First Time (or 10th Time) Home Buyers

So you’re going to buy a home!  Congratulations.  Buying a home will be one of the most important decisions you make in your life. It can be daunting, but at Washburn Real Estate, let us guide you through a smooth, professional transaction. Here are some quick tips to buying your first home.

Phase I.  Preparation.

  1. Select a Realtor. They will be working for you.  Using a Washburn Real Estate REALTOR will save you time, money, and they will help you find your ideal home.  They do this every day.  They will get you on the right track.
  2. Select a Lender. They will be working for you.  They will be able to tell you how much you should expect to put down for the house, and how much of a home you can afford.
  3. Get a letter of pre-approval.Buying a home is like elephant hunting. It may take awhile to find your dream home, but when you do, you need to be ready to act QUICKLY. Having a pre-approval letter at your disposal will help you stand apart from other offers.
  4. Set your budget. It’s easy to go for the most expensive home on the list. But remember, you have to pay for it! Save yourself time, money, and gray hairs. Live within your means! Don’t waste your own time looking at dream homes you can’t afford.
  5. Select your location. Schools, transportation, parks. All very important variables to consider in your home search. Select your location where you want to be. Don’t beat yourself up by driving all over the state in search of a home you love, but a commute and neighborhood you don’t.
  6. Decide FOUR ESSENTIALS that you must have in your home.  Yard?  3-car garage? 3 bedrooms?  Swimming pool?  Don’t waste your valuable time looking at homes with only 2 bedrooms when you need 4 bedrooms.

Phase II.  Finding.

  1. Digital Shopping. With over 15,000 homes for sale in Utah, the best place to start is usually your computer. We will help you set up your own MLS (Multiple Listing Service) account, and you can click through thousands of properties and view virtual tours, maps, and calculators.
  2. Driving the Neighborhoods. Real Estate Agents will never be replaced by technology. No matter how good a home looks online, you have to go to the home to really see what’s up. Neighborhoods, foundations, locations. It’s essential to have an expert working for you.
  3. For Sale by Owner. A lot of people try to sell their home on their own or try to buy a home on their own. You could save money. Then again, you could lose your shirt when the attorneys get involved. You wouldn’t give yourself a filling when you get a toothache, would you? Trust our qualified agents at Washburn Real Estate to help you make the best educated decision possible when purchasing your home.
  4. Market Research. When it comes right down to it, the best way to find your home is to go look at homes! Let us help you become an expert on the inventory and what entails a good deal. We’ve found that the magic number is 20. If you look at 20 homes, you should find one that fits your needs. Scheduling viewings with REALTORs and homeowners is daunting. What have other homes in the neighborhood sold for? Leave it to us to do the heavy lifting.

Phase III.  The Offer.

  1. Make the offer. How do you make an offer? How do you know how much to offer? When will we know if they accept our offer? All vital questions in your real estate hunt. Making a good offer is vital, and we’ve made thousands of offers, and more importantly, we’ve learned how to get the best properties.
  2. How to back out, or Contengencies. A lot of things can happen after you make your offer. Let us help you to protect yourself in the offer process. It’s OK to change your mind! (If you have a good contract!)
  3. Negotiate the offer. What about closing costs? Appraisals? Inspections? What if we find something in the inspection? What if the sellers counteroffer? How do we cover all of our bases. Even if you were a dentist, you wouldn’t give yourself a filling, would you? Don’t try to make the most important financial commitment of your life on your own. Let Washburn Real Estate agents do it for you.
  4. Offer acceptance, “Under Contract.” When buyer and seller sign the contract, those pieces of paper are binding! Congratulations. But there is still a lot of work to do after the contract is accepted.

Phase IV.  Due Diligence.

  1. Schedule the inspection.
  2. What if there are problems with the property that you didn’t see on your initial viewing?
  3. Make repairs.
  4. Schedule the appraisal.
  5. Adjust value.
  6. Complete loan process.

Phase V.

  1. Sign documents.
  2. Get keys!

Phase VI.  Homeownership.

Congratulations!  You are a homeowner. This is where the real fun begins. Head on over to our sister blog at www.HomesInOrder.com and see for yourself how you can save $100,000 or more on your life’s most important investment.

Homes in Order the Book