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How to Actually Buy Your First Home

December 19th, 2016

How to Actually Buy Your First Home

Whether you’re searching for luxury homes in Las Vegas or just want a quaint place to call your own, buying a home can be one of the most trying experiences in a person’s life.

Start enjoying life in your new home by following these tips.

1.) Secure Financing

This is perhaps the most important step when actually purchasing a home. Unless you’re a cash buyer you’re going to want to meet with a mortgage lender to determine how much home you can realistically afford. Having a pre-approval letter is a great advantage because it shows perspective sellers that you’re serious about your offer to buy and you have a commitment from a bank to finance the purchase.

2.) Hire an Agent

Your typical real estate transaction is much more complicated than a standard offer and acceptance. It is a maze of pricing, negotiations, appraisers, inspectors, escrow agents, title researchers and insurance assessors who have to perform in cohesion before a home can be sold. The right buyer’s agent should guide you through on this journey with skill, knowledge and professionalism, providing you with peace-of-mind and an assurance that your needs are being looked after. And it doesn’t hurt that a buyer’s agent is free (because it’s the seller who pays their commission).

3. Begin Searching for a Home

With financing secured and an agent on your side, the search for your new home can begin! However, before you jump in your car you need to inform your agent of your particular needs and wants. Don’t be afraid to be specific either. Any information detailing your desires of a certain floor plan, particular amenities or location of town is only going to help streamline the process by ensuring that your agent only shows you the homes that suit your criteria.

4. Make an Offer

Now that you’ve found the home of your dreams it’s time to make an offer. It’s important to remember that just because you make an offer doesn’t mean that this is a done deal. The seller has the option to accept, decline or counter your offer, so it’s important to stay composed and approach this step knowing that anything can happen.

Remember, your agent has the has the fiduciary duty to act on behalf of your best interest. This means that they should research a market appropriate offer, negotiate in good faith on your behalf, and keep you informed of any and all pertinent information.

5.) Perform Due Diligence

Once you’ve reached an agreement with the seller, due diligence is the period in which you really learn about the home and any of its hidden secrets. The due diligence period allows the buyer to inspect the home for any defects that were not disclosed earlier in negotiations.

Performing an effective due diligence will require you to hire a certified home inspector to inspect the home’s main structures and systems, such as the roof, electrical, plumbing, heating and cooling, water heater and appliances. This is money well spent as the inspector’s findings allow you to, in writing, request that the seller either make the repairs or compensate you for the cost of the repairs. In situations where damage is extremely severe, you may choose to walk away from the deal.

6.) Closing the Deal

This is the final stage of the home buying process! However, before you can officially get the keys to your new home, the lender will conduct a final analysis of your credit and review the results of the appraisal. During this process, it is important to keep your finances in line and ensure you have the funds for closing. Your agent will keep you up-to-date on the status of this final step, so you can rest easy.

On the day of closing you will finalize your mortgage, record the transaction, pay closing costs and transfer title from the seller to yourself. Once all of that is complete, you’ll officially be a proud homeowner.

You’ve done it! You’ve secured financing, hired the best Henderson real estate agents, found your dream home and closed the deal!

Contact Gore Group Realty to buy your new home today.

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