For many people the idea of purchasing your first property comes with feelings such as excitement, stress, growing up, & a bit overwhelming. The first time buyer advice below will help to clarify things as we know this is likely one of your first major financial investments and want all of our friends & clients to be well educated before, during, and after the process!
Find a Real Estate Professional
The first step in the process is to select a trusted real estate professional to guide you the process. You will need to select someone who understands the market as well as your needs. As a first time home buyer you will want to have an initial consultation with your realtor to become educated on what happens in a real estate transaction & the language of real estate, understand what to expect from your realtor, discuss your needs, and to finalize lending needs to purchase a home.
Legacy Real Estate Group provides free home buying consultations and can gladly put you in touch with a trusted local lender to ensure your first transaction is a smooth process!
Request a Pre-Approval Letter
If you have a local lender you would like to use you will contact them to obtain a pre-approval letter. If you would like contact information of trusted local lenders Legacy Real Estate Group works with, we can gladly supply you with that information and allow you to choose the best fit for yourself. A lender will help you evaluate the upfront cost, fees, & recurring expenses of home ownership. This will also allow your Realtor to know what budget you need to stay within. Lastly, you must a have a pre-approval letter before seeing homes and before submitting an offer in the current high demand market.
Viewing homes is one of the most exciting steps in the home buying process! It is crucial that you only view homes within your budget. Additionally, we recommend seeing a maximum of 6 homes; this is to keep you focused and saves your valuable time while making the process much less stressful for yourself.
Submit an Offer
Once you have found a home that you are ready to move forward with you will speak with your agent, agree on terms of the offer, and your agent will submit your offer to the selling party. Your trusted real estate professional may provide advice on contracts and negotiating with the seller, but they can not make any guarantees on future home value or practice law. If you are ever feeling overwhelmed by the contract and would like to seek legal advice we recommend you do so as it is important you understand the conditions of a contract before signing.
Have an Inspection
Once your offer is accepted you will officially be ‘under contract’ during the first days we highly encourage having a home inspection done. The home inspection will allow you to learn about the condition of the home & if there are any issues you should be concerned about or negotiate with the seller. Inspections do not address the price of the home but if a problem is uncovered in the inspection report sellers may agree to address the issue, discuss price concessions, or nothing at all. Keeping a good relationship with the sellers & listing agent while keeping the mentality of win-win for both buyer & seller in mind can lead to more successful discussions and negotiations!
Prior to closing you will have the opportunity to walk thru the home one last time to ensure there are no problems that have not been addressed. If anything does arise you can negotiate prior to closing.
Closing On Your New Home
The big day! To close on your new home you will need to bring a legal ID as well as certified funds for any amounts due. Once the closing paperwork is submitted to the registry and funding goes through, the property is officially yours!
Post Closing Checklist
When you work with Legacy Real Estate Group we keep you in mind after the transaction closes. We provide you with a post-closing checklist that gives you a breakdown of what to do now that you own your home!
Additional First Time Buyer Advice
The home buying process is best understood through our free initial consultation. Contact Nicole Visser at 512-925-6172 or nicole@LegacyRealEstateGrp.com
Before finalizing your plans, speak with us for accurate information on the real estate market. Only with accurate data will you truly make an informed decision!