BUYER'S GUIDE

Step-By-Step

FIRST TIME BUYER'S GUIDE

Purchasing a home is a thrilling milestone in your life. To get ready for this experience, it's crucial to understand what the process involves. This guide for first-time buyers, put together by your agent, is designed to minimize the stress of buying a home and make the journey as enjoyable as possible.

STEP 1

RESEARCH

Do you already have a location in mind for your home purchase? Have you decided whether you prefer a condo, townhome, or single-family home? What features are on your must-have list, and what do you want to avoid? What's currently available on the market? If you don't have answers to these questions, now's the time to start gathering information. Besides exploring homes that catch your eye, pay attention to fluctuations in asking prices. This could provide useful insights into housing trends in different neighborhoods and guide you when you're ready to make an offer.

STEP 2

BUDGET

Often, a lender will pre-approve you for more than you're comfortable spending, so it's important to establish a monthly payment you're okay with before meeting with a lender. This typically involves creating a detailed household budget and considering any changes that will happen once you move into your new home. If you've been living in an apartment or with roommates, you might not have factored in new costs like garbage collection, water, or HOA fees, which could significantly affect your budget.

STEP 3

PRE-QUALIFICATION

Even if you believe you can manage a certain monthly payment, it doesn't guarantee that a mortgage company will agree. Just as lenders might approve you for more than you’re comfortable with, they could also offer a smaller loan or deny you altogether. Reasons could include short job tenure, insufficient credit history, past bankruptcies, or other financial issues that might create hurdles in obtaining a mortgage. Before you set your heart on a particular home, it's crucial to consult a mortgage professional to understand what loan amount you can qualify for. Having this information can also be helpful when making an offer, as some sellers won't consider offers from buyers who aren't prequalified for a loan.

CHOOSE AN AGENT

STEP 4

Can you shop for, view, and even make an offer on a home without a real estate agent? Technically, yes, but why would you want to when it costs you nothing to have an agent like me handle a lot of the hard work for you? I can help you find properties that fit your needs, arrange tours, and guide you through the offer process. Plus, I have insider knowledge of the market that you likely don't. Finding the ideal home can be overwhelming, and that's where my experience and deep understanding of real estate come in handy. Let me help you navigate the process and show you homes that could be your perfect match.

WHAT OUR CLIENTS SAY ABOUT US

Suzanne Zuniga

Exceptional experience with The Key Team! Their team, led by Chris Newman and Hugo Vega, demonstrated unparalleled professionalism and expertise throughout my home-selling journey. They listened attentively to my needs and preferences, guiding me seamlessly through every step of the process. Their dedication and commitment to ensuring client satisfaction are truly commendable. I highly recommend The Key Team to anyone searching for a top-notch real estate team!

Sherry Johnson

Hugo Vega is an amazing realtor to work with. He helped us sell our home, and did a great job. Hugo is very knowledgable and has great experience. He was able to answer questions every step of the way and was always available. Hugo was very professional, but also made us feel like family. I would highly recommend him as your agent.

Michael Parker

Chris helped me buy my first home. He was very knowledgeable about everything through the entire process from how to search to what to look for in inspection reports. Chris's positive attitude and easy-going nature kept the motivation high through the search and I greatly appreciated his responsiveness. I can see how buying a home can become overwhelming, but Chris kept it manageable for me. I will be referring my friends his way.

Brooke Webb

Chris recently helped us purchase our first home! He was there every step of the way and made the home buying process easier for us. He took the time to show us ALL the houses we were interested in and really listened to what we liked and did not like in a home. His patience and positive encouragement that our dream house was out there were very reassuring. He was very attentive to all details and ultimately helped us find the perfect house that fit all our needs.

Brea Williams

Hugo helped us sell our home. He is absolutely the best person and real estate agent. He would go beyond the "normal agent" duties and would make sure we were happy every step of the way. Our home was not the most beautiful home but he helped us make some improvements before putting it on the market. Since he did that I am positive we got more for our home then expected.

FIND A HOME

STEP 5

This part should be the most enjoyable in the whole process (besides moving in!). We'll set up showings for the homes that catch your interest and fit your budget. As you visit these homes, take notes on what you like and dislike, and be sure to check the details. Test the light switches, open and close doors, and turn on faucets in various rooms. Don't restrict your inspection to just the home—be sure to explore the neighborhood, too. Look at traffic patterns during different times of the day, assess the parking situation, and consider how close the location is to schools, grocery stores, and other essentials.

STEP 6

MAKE AN OFFER

Once you've found your ideal home, collaborate with your agent to create a reasonable offer based on the value of similar homes in the market. Depending on the listing price and whether it's a buyer's or seller's market, your offer might be below, at, or even above the asking price. As your agent, We'll help you negotiate if a counteroffer comes through and work with you to reach an agreement. Once you and the seller agree on the terms, the house will enter the escrow process.

STEP 7

HOME INSPECTION

In most situations, your offer will be contingent on a home inspection to check for major structural issues or significant repairs that may be needed. We can assist you in setting up the inspection, which can typically be scheduled within a few days after you make your offer. If the inspection reveals no major problems, the process proceeds to the next step. If issues do come up, you have the option to renegotiate the terms of your offer to account for the necessary repairs or, if the problems are severe, to withdraw your offer entirely.

STEP 8

LOAN SELECTION

This is the time to return to the mortgage lender who pre-approved or pre-qualified you to finalize your loan. You'll have several mortgage options to consider, depending on your financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs like VA loans or FHA loans. Collaborate with your lender to select the mortgage that suits you best.

STEP 9

HOME APPRAISAL

Your lender will arrange for an appraisal of your new home to get an independent assessment of its value. The appraisal is to make sure that everyone involved—lender, buyer, and seller—agrees on a fair price for the property.

STEP 10

FINISH PAPERWORK

CONGRATULATIONS!

Once you sign the final paperwork to complete the purchase, you're officially the owner of a new home. It may take a few days for your loan to be funded after the paperwork is returned to the lender, but once the check is delivered to the seller, you're all set to move into the home of your dreams.

WORK WITH US

Our primary focus is on delivering outstanding service and experiences to every single client. Clients choose us because they expect the very best in the industry.