HOME BUYERS: What to Expect
Buying your first home? Have some experience, but need a quick refresher?
The key to a successful home buying experience is understanding what’s involved. That’s where your Doylestown real estate agent, Lisa Povlow, comes in. Lisa will take the time to make sure you understand each step of the process for a stress-free home buying experience.
Here’s a general overview of what you can expect:
1. Meet With Lisa Povlow, Your Weichert Agent
At this initial consultation, your Lisa will walk you through the home buying process. From understanding interest rates to the current state of our local real estate market, she will ensure you come away from the meeting with feeling more confident and better informed. Lisa will also gather your financial information to determine how much you can afford to spend on a home as well as help you hone in on your wants and needs for a more effective and productive home shopping process.
2. Get Pre-Approved For a Mortgage
Lisa Povlow is not only highly trained in real estate transactions, but also has a sound understanding of the mortgage industry. With her extensive knowledge of available loan products and offers, Lisa will identify the lender and loan product that best suit your unique financial situation. Getting pre-approved for a mortgage before an offer is made is a must. Your mortgage application will include running your credit score and assessing your debt-to-income ratio to pre-approve you for a mortgage.
3. Shop With Confidence
If you’re like most home buyers, you’ll spend time shopping online for your next home. And for good reason: the Internet provides more information on available homes than any other source. Keep in mind, however, that looks can be deceiving. For example, a home may not have the walk-ability you’re seeking or a great home could be poorly photographed. Count on your Lisa Povlow for her neighborhood knowledge and for more insight on the homes you see online. Lisa has access to homes for sale the minute they are posted to the MLS system, and may find you the right home before it’s promoted more widely to buyers.
4. Making An Offer
Next, Lisa will help you move forward with your offer. Highly trained in negotiation, she’ll help you make an offer that’s based on the home’s value relative to others in the area, how long it’s been on the market, its condition and, of course, how much you really want it.
A written offer with a deposit is required. It helps show you are serious about your intentions to buy the home. If your offer is accepted, your deposit is placed in a trust account. If not, your deposit is returned to you. The seller may counter-offer or accept the offer as is. The final contract will specify the items in the home included or excluded in the sale and any other additional provisions.
5. Get Financing, Insurance and More
Even with a signed contract in hand, there’s still a lot to deal with before the house you found can become the home you live in. Through Weichert Gold Services, Lisa can take most of the details out of your hands and into ours, smoothly streamlining the delivery of mortgage financing, home insurance, title insurance, and even vital home connections services to save you time and make the transition easier.
6. Get a Home Inspection
A comprehensive home inspection will help you uncover any potential issues with the home. You’ll accompany the inspector so you can learn firsthand as much as possible about the home you’re about to purchase. Since an inspection isn’t legally required, as the buyer, you must pay for it.
7. It’s All Yours!
A final walk-through will provide you one last opportunity to make sure the home is in the condition agreed upon in the sales contract. At closing, you’ll sign the mortgage and many other documents. Be prepared to sign your name over and over again. Then it’s time to celebrate: you’re ready to move in your new home!