10 Step Home Buyers Guide
Buying a home can be one of the most exciting times in your life. Make sure to take the time to educate yourself on the process. Moore Homes is committed to making this experience one of the best memories in this chapter of your book of life. We’ve compiled a quick 10-point checklist to help guide you through the process.
1. Get An Agent!
Having a Realtor® will save you time, money, and stress. Realtors® are industry experts that do this every day. They are familiar with the market, legal documents, inspectors, appraisers, mortgage consultants and many other trade providers. They are up to date with current market trends to help you secure your dream home. Most importantly, they have the key to get into the properties.
2. Get Pre-Approved
Having the right loan officer is just as important. Be sure to work with a Reputable Lender in your area. The mortgage industry has gone through many changes over the last few years. It is important to select a loan officer that is willing to meet with you and discuss the types of mortgages that are available to you and “one size does NOT fit all”. You may visit our concierge page to find reputable loan officers in our area.
3. It’s Time To Shop!
You’ve met with an agent and you’re an educated buyer. You’ve got your golden letter from the lender and now the fun really begins. Schedule time with your agent to preview properties that meet your criteria. Moore Homes has an excellent website and mobile app to help maximize your home search.
4. Make An Offer
By now, you’ve previewed properties and you’ve found one that meets 75% of your criteria. Make an Offer! Your Realtor® will help you with neighborhood statistics to arrive at an offer price. Ask them to share a CMA (comparative market analysis) with you. The market changes daily so make sure you lean on the advice of your Realtor® to share with you what’s happening in your area. If they tell you it’s a “HOT” market, supply is low and demand is high, then you may have to offer full price, or even above the list price to secure a home. If the market is slow, inventory high, and buyers are few, then you may be able to negotiate a better deal. Trust your agent, not Uncle Bob. Although your friends and family all want to help in your home buying process, they are not industry experts and do not know the market. You’ve hired a Realtor® to help you because they are. Listen to them, or you will probably lose the house you really wanted.
5. Get A Home Inspection
Now that you’ve found the right property, it’s time to do a thorough inspection of the property. The most common inspection areas are; Whole House, Termite, Radon and sometimes Mold or Lead Based Paint if a house was built before 1978. Inspections are not required, but important. Your offer was based on what you thought you knew about a house. Now it’s time to take a closer look. This process is important and if inspections are not favorable, it is the way out! You can find a list of local reputable inspectors on our concierge list.
6. Get Insurance
During the inspection period is a great time to consult with your insurance agent about obtaining homeowner’s insurance. Your lender will require that you have insurance on the property and even if paying cash, you want to protect your investment. The insurance industry is constantly changing as well. Some companies will not insure properties that have roofs with multiple layers, trampolines, pools etc., so be sure to visit with them prior to the end of your inspection period.
You made your offer, completed your inspections and have now discovered a few “issues” that you were not aware of. It may be time to renegotiate or cancel your contract. Your agent will help you compile a list of deficiencies that you would like to ask the seller to repair. Remember, you made your offer based on what you thought you knew about the house. After inspections there may be costly repairs needed and this is your opportunity to renegotiate your offer.
After you have worked through any inspection related items and re-negotiations, your Realtor® will notify your lender that inspections are complete and they can order the appraisal. This step will verify to you and the lender that you are paying “fair market value” and not over-paying. The appraisal is based on current market activity and the most recent sale history. This process takes about two weeks and is the final step for obtaining the loan. Your lender will notify you when it is complete and what the appraised value is.
9. Final Walk-Through
Prior to closing on the property, your agent will offer you a chance to do a final walk-thru of the property. This is an opportunity for you to see if any requested repairs were completed and to make sure the condition of the property is like it was when you made your offer.
You did it! Today is the day. Your agent will schedule the closing for you at the title company. This is where you will officially sign the mortgage and your agent will present you with the keys to your new home.