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 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.
Our goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. We are dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.
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.
Been my parents’ realtor for years having bought and sold numerous properties and is now my realtor. Stand up guy and pleasure to work with.
I am a referral agent with Coldwell Banker and was thankfully referred by a realtor friend to Joe Murphy at CB. He was amazing to work with and he found us the community and lot of our dreams. He is not only extremely professio...
Realtor Extraordinaire! I am pleased to recommend Joe Murphy, associate with Coldwell Banker, as a realtor for your home. I interviewed three agents before I chose Joe, and his expertise in my community was evident from our fir...
I had the pleasure of working with Joe Murphy from Coldwell Banker in Sarasota, Florida, and I can’t speak highly enough about the outstanding service he provided. From our first conversation to the final closing, Joe was profe...
Thanks Joe, for selling our house in Lorraine Lakes in Lakewood Ranch. I am glad to recommend you and your team to others. We appreciated your good communications and skillful navigation of the tricky market at the time, in fac...
Joe Murphy and his team were absolutely a pleasure to work with. Excellent communication, very attentive to my needs, and extremely supportive throughout the whole process of purchasing my home. I had the pleasure of working wi...
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The best decision you can make is picking Joe Murphy as your real estate agent. First time homebuyer and the process was easier than ever. Joe will always influence you in the right path in buying your dream home. Not to mentio...
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Was introduced to Joe by our neighbor and he came in and did an amazing job! Professional photography and promoting the property. Market was tough, but he got it done!! His knowledge and guidance was extremely helpful to make t...
Joe was an amazing realtor he sold me my first house as a 22 y/o, in Central Park. He helped me get a great deal on it and it’s absolutely perfect for me and my fur babies. I met Joe through my parents when they bought a house ...
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I was a buyer and found working with Joe to be a great experience. He expanded our horizons and we ended up purchasing in an area we hadn’t looked into at all. He successfully negotiated our deal on a highly competitive propert...
Joe Murphy was extremely knowledgeable and was a great help when buying my first Florida home. He was an expert in his craft and could not recommend him more! I am extremely happy with how professional and experienced he was.
Exceeding expectations, and providing professional real estate service is the goal. Joe Murphy's Team integrity and team approach assures your complete satisfaction. Simply ask any of our clients.
