House how to's

Most people only purchase a home once or twice in their lifetime.  Because it’s not something you do on a regular basis, the majority don’t know how to do it.  Here are basic steps to follow once you decide to purchase a home.  

Find a lender and get a pre-qualification letter.  This will let you know how much you COULD be approved for a loan.  This pre-approval is based on a quick conversation with the lender who will ask you your credit score, income and debts.  Be honest.  The truth will come out eventually.  Be upfront with the lender from the very beginning.   Ask around, ask your friends, relatives and friend’s relatives.  The biggest question to ask a lender is what their track record is for closing a deal on time.  This is an important one.  Nothing adds more frustration than a deal not closing when the contract states it is supposed to.

Create a list.  Make a wish list of your dream house.  Start with columns:

MUST HAVES                     WOULD LOVE TO HAVE                 ICING ON THE CAKE        DEAL BREAKER

Your musts are the number of bedrooms/bathrooms/garages, Schools, tax rate, price.

Would love to have are the neighborhood amenities, upgrades.

Icing on the cake includes huge walk in closet, smarthome

And deal breakers could be age of home, condition, barking dog next door, etc.  All of these will be different for everyone. 

Find a realtor.  Realtors are everywhere; just like Starbucks.  You will be in a relationship with your realtor, so you need to be sure your personalities mesh.    Consider market knowledge, communication styles, responsiveness and professionalism.   Once your realtor gets your list of wishes and deal breakers, the search begins. 

Find “the one!”  Now you have found the house of your dreams and you’re ready to make an offer.  The realtor should run the comparable of that property and consider the condition of the home. From there, you will make a fair and reasonable offer.   Now you wait…..  Seller accepts OR seller comes back with a counter and ultimately you land on a price you both agree with.