FOR BUYERS
Buying a new home can be a daunting, stressful process, whether it's your first or fifth purchase. You'll have many questions along the way, and right now you may be asking "Where do I start??"
Use this guide to help get you on your way, and text me with any other questions!
YOUR GUIDE TO BUYING A HOME
STEP 1: GET PRE-APPROVED
I know, I know. You want to get out there and look at houses and figure this part out later. But trust me, you need to do this first.
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Getting pre-approved will help you lock in a realistic budget, determine what kind of loan works best for you (loans are not one-size-fits-all!), and most importantly, gives you TIME. Sometimes lenders can send over a pre-approval quickly, but not every time. And unfortunately, even in the slowest of markets, if you found a house you love, there's a good chance someone else loves it too. Don't let someone else get their offer approved while you're waiting to hear back about your loan!
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There are many options for finding a mortgage, from online lenders like Rocket Mortgage, to your own personal bank, to local mortgage brokers. I recommend discussing your options with a few sources, as they all have access to different types of mortgages with different requirement and benefits, and see what works best for you.
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A few local lenders I've worked with, and highly recommend, are listed below.
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Deanna Barcelona, PH.D.
Mortgage Advisor
West Park Mortgage Group, LLC
813-368-9093
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Jeannine Smith
Loan Officer
Aslan Home Lending Corporation
727-772-3459
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The Lindley Team
Vice President, Mortgage Lending
Guaranteed Rate Affinity, LLC
727-458-9868
thelindleyteam@grarate.com​​​
STEP 2: FIND A REALTOR & START LOOKING!
Okay now that you have your pre-approval in hand, you can start the fun part!
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Websites like Zillow, Trulia. Realtor.com, etc. are all great to use to start browsing homes on the market. If you already know who you are going to work with, great! If not, check out some open houses - not just for the homes, but also to meet Realtors. You can also ask any friends/family/coworkers for referrals - or, you know, since you're already here, you can just work with me!
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Whoever you pick, make sure they have knowledge, experience, and most importantly, that you're comfortable with them. You will be in contact a LOT over the course of your search and especially once you're under contract.
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Now, for finding the right property, think about your top few must-haves and ideal location. Make sure you're considering your lifestyle, driving distances, what you prefer being close to, etc. There's a good chance you'll end up making some kind of concession, but start with your ideal and work back from there.
STEP 3: MAKE AN OFFER
You found the perfect house! Now it's time to lock it in.
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A great offer includes a lot of factors, not just price.
You can adjust other variables like the deposit amount, inspection timeframe, how quickly it will close, items included or excluded, and more. A great Realtor will discuss the seller's priorities with the listing agent and help you work out what can make your offer the most appealing.
(Ex: maybe the seller has lived in their home a long time and prefers a 60-day close, and your living situation can accommodate this. That could make all the difference in your offer getting accepted.)
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That said, counteroffers are common. Don't get discouraged by this. Consider it a discussion on how to make the sale work for both parties. Your Realtor will help you determine the right changes to make, and hopefully the sellers will accept!
STEP 4: UNDER CONTRACT
Your offer was accepted!!! Congrats!!
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Now the real work starts. This includes the home inspection, getting home insurance, the appraisal, and title work. There are a lot of moving pieces and strict timelines (per your contract), and your realtor will help you keep all of this on track.
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Home Inspections
At minimum, you'll need what's called a 4-Point inspection. This covers electrical, plumbing, HVAC, and roof, and this is required to get insurance. Any major issues in this area will need to be repaired before you can get insurance and close on the home.
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Additionally, it's recommended to get a full home inspection. This will check the majority of other aspects of the home for any deficiencies to be aware of. Typically, it's not advised to request repairs for anything in this area.
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Sewer Scopes are recommended for homes built over 20 years ago. This looks at the interior of the sewer line for any blockages or necessary repairs, which could be a huge expense down the road.
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You can also get mold inspections, pool or seawall if applicable, and a modified inspection for condos.
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The results of the home inspection will inform what repairs to request, any renegotiations, and in some instances, if you want to move forward with the sale at all.
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INSURANCE
Once you have your home inspections complete, you can start working on locking in home insurance. This is another great area to ask for referrals from friends and family, and your Realtor can make some recommendations as well.
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LOAN AND APPRAISAL
You will continue to work with your lender during this time, and they will ask you for a lot of documents, repeatedly. Just know this going into it and hopefully it won't be as irritating - everyone complains about this part.
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Your lender will order an appraisal on your behalf. Ideally, the home will appraise at or above the price offered, and you'll walk into your new home with some equity. If it appraises lower, you'll either need to renegotiate the price with the seller, agree to pay the difference in cash, or possibly decline moving forward.
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It is SUPER important that you don't make any large purchases, change jobs, or do anything that could impact your credit, assets or income until after the sale closes. This could impact your final loan approval.
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TITLE WORK
Once you go under contract, the title company will start working on your file. They'll be looking into ownership of the property to make sure the title can be transferred free and clear. If the seller does not have a recent survey available, the title company will require you to purchase a new one.
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Most often, the title company is chosen by the seller, and they will pay the majority of fees associated with transferring the title. You will still have some fees, but you'll have more if you choose the title company.​
STEP 5: CLOSING DATE & FINAL WALKTHROUGH
Once you get through all that, you'll get notified that you are clear to close!
The title company will reach out to all parties to coordinate the closing date and notify the buyer and seller of cash to bring to the closing table.
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Once the date is set, you'll plan the final walkthrough of the property with your Realtor. This should happen either the day before or day of the closing. You'll want to confirm that all requested repairs have been completed, no new issues have come up, and hopefully get really excited about your new home!
STEP 6: CLOSING!
Get ready to sign a LOT of papers!
The title company will walk you through all of the documents. Make sure you read everything carefully and make sure all personal information is correct. In a perfect world, your lender and Realtor will be there in person for any questions; this sometimes isn't possible, but they should be available via phone either way.
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Once all the documents are signed and the money is confirmed to be sent and received, you will get the keys.
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CONGRATULATIONS!
YOU JUST BOUGHT A HOME!!​