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A 3-Step Guide to Buying Your First Home
A 3-Step Guide to Buying Your
First Home
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ABOUT ME
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What’s the difference between a REALTOR® and a real estate agent?A REALTOR® is a member of the National Association of REALTORS®, which indicates that they’ve pledged to uphold the standards of the association and its code of ethics.
What is a CRS?A Certified Residential Specialist is a REALTOR® who has earned certification from the Council of Residential Specialists by completing a rigorous course of advanced training and by meeting significant experience requirements.
ABOUT ME
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Let’s take this excitingjourney together.
3-Step Guide to Buying Your First Home
Find a great REALTOR® (CHECK!)
Figure out the best financing for you
Find the right home
1
2
3
How do you feel about buying your first home?Excited? Nervous? Optimistic? Happy?
Overwhelmed? Confused? Ready?
AN EMOTIONAL START
Find a great REALTOR®
STEP ONE
Ask your friends and family
Do some research
Set up a meeting
Trust your gut!
Before you meet with your agent for the first time, make a wish list.
WELCOME HOME TIP
Figure out the best financing options
STEP TWO
• Get mortgage approval ASAP
• Mortgage pre-approval makes you a desirable buyer and is beneficial overall.
GETTING MORTGAGE PRE-APPROVAL
What financing is available to you?
• 15-, 20-, 30-year fixed rate
• Adjustable Rate Mortgage (ARM)
• FHA (federally insured)
• VA
• In-house financing
FINANCING A HOME
Private Mortgage Insurance (PMI) allows some home buyers, who can't provide a 20 percent down payment,
to purchase the property with a lesser down payment.
WELCOME HOME TIP
STEP 3: FIND THE RIGHT HOME
Let’s do our homework:
GETTING READY
Keep your wish list in mind
Go online to research neighborhoods and types of homes in your
price range
Topics to research include: price negotiation, mortgage loans, PMI
(Private Mortgage Insurance), escrow, closing costs, insurance,
home inspections and homeowner association fees/bylaws
Get your feet wet by attending open houses.
START YOUR SEARCH
When looking at listings, be sure to review all the photos, virtual tours and
video, if any. Carefully assess room sizes, school district, type of
heating/cooling system, annual taxes.
WELCOME HOME TIP
Be realistic. Be flexible.
HOUSE-HUNTING BEGINS
HOUSE-HUNTING BEGINS
The First-Time Homebuyer’s Pledge:
I will keep an open mind.
I will respect the home seller.
I will ask tons of questions.
I will enjoy the beginning of this exciting new chapter.
Really look closely beyond the surface.
HOUSE-HUNTING BEGINS
Typical first-time homebuyers find a house within 60 days. As a rule of thumb, start looking 3-4
months before you’d like to move in.
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Top Five Questions to Ask When You’ve Found a House You Like:
MAKING THE OFFER
(Source: MSN Real Estate, Negotiation Boot Camp)
① What’s the asking price?
② What’s the owner’s reason for selling?
③ How soon does the seller wish to close?
④ How long have the owners lived here?
⑤ What repairs have been done to the place?
Still interested? MAKING THE OFFER
When making an offer,
20% down will make you a
very attractive buyer.
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A typical offer will specify:
MAKING THE OFFER
• A deposit (usually around $1,000) must be submitted
• Approximate closing date
• Title warranty
• What’s included? (drapes, appliances, shelves, swing set)
• Contingencies
• Any cost adjustments that will be made at closing
“Escrow”opens when the buyer and seller
sign a sales contract. The contract, along with any additional
instructions, serves as instructions for the escrow officer. Escrow
assures that the lender releases the home purchase funds at or about the same time that the deed is recorded
to reflect new ownership.
WELCOME HOME TIP
CONGRATULATIONS!
BEFORE CLOSING…
Get an appraisal ($200-$450)
Schedule a survey of the property ($150-$300)
Get a home inspection (Typically around $500)
Purchase homeowner’s insurance
BEFORE CLOSING…
Make sure funds (typically a certified bank check) are ready for closing costs, if they aren’t rolled into loan
Conduct final walk-through of home (48 hours prior to closing to verify no damage or changes have occurred)
Begin planning your move!
HOORAY!It’s Closing Day!
“Unless you move, the place you are is the place you will always be.”—Ashleigh Brilliant
CONCLUSION
WHYshould you work with a
REALTOR®?
CONCLUSION
• Having a great agent in place from the
get-go is really smart
• Your agent is a wealth of knowledge
and resources and can talk you off the
ledge when you start to panic
• Don’t hesitate to ask for references
• Schedule a no-obligation consultation
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