A STEP-BY-STEP BUYER’S GUIDE
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. Whether you’re a first-time buyer or a buyer who hasn’t purchased a home recently, you need to know what to expect during the process. This step-by-step buyer’s guide will help reduce the stress of buying a home in southern Oregon and help you enjoy the journey as much as possible.
STEP 1: RESEARCH
Do you already know where you want to buy? Have you decided on the type of home that works best – single-family home, condo, or a home on rural property? Have you listed features you like and dislike? Are you aware of what’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
STEP 2: DECIDE ON YOUR BUDGET
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
STEP 3: GET PREQUALIFIED
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
STEP 4: CHOOSE A REAL ESTATE AGENT
Can you shop for, look at, and ultimately make a offer on a home without a real estate agent? Technically yes, but why would you when a dedicated agent like me can take much of the stress of a major purchase off your shoulders? Not only will I help identify properties you might be interested in, arrange showings and ultimately handle the offer process, but also I have knowledge of the local market that you may not possess. Finding the perfect home can be a daunting task, and this is where my expertise comes into play. Let me show you around some homes that meet your dream home criteria so you can find the one that’s right for you.
STEP 5: FIND THE RIGHT HOME
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 desired 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 see how close schools, grocery stores, and other necessities are to the home. Visit the area at various times to see what traffic and the parking situation are like.
STEP 6: MAKE AN OFFER
Once you have selected the perfect home, we’ll work together 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 trend is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will help you negotiate if you receive a counteroffer in order to reach an acceptable agreement. After your offer is accepted, the house will go into escrow.
STEP 7: HAVE THE HOME INSPECTED
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.
STEP 8: SELECT YOUR LOAN
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and finalize your choice of mortgage. Your lender will have presented you various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
STEP 9: GET A HOME APPRAISAL
As part of the loan process, your lender will have your new home appraised so they have an independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
STEP 10: FINISH PAPERWORK
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 I will work with them to ensure you meet all deadlines. After signing the final paperwork to complete the purchase, it may take a few days for your loan to be funded once the paperwork has been returned to the lender.
CONGRATULATIONS!
Once the title company sends the purchase funds to the seller, the transaction will be recorded with the county to make the sale official. When recording is complete, you’ll know you are the legal owner of the house and will then be all set to move into the home of your dreams!
Work With Amanda
If you are interested in buying or selling property in Curry County, OR, please reach out to me any time! I would be honored to help you in any way.
