Buying a Home: Getting Started

One of the most exciting and important events in a person’s life is buying a home. We consider it an honor to be chosen to be a part of that monumental life event. As a first time home buyer, these 6 steps should help you make decisions that are best for you and your family.

Step 1: GET PRE-APPROVED

One of the most important questions to ask yourself is “How much do I want to spend on a mortgage?” When considering your budget, you will want to include the property taxes and the insurance cost as well. This is often referred to as principle, interest, taxes and insurance, or PITI. Once you’ve established how much you are comfortable budgeting for a mortgage payment, it’s time to meet with a Lender. This is the person or financial institution that is going to help you get your mortgage loan. We have a network of trusted lenders that provide amazing service, competitive rates, and who do business with integrity. They will educate you all along the way, helping to ensure a smooth loan process. You’ll want to bring the following documents: W-2 statements, most recent paycheck stubs, bank account statements, last 2 year’s Federal tax returns if you are self-employed, etc.

It’s critical as a first time home buyer to be pre-approved for a mortgage loan. You’ll be able to shop for homes with confidence. Homes that are priced right sell fast so we need to be able to submit an offer right away when you find the home you want. Contact me and we can introduce you to our network of lenders to get you started on the path to homeownership. Another important step to prepare to buy a home is to attend one of the FREE Home Buyer Education Seminars offered by our Lender network. This class will further prepare you for what to expect when buying your first home. Attendance at one of these seminars may also earn you closing cost credit*. REGISTER TODAY!  

Step 2: NEIGHBORHOOD HOME SEARCH

Have you decided where you want to live? Have you settled on a neighborhood or a specific area? At www.NewFamilyLegacy.com you can search specific areas, cities and communities/developments within those cities. We’ve created a Smart Search for you where you will receive: 

• New Property Email Alerts – you choose the areas you want to live in, save them as a search, and as soon as properties in those areas hit the market, you’ll receive an alert; our database is updated every 5 minutes and has been proven to be more reliable than other commonly used property search sites.
• Price Change Alerts – follow property pricing to get a feel for pricing in a particular area
• All Detailed Property Information
• Track Your Favorite Properties
• Save Searches to View Later
• Neighborhood & School Information
• Agents to Answer Questions Online
• Foreclosures and Much More!  

Sign up for a Free Member Account and start searching for your dream home today!

Step 3: FIND THE RIGHT REAL ESTATE AGENT

Real estate agents are important partners when you’re buying or selling a home. A Realtor® is a member of the National Association of REALTORS®, which means that he or she must uphold the standards of the association and its code of ethics. Bobby Taylor works with a team of talented Realtors® who are committed to help serve your needs. We will assign a Realtor® that is most qualified to serve you. Experience makes the difference! We know the local market and we are familiar with the areas that you want to live. We can help you select a neighborhood that is just right for you. At www.NewFamilyLegacy.com we have an Interactive Map Search if you want to search a specific area for homes for sale. And the best part? It doesn’t cost you anything to use us as your Realtor®. By contract, we are compensated by the seller of the home you purchase.

Step 4: SHOP FOR YOUR HOME & MAKE AN OFFER

This is the fun part! Now it is time to shop for homes in your price range. As you view homes, you will want to create your list of “must haves”. This commonly includes the number of bedrooms and bathrooms you desire, whether a home has been remodeled or maybe you are looking for a home to make your own. Your list might include whether the home has a separate living and family room, a fireplace, vaulted ceilings, a swimming pool and/or spa, a garage or no garage, etc.

Once we find a home that will best fit your needs, we will help you prepare and negotiate an offer that is fair based on comparable sales of homes in the same neighborhood. Once you and the seller have reached agreement on terms and price, the house will enter into escrow. Escrow/Title companies oversee a real estate transaction, from initial deposit to final funding, to ensure a smooth process.

Once we have an accepted contract, it’s time for inspections. It is recommended that you get a home inspection to make sure the home is in acceptable condition. Depending on where the home is located, other inspections may also be recommended. The outcome of these inspections sometimes sparks further negotiation between you and the seller. This is one of our favorite parts of the transaction! Our experience in construction services and relationships with contractors often helps us negotiate from a position of strength.

Step 5: UPDATE YOUR PAPERWORK

Now that you have an accepted offer the paperwork portion of the transaction becomes vitally important. If you have been fully Pre-Approved with a member of our network of lenders, you are already well on your way to homeownership. It’s important to update your lender with the most current bank statements, paystubs, and anything else they may need to close your loan. The more quickly you are able to provide this information, the sooner you will be a homeowner!

Step 6: CLOSING THE SALE

This is the best part! At closing – also called the signing, you will sign all of the necessary paperwork, including the documents for your mortgage loan. Once you have signed all of the paperwork, the escrow/title company will send it to your lender. When the lender signs off on all of your final loan conditions, they will wire funds to the escrow company – this is called funding. This usually takes anywhere from 1-3 days. The escrow company will then make sure that the required paperwork is properly filed and recorded with the County. You are now a HOMEOWNER! One of the biggest blessings for our Team is when we are able to present you with the keys to your new home.

*Closing cost credit subject to lender approval, some restrictions apply. Contact us for further details.