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. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? 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.
Notice we 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.
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.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.
This should be the most enjoyable step of the entire process (other than moving in!). We will arrange showings of homes you’re interested in that are within your 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 keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent 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 environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
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. We 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.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with 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.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
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, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
access to compass private exclusive inventory
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Who Says You Only Have One Chance to Make a First Impression?
Listing your home as a Private Exclusive extends your marketing runway and signals to buyers working with Compass agents that new inventory is coming. Drive interest with exclusive marketing and gain insights before launching to the public.
Boca Raton Real Estate Agents
David Hall
(561) 508-1310
[email protected]
Sonia Hall
516-526-1090
[email protected]
Avoid the negative impact from accumulating days on market and public price drops. Listing as a Private Exclusive gives you feedback from buyers on your aspirational price and positioning.
Private Exclusives allow you to market your home to buyers prior to investing time or effort into preparing it for the public.
Build early demand for your home before it hits the public market. Just like a movie trailer, a Private Exclusive signals to buyers that something is coming, weeks or months in advance.
Private Exclusive creates two separate opportunities to launch your property: first on Compass.com, and then later when the listing goes live on the MLS and aggregate sites.
Your privacy is valuable. Private Exclusives ensures that photos and floorplans of your home are only shared with Compass agents and their qualified clients - details are not visible on public home search websites.
"My clients and I tested an aggressive price as a Private Exclusive on Compass. Another agent brought buyers to see the home and they submitted a full price, all cash offer within days. My clients said this was the easiest, no hassle sale they’ve experienced!"
David S & Victoria H, Agents | San Francisco Bay Area
Working with a Compass agent grants you access to privately listed inventory before the rest of the competition.
Avoid bidding wars with other buyers and prepare the offer that makes the most sense for you, with expert guidance from your Compass agent.
If the home you buy is publicly marketed, the photos can be found on the internet for years to come. Avoid that and preserve your discretion by buying a Private Exclusive.
Private Exclusives may not be available in all markets, and availability is subject to change. Private Exclusives, inclusive of pre-marketing and listing strategies, are at the discretion of the seller. They are only visible to buyers and the Compass agents representing them in that market. Compass does not recommend one particular strategy or guarantee results. #1 in 2023 closed sales volume in the US per RealTrends.
Why you should hire us as your Buyer’s Agent!
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Our commitment, experience, loyalty and dedication are paramount to our success, and the only way we conduct business. Together, we’re tirelessly passionate about getting the best results for buyers and sellers, while offering first-class professional concierge service through every step of the process.
HALL LUXURY HOMES GROUP
David Hall
(561) 508-1310
[email protected]
Sonia Hall
(516) 526-1090
[email protected]
101 N Federal Hwy Ste 501 Boca Raton FL 33432
