What to Expect
So many people ask us, "is home buying stressful?" I used to hesitate - I didn't want people to shy away from buying, just because it is stressful. The truth is, it also has many many perks! So now, I answer right away... with a resounding "YES"! It is stressful and anyone who claims they can eliminate the stress completely is not telling you the truth. Can they make it “less” stressful than it needs to be? Absolutely! And the two key elements to reducing the stress is being prepared and hiring a supportive, knowledgeable agent.
Now while I can’t promise a stress-free experience, I can promise that if you take the right outlook and manage your expectations, you can come out of it without having to go into hibernation for a month, just to recover! You can use that month to unpack and decorate instead!
Below is a brief overview of the Home Buying Process. Take a look and let us know what you think and if you have any questions, don't hesitate to call us or email us for the answers!
Buyer Counseling Session
We feel this is the most important part of a home buyer's journey. During this time, we review all the expectations and financial obligations that each buyer will face along the way. The key to this session is to fully prepare the buyer for what to expect during the process so that nothing comes as a surprise! Generally it can last about an hour from start to finish.
Will you remember absolutely everything from this session when you leave... probably not, and we don't expect you to. It's our job to stay on top of the process and guide you along the way. We just want you to know what's coming and be excited about all that is ahead.
House Hunting
This can be the most exciting part of the process, but can also be the most stressful. We are a NO pressure team. We believe that when you find the right home you will know it. We make this process fun and we try to help you see the logic in each home choice since most buyers are very emotional in this stage of the game. Our job is to point out the pros and cons that you may be missing, and let YOU make the right decision for your family.
The timeframe it takes for house hunting can vary depending on your motivation and the amount of inventory that is on the market to view. As a requirement we always insist that you see your top choice twice! The second showing always allows for a more detailed look at the home and the components. Our goal is to make sure that there is always an absolute positive feeling that "this is the one!"
Home Inspection
Home Inspections are a MUST with our team. IF you choose to not do an inspection we will encourage against it and also make you sign a disclosure stating that we do not advise waiving this contingency.
The home inspectors we use are AMAZING! They peel through the home with very meticulous attention. Every home, including new construction can have flaws. You should know that up front! No home is perfect, no home will never have things go bad. The purpose of a home inspection is to find those flaws and investigate how to resolve them. You have the opportunity during the inspection period to negotiate repairs with the seller. Our job is to make sure by the end of your inspection period you are confident in your home purchase and you are willing to take the home with open arms, unrepaired flaws and all.
Typical cost for inspections vary based on the size and features of a home but usual start in the $350 price range. This is a cost you will have to pay out of pocket to the inspector at the time of the inspection.
Termite and Moisture Inspections are very common and most of the time required in the areas we serve. The contracts we write have a repair clause in them requiring commitment up front from the seller to make a certain amount of repairs from termite and moisture issues. This is because all repairs required from termite and moisture inspections are required to be done prior to closing in order for you to be able to get a loan in most cases. Although it is against the norm we always suggest that the buyer order and pay for this inspection. A typical cost for this will be approximately $50-$75. This cost can be wrapped into the closing cost which are due at the time closing occurs.
Termite and Moisture Inspection
FINANCING
This can honestly be one of the most crucial steps in the process. The entire end-game hinges on this step working out well. So one thing we always tell our clients is, don't simply go with the lender who will give you the best rate. Go with the lender who will give you the best service and has the best reputation.
The other part of this step is to make sure you get the lender you choose everything they need as quickly as possible. Be prepared to make a trip or two to your bank for statements. And whatever you do, do NOT make any financial changes (buy a car, buy furniture with credit, close an account, etc.) without consulting your lender first! It can drastically change your qualification!
An appraisal is always required if you are obtaining a loan to buy a property. Lenders will require this because they want to be sure that the house you are purchasing is worth the amount of money they are lending you.
An appraiser will take into consideration homes in the same area that have sold in the last 6 months and are most similar to the subject home. The appraiser will have a set of adjustments they can give for upgrades, location, additional square footage, etc. The report will be yours to keep and a good reference tool for you in the future!
Appraisal
Additional Steps
Lastly, there are a few other steps between finding the home and getting to closing.
Ordering Insurance
Turning on Utilities
Walk-Through Inspection
Reviewing a HUD Statement
And of course if you hire us, we'll help you get through all of these steps with ease! Next thing you know, you'll be celebrating in your new home!
