Buying Process - You don't have to Drown

"I'm not sure how to start or what to do, but I want to buy a home", is what I have been hearing from recent clients. Or perhaps, "We have started to look but don't know where to go from here". They are ready to take the plunge into unknown waters but are feeling a little lost. The process can be a bit overwhelming and sometimes daunting. 

That is what I hope to provide you with now. A sort of "Pathway to Success" that will help you feel like your head is not only above the water, but you are winning the race! Educating yourself before you start the journey will, perhaps, make the process easier. Some of the unknowns are removed and you will know how to hurdle things as they pop up. (Your Realtor® should also be a resource in this area.) Let's begin, shall we?

Some of the first questions are pretty obvious. Where are we going to look/ what area of town? Are we financing or paying cash? What price point are we wanting to search in or what do we want to pay per month? If financing, what type of loan? Who are we using to finance? These questions can go on and on. One of the things most Realtors® have are the resources to match you with; a reliable lender being one. If you do not have a bank, credit union or your own lender already set up, you should speak with that person about it. Lending resources come in different forms and different lenders specialize in certain areas: i.e. VA loans, Hard Money, First Time Homeowners, etc. My suggestion is to speak with a few different companies to find the one that is the right fit for you. Communication is key. If you can speak easily with them, they answer your questions and make you feel at ease then these are key points you may consider. Support may be needed for credit repair. The right lender will be able to help with that or point you in the direction of someone they work with. 

Once you have finished up this step then the Lender will present to you and your Realtor® a Pre-Approval letter. The preapproval letter will let you both know what is the Most financially that you can spend towards the purchase of a home that they will finance. Your realtor® will also need this letter to present at the time of the Offer to prove you can afford the home. Most Listing Agents will not accept an offer without this valuable piece of information. 

Fast forward. You found the Perfect home for you and your loved ones. (YAY!) You have now presented an offer. Let's say they accept. Next step is your Option Period. This is a time frame that you will hire an Inspector to come do an inspection of the home you have chosen and write up a report of things that are not up to par. Negotiations will/ could take place here, if you feel it necessary. Look to your, by now, trusted Realtor®. He or she will guide you through this important part. You may also consider hiring folks that specialize in whatever field you may be pursuing for repairs to give you estimates. Usually, you can find companies that will do free or low-cost estimates. Remember, you only have a set number of days to do this in!

Now that you have made it through this part then you should be paddling toward the Finish line...You New Home!

Work is still to be done, though! Have you changed your mailing address? It usually takes a couple of weeks for that to go into effect. Electric company, Water/ garbage for your area? Will you need deposits for some of them or are you able to transfer your service? Are you having internet hooked up? What about children? if you have some that will be going to school you will need to have their records changed and get them enrolled in the new one. If you are doing repairs, do you have the skilled crews ready to go? Have you let friends and family know you are moving? You will need to do address changes for drs, dentist, bills, lawn/ pool service, your pet's veterinarian, etc...

This is not a complete list and is actually somewhat simplified. A bit of a guideline of things to come to help you see the projection of where you are to where you need to end up. When you surround yourself with the right people much of this will be taken off your shoulders and you will be more at ease with the entire process. Please... whatever you do, listen to what they are telling you. Their Job and their Goal is to help you be successful in achieving your dream of homeownership. Your Realtor®, Lender, Title Company... ALL are there for You!

Good luck and, if you need more help, please reach out. My gift is helping others. I would love for you to be one of them!

Lisa Mongiello, Realtor®     

Lisa Sells TX

832-339-9440