Buying your first home is an exciting milestone, but it can also be overwhelming. At Rammy Sarao, we’re here to make your journey as smooth and enjoyable as possible. Our goal is to provide you with the knowledge, tools, and support you need to confidently step into homeownership.
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first-time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where in Woodstock you want to buy? Determine if you’re looking for a condo, townhome, or single-family home and identify which features you like and dislike. Explore what’s currently available on the market in Woodstock and pay attention to any changes in asking prices. This can provide valuable insight into housing trends in specific Woodstock neighborhoods and help you when it’s time to make an offer. Use online resources, attend open houses, and talk to local realtors to gather as much information as possible, ensuring you make an informed decision.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. Often, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to figure out the monthly payment you feel comfortable with before talking to a lender. This includes doing a full household budget and considering any changes that will occur once you move into your new home. If you've been living in an apartment or with roommates, you may overlook new expenses like garbage, water, or other fees that could easily blow your budget.
Even if you believe you can afford a certain monthly payment, the mortgage company might not agree. While they might approve you for more than you’re comfortable spending, they could also approve you for a lesser amount or deny you a mortgage altogether. Factors like insufficient time at a job, low credit scores, past bankruptcies, or other financial issues can significantly impact your ability to secure a mortgage. To avoid disappointment, speak with a mortgage professional to determine how much you qualify for before you start looking at homes. This pre-approval can also give you an edge when making an offer, as some sellers only consider offers from buyers who are already prequalified for a loan.
Can you shop for, look at, and make an offer on a home without a real estate agent? Technically, yes. However, why would you want to, especially when it costs you nothing to have an agent like me take much of the stress off your shoulders? I can help identify properties that match your criteria, arrange showings, and manage the offer process. Additionally, I have in-depth knowledge of the market that you might not have. Finding the perfect home can be overwhelming, but my expertise and wealth of knowledge can make the process smoother. Let me show you some homes that meet your dream home criteria so you can find the one that's right for you.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
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