So you are starting to think about buying a home. Here are the basics to get you stated.
1. Organize your finances.
Look at your current income, bills, savings, etc, and organize this into something you can easily reference. If you are handy with a spreadsheet this is the best way to get everything in one place. What you want in the end is an accurate document of your current budget.
2. Contact a lender.
The best place to start may be where you bank. But be aware that not all lenders are the same. They all have different options for loans; some have more for first time homebuyers, others for low interest rates for people with outstanding credit ratings. So don’t get discouraged if a lender acts like they cannot help you. Another one may have the perfect plan for you. Your REALTOR can help you find one too which leads to the next step.
3. Hire a REALTOR.
Actually you find one to represent you. We are paid buy the seller with the home you ultimately purchase. But we still represent you and you only so you are really hiring us to help you. Most agents will ask you sign a Buyers Agency form that formalizes that we represent you in real estate transactions. Once you choose one, use them exclusively because if you jump around from one to another, none of them will be that interested in really helping you. So remember, loyalty is important!
4. Start looking for your new home.
Now you have your team assembled with your lender and REALTOR working together with you so now you can start looking for you new home! Your REALTOR will talk with you on your needs and desires and help you in your search. Then when you’ve got a list of possible homes, they will take you to see them, pointing out items of interest in each home based on previous discussions. When you find that perfect home, they’ll guide and represent you in negotiations with the seller. They’ll be there to work with you on the inspection, providing lender information on the home, all the way to the completed purchase (known as the closing).
For more information call The Derrick Team today at 317.563.1110, even if you are still at step 1!