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 guide together with your real estate professional will help you enjoy the experience and reduce the stress.
Finding the perfect home can be a daunting task. Partnering with a knowledgeable real estate professional to help you through the process can empower you to make informed decisions. The Sullivan Realty Group brings over 70 years of combined experience, and is dedicated to helping you find your dream home.
Purchasing a home is a huge financial decision, and you must take into consideration how much you can reasonably afford - or want to pay - for your monthly mortgage payment. Before talking to a lender, work up a full household budget to determine how much of a mortgage payment you can swing. Don’t forget new expenses you may not currently pay, such as trash fees, utilities (water, sewer, electricity, etc.) HOA fees, and yard care.
Now that you know how much mortgage you can afford per month, it’s time to talk to a mortgage lender. Your pre-approval tells you how much of a mortgage you are approved to apply for, and it’s also an advantage when you make an offer on a home. Many sellers won’t entertain offers from those who aren’t pre-approved. It’s important to remember that a lender may approve you for a much higher amount than you can realistically afford, or even less than that amount. They could also deny your pre-approval altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can be roadblocks toward your pre-approval. If you need recommendations for a mortgage lender, please reach out to one of our team members!
The next step is to start narrowing down exactly what you want and can get in a home. This includes your ideal town and neighborhood, the number of bedrooms and bathrooms you need/want, how big of a backyard you need, deciding if you are okay with living on a main road, and other must-haves and can-live-withouts. We will work with you to find a home that suits all your needs and wants.
An exceptional client experience is our goal every day, every client, every transaction.
Now it’s time to shop! Based on your list of needs and wants, we will arrange showings of homes you’re interested in that are within your price range. As you look at houses, it’s important to pay attention to the details and take notes of all the things you like and don’t like. You can even go as far as turning light switches on and off, opening and closing doors, and running faucets in various rooms. It’s also important to explore the neighborhood, check the vicinity to schools and grocery stores, and keep an eye on traffic at certain times of the day.
Once you find the perfect home, we will work with you to craft an offer. The amount you offer can be based on multiple factors such as comparable homes on the market, if the current environment is a buyer’s or seller’s market, your budget constraints, and how much you feel comfortable paying for the particular house. Your offer may be below, at, or even above the asking price. If needed, we will also help you negotiate if you receive a counteroffer.
Many buyers choose to include a home inspection contingency in their offer to ensure there is no major structural damage or large repairs needed. This is usually scheduled within days of having your offer accepted, and we can help you arrange this. If there are no major issues, the process continues to the next step. If any issues are identified during the home inspection, you can negotiate your offer or withdraw it. Home inspections can take anywhere from 3-4 hours, depending on the size of the home. You as well as your Realtor will be present.
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 with which you feel most comfortable.
Your lender will have your new home appraised so they have their independent value of it. This is to ensure the lender is not giving too much for the home, and that you, as the buyer, are paying a fair price.
Once all of the above steps are complete, you can officially “close” on your home, which means sign all the required paperwork (there is a lot!). Your lender and title company will arrange the closing, and when you are finished, you’ll be the legal owner of your new home!
You did it! You are now a homeowner. There are so many exciting adventures ahead. Our relationship doesn’t end here. It’s now time to make this new space YOURS. If you need recommendations for any professional services to keep your home running smoothly and looking great, you can contact us. We have dozens of connections to reliable and trustworthy service professionals who can help. Reach out any time!
We're experts in marketing, negotiating, and problem-solving. As your advocate, our proven marketing plan and strategies for success can help make your real estate experience a positive one. We have successfully negotiated hundreds of transactions and helped countless home buyers and sellers.
