Buyer's Guide
The Buying Process
Purchasing real estate is usually the largest transactions any one person has throughout their life. Having this guide will allow you to manage expectations properly and ensure you’re armed with the information on how the process works.
Step 1: Establish your budget
I can’t overemphasize this point enough. Most people will instinctively start looking for property, establish a criteria only for them to learn the costs associated may not be what they thought. Contrary to what you’ll read, an appropriate first step is establish your budget and that usually comes with getting pre approved. Talking with an experienced and qualified lender they can quickly go over finances and give you a general range on what you can afford.
Step 2: Establishing Your Criteria
Once you’ve established what you can reasonably afford, the next step is start honing in on what you like within the parameters of your budget. Maybe you’re dead set on new construction, maybe you want a fixer upper for a nice deal, maybe you want to be in a specific community? This is a crucial step so you can remained focus in your process.
Step 3: Working with an agent
Not all agents are built the same and some offer different services than others. Some specialize only in investments, other in relocation, others farm a certain area or new construction. Just because they have a license they may not be the right fit for you. So when you have your budget and your criteria you can start calling some agents to work with.
Step 4: Making an offer
So you’ve established your budget, you’ve defined your criteria and you’re working with an agent. Now comes the time to actually start seeing property. Go on showings, look at the neighborhood, engage in the community. You are presenting an offer to give yourself the best possible chance of purchasing your home. We’ll go through price point, deposit, contingencies, if it’s in an association or not, etc.
Step 5: Your offer is accepted
This is where a LOT of the work truly begins. If your offer gets accepted you’ll then need to start working with your lender to go through underwriting. You’ll need to have the property inspected, solicit for insurance proposals, calculate tour taxes, do an escrow search and much much more.
Step 6: Closing
You’ve followed all the steps, you’ve got the clear to close and you’re ready for the next step in your journey. Part of the closing is reviewing all of the necssary disclosures and ensuring the seller adhered to their part of the contract. You’ll have one final walkthrough and then the keys are yours.
Work with Alex at Onalim
Looking to work with a full time agent with 10 years in the business? Whether you’re relocating, downsizing, going through complicated probate proceedings, or just looking for your dream home, Alex has seen it all.