Thinking about buying a home? This buyers guide is intended to help you better understand the process and necessary steps to start your home buying journey.
If you wish to know more, we would be more than happy to answer any questions as they pertain to your individual situation!
For a More In-Depth Guide, Download a Copy of My Real Estate Buying Guide!
Step 1: Research in advance
Search my website juddhomes.com or Utah Real Estate.com as often as you prefer and get an idea of availability and pricing. Make a list of your criteria and determine which ones are “must-have”
Step 2: Affordability
Know your comfort zone and how much you want your monthly payment to be. A mortgage calculator will help you know how much a home price equals to per month (approximately) Many things go into how much home you can afford, so the next step is crucial.
Step 3: Get Pre-qualified and pre-approved with a lender.
Before you start to physically look for homes you will need to get in touch with a lender to see what you actually qualify for. Working with the right lender can make all the difference – I’m happy to share my preferred lender info with you. Lenders will ask for some items such as (W-2 s, paycheck stubs, bank account statements, etc.) Some lenders have it set up so you can fill out an online application. There are some 100% financing and zero down programs – just Ask your lender if you qualify for them. You might be surprised at what’s available. Also make sure that you DO NOT make any new purchases on credit during this process.
Step 4: Choose your Realtor
You could choose to try to find a home on your own but most buyers prefer to work with a realtor. Agents are in the market of home selling and buying every day and it’s to your advantage to utilize their services – which are paid by the seller. If you don’t have a relationship with a realtor, ask for referrals from those you know who have bought a home recently. Check their availability and communication style and look for reviews on google.
Step 5: Shop for home and make the offer!
Start touring homes in your price range. Take notes on each home – write down what you loved and didn’t love about the home. Check out the neighborhood, the Distance to and from work, shopping, schools. While you have the decision to buy a home or not, Your agent should be pointing out advantages or disadvantages to each home. When you find a home that checks the boxes, write the offer!! Keep in mind if you were the seller, how would you feel about the same offer on your house. Of course everyone wants a bargain but be reasonable when making an offer.
Step 6: Due Diligence
For your protection, get that inspection!! Inspections are not mandatory but they are highly recommended and well worth the money. It also helps you to negotiate a better deal if something is in need of repair. Keep in mind when purchasing an older home, it is not going to be a perfect house and some repairs might be needed. Due diligence is your time to research and test for anything that is important to you as a buyer like soil tests, meth, mold, termites, sewer line, etc.
Step 7: Appraisal
Lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with the lender. The appraiser’s job is to determine if the price you’re willing to pay for the home is worth that much based on precise information on other homes that have sold recently that are similar to yours.
Step 8: Settlement & Closing day!
On closing day you will sign all of the paperwork in front of an escrow officer or notary. After you sign your lender will fund the loan – Some lenders will fund the same day. The sellers sign their paperwork and then we wait for the home to record with the county in YOUR name! This process varies so check with your agent on your specific timeline. Once it funds and records, you can have the keys and access to your new home. Congratulations. I would love to help you with this process so please don’t hesitate to call, text, or email me!
If you have any questions, please contact me today!