood amenities like schools and grocery stores.
Once you have selected the perfect home and have your finances in order, your agent will help you craft a fair offer price based on the value of comparable homes on the market. You’ll also work through details such as timing, contingencies, and the competition you face. After your agent submits the offer on your behalf, your agent will help you negotiate counteroffers and reach an agreement with the seller. At this point, the house will go into escrow.
Worried about waiving inspection? You’re not allowed to anymore! With the new inspection laws, everyone is entitled to having their home inspected. This protects you from purchasing a property that has serious structural issues or requires major repairs. Your agent has a list of trusted local providers, but you can hire any licensed home inspector you like. Depending on your contingencies, if the inspection uncovers major issues, you can withdraw from the sale or renegotiate your offer based on what needs to be fixed.
This is one of the most important steps in the home buying process. Once both parties have agreed on terms, the legal counsel for both parties will draft up this legally binding document based on the original offer. Having good representation is essential as once you’ve signed the P&S it’s very hard to back out. A good attorney will look out for your best interests while drafting and make sure you’re well protected should anything go wrong moving forward.
Once you’ve signed the P&S it’s time to head back to the lender. Your mortgage provider will hire an appraiser to inspect the property and offer an independent opinion of its value. The appraisal ensures that you are paying a fair price for the house. Sometimes, appraisals may come in too low, which can impact the amount of money the bank is willing to lend. In this case, your agent can help you determine next steps and navigate the appeal process. While the appraisal is taking place you’ll be working with your lender to get through underwriting by providing any and all financial docs required. If everything checks out, you’ll be cleared to close!
No one looks forward to all the paperwork stacked up on the closing table, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and attorney. And, when you’re finished, you’ll be the legal owner of your new home!
1404 BEACON ST STE A BROOKLINE MA 02446
1404 BEACON ST STE A BROOKLINE MA 02446
