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sales representative
NICK
MARANDO
BUYER'S GUIDE
Buying a home is one of the most exciting milestones in life. To prepare yourself, you need to know what to expect during the process. Nick's step-by-step buyer’s guide will help reduce the stress of buying a home and make the journey seamless and enjoyable.
STEP-BY-STEP BUYER'S GUIDE
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features you like and dislike? What’s available on the market now? Doing research upfront is the critical first step. 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 give you a sense of the market dynamics.
RESEARCH
STEP 1:
Notice I 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. Ensure to take into consideration all expenses like property taxes, maintenance fees (if applicable), home repairs, etc.
DECIDE YOUR BUDGET
STEP 2:
Even if 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 help strengthen your offer on a home, as you can showcase to the seller that you already have pre-qualified financing.
GET PREQUALIFIED
STEP 3:
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 an agent like me to take much of the stress off your shoulders? As my client, I will help identify properties you might be interested in, arrange showings, connect you with third party professionals you may need (i.e., lawyer, mortgage broker, etc.), handle the offer, negotiate, and protect your best interests throughout the entire process. I also have access to market information that you may not, which may help to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.
CHOOSE YOUR AGENT
STEP 4:
This should be the most enjoyable step of the entire process (other than moving in)! I 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.
FIND THE RIGHT HOME
STEP 5:
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 market dynamic is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I 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.
MAKE AN OFFER
STEP 6:
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. I 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.
INSPECT THE HOME
STEP 7:
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, such as 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.
SELECT YOUR LOAN
STEP 8:
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.
GET AN APPRAISAL
STEP 9:
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 lawyer and, when you’re finished, you’ll know you are the legal owner of your new home.
FINISH PAPERWORK
STEP 10:
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.
CONGRATULATIONS, YOU NOW OWN A HOME!
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