The home buying process can be complicated. Just the thought of working with lenders, going to showings, negotiating the deal, reviewing disclosures, conducting inspections, and understanding purchase contracts can make you feel overwhelmed. There has to be a better way! Well, now there is! Introducing my F-ing Home Buying System: F-und, F-ind, and F-inalize ***Patent Pending (not really)***.
As the old adage goes, “There’s no such thing as a free lunch.” Well, there certainly aren’t free homes either. You need to secure funding for your purchase. Are you paying all cash? Do you need a lender to finance your purchase? Have you calculated closing costs? Regardless of how you are going to pay for your new home, it is important you get funding figured out first. So many potential homebuyers make the mistake of looking for a house before they figure out how much they can afford. They find the perfect home only to find out they can’t afford it. Save yourself the time and heartbreak. Figure out your funding first.
Now that you have your funding in order, it’s time for the fun part: finding your dream home. The internet completely changed the home buying game, and gone are the days where a Realtor would schedule day-long showing marathons. Most of my clients prefer to house hunt online. Once they find a property of interest, I conduct research on the house. If everything looks good, we will go look at it in person. Even though this is the fun part, it can quickly get exhausting if you are looking at every house that comes on the market. Figuring out what your dream home looks like is a very personal decision. Start by listing must-haves and deal-breakers. Remember, it’s easy to confuse needs with wants so dial in on features you absolutely can’t live without. You should also concentrate on structure over style. You can easily change the flooring, wall colors, cabinets, and countertops. On the other hand, making structural changes, like adding a room, breaking down walls, or changing the layout, are very costly projects or may be impossible. Once you find the right home, it’s time to put in an offer. There’s a delicate balance between paying as little as possible and missing out on the deal. You have to know the market so you can make an informed decision about what to offer and develop the proper negotiating strategy.
You found the perfect home and your offer was accepted. Don't celebrate just yet. Once you open escrow, the real work begins. Most purchases have a 30 day escrow period with a number of built-in deadlines to finalize your financing and conduct due diligence. If you’re financing the deal, the lender’s underwriting department is going to request a number of documents to verify your income, credit, and financial history. The seller is going to send you a number of disclosures that you need to review and acknowledge. Finally, you have to complete all your inspections and determine which repairs you want to request from the seller. There are a lot of moving parts to finalize the deal. Your real estate professional should help you prepare so you know what to expect and help the process go smoother.
Contact me if you have any questions about the home buying process or my F-ing System. I'm happy to help any way I can!
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