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- Own Your Dream
There are many things that can hold potential buyers back from buying a home. Many young people today have expensive student loan payments or damaged credit scores. Some don't have the money for a down payment and others are not ready to settle down in one place. No matter the obstacle you may face, we have some helpful tips and solutions to walk you through the process.
Getting pre-approved is one of the most important steps in buying a home for a variety of reasons. By going through the mortgage process up-front, you will know exactly how much house you can afford. Getting pre-approved makes you "ready to buy" and will allow you to write a confident offer on a listing when you find one you want to purchase. It also prevents you from falling in love with a home you can't afford and can even give you leverage should you enter a multiple offer situation where you will compete with other buyers for the same home.
During this process, the lender will start by pulling your credit report. You can get started now by gathering your W-2 wage statements, 1099s, recent pay stubs, bank statements, and statements from Individual Retirement Accounts and 401(k)s and other assets that show you have the resources to buy a home.
To get pre-approved, contact one of our mortgage lenders at First American Mortgage.
Curious to see how much you can afford? Our Home Affordability tool will estimate what monthly payment you can afford and will recommend active listings that fit the bill.
We recommend setting up an account where you can setup your own search criteria anytime you like. You can also make changes to it as often as you like so that you are in control of your own search. Homes that meet your criteria will be suggested to you as a "match." From this point you can choose to save your match as a "favorite" or you can remove it from your matches. This account makes it easy to save and track your favorite homes. You will also be notified of upcoming open houses and price drops and new matches!
When you're ready to start looking, your REALTOR® can show you any home on the market. And since they work on a commission, make sure you drop their name when visiting any open houses.
It's important to find the right REALTOR® at the beginning of the process. After all, you wouldn't go to court without a lawyer! Your REALTOR® will be there to walk you through every step of the way. They will work to find the right home for YOU and will negotiate on your behalf. Oh, and did we mention the paperwork? You will find that buying a home comes with loads of it and your REALTOR® will help you fill it out correctly. The best part is, as a buyer, it doesn't cost you anything. REALTORS® work on commission and will get paid out of the fees the seller pays to sell their home.
Want to learn more? We highly recommend asking your REALTOR® to do a buyers' presentation and workshop with you. This presentation will show you in more detail what you can expect throughout the home buying process.
This is undoubtedly the most fun part of the process, but at times it can be a little overwhelming and even a bit frustrating. Writing down a list of priorities in a home before you start looking can keep you focused during the search.
You can find homes for sale in the Dayton, OH area by going to ColdwellBankerDayton.com.
Once you have found "the house," you will want to write an offer quickly (this is another reason why it's important to be pre-approved!) Your REALTOR® will help you with all the details.
There may be some back-and-forth offers between you and the seller before you come to an agreement. Negotiations cover items such as the selling price of the home, whether or not closing costs will be paid and what items will stay with the home such as window treatments or appliances. This can be an exciting, yet stressful time and requires some patience.
An accepted offer means you are officially "under contract" for the home. The good news is, at this point no one can buy the house out from under you! However, it's not a done-deal yet...
It is recommend you hire an inspector to point out any current (or future!) problems with the home. This can save you a lot of money and headaches later on. Certain loans may even require you to get an inspection.
Any problems needing to be fixed will need to be negotiated with the seller unless you're buying a home being sold "as is." (Often this includes HUD or short sale homes.)
Take a look at our Concierge program for trusted inspectors.
Once the closing is finalized, you will officially be a home-owner.
Be sure to check out our Concierge list of recommended professionals for a variety of problems you may run into, or updates you want to add to your home such as remodeling, flooring, painting, etc.
We also recommend revisiting your account from time to time to keep track of homes for sale in your neighborhood. Now that you're a homeowner, you will most likely be curious about the surrounding home values!
Find current homes for sale that are affordable to you.
Get some helpful tips in getting past the barriers of buying your first home.
Find out if it is better to rent or buy in your case.
Contact us for more information and help.
Start the steps over.