Start Your Search
How to find the right property
Get the clarity and resources you may need for the smoothest experience possible.
Every house is different and every search will be nuanced. The best thing you can do as you embark on your search is to get clear on what you’re looking for.
Want personalized guidance? Reach out today to talk strategy!
Get in Contact
-
For new buyers & investors, I ALWAYS recommend working with a licensed real estate professional.
This would either be a real estate agent or a REALTOR (I write “realtor” in lower case for readability). The difference is that a realtor is a real estate agent that has additionally joined a local REALTOR association and complies with a specific Code of Ethics.
In either case, both professionals have access to local listings, relationships and past experience that is difficult to replicate without prior exposure to the industry. Real estate professionals will set you up with a formal search directly in the MLS, a private database with real time insights on available homes. Additionally, they will have experience navigating transactions, negotiations, regulations, zoning, permitting, and other expertise that is not learned during your first transaction.
If you’re experienced in the industry, you probably haven’t made it this far on my site :) BUT if you have, you can manage your own search online or via networking to get a general sense of your desired area. Online, filter websites like Zillow with your price range and select a radius and see what comes up. -
What is most important about this new home?
The location? Square footage? Layout? Get super clear on this.
Use this information to determine a general vicinity of your search area and then use the vicinity to shape what kind of house are available and what kind of house matches your budget.
Based on what’s most important to you, you may have to compromise on other aspects of the home.
Except that NO HOME IS PERFECT. -
Making the first offer can feel nerve-wracking. That’s normal. It’s a big expense; possibly the biggest you’ve encountered so far.
Listen to your intuition. If it’s a house you love and feel excited about, don’t miss the chance to throw your hat in the ring. If it’s your dream house, work with your realtor to make sure your offer will be competitive and compelling to the seller.
For any offer in general, seriously consider the price point that you’d feel comfortable paying and don’t go above that.Sure, your offer may not be accepted but that keeps you from feeling like you overpaid or you’re in over your head. Even still, if your offer is accepted, you still have outs in the contract in case the inspection, appraisal or something else that surfaces is concerning.
-
If you found a home you would like to buy, it’s time to make an offer on the home.
Work with a realtor to discuss the offer. They will walk you through the entire document and submit it on your behalf.
Financing a Home
Everything you need to know to prepare for a purchase
Whether it’s your first home or your first investment property, the expense can feel intimidating.
It may be the biggest purchase you ever make. So let’s break down every step you’ll take to get financing.
Want personalized guidance? Reach out today to talk strategy!
Get in Contact
-
It’s important to get really clear about what kind of home you can afford before you start looking. The price range may impact the area in which you’ll buy, the type of home (ex: townhome vs. single family home) and the specific features (like number of bedrooms).
The first question you need to answer is; will I be paying cash or utilizing a loan to purchase this house?
If the answer is utilizing a loan, the next step for you is to get in contact with a lender so you can get pre-approved for a loan. Doing so as a first step will make the transaction much more efficient and ensure that when you do find a home, you will be able to finance it without any surprises.
Additionally, a lender will be able to provide you with a specific price range of the homes you’ll be able to afford by reviewing the state of your finances. Read the next section below for more details.
If you are not using a loan, you will more than likely be paying in cash. In that case, it is a little more straight forward to understand the price of a home in your price range by looking at the liquid funds you have available and allocating what you think is reasonable towards a home while considering all other upcoming expenses that you may need cash for. -
To find a lender, ask around for referrals from your realtor, friends or family. It’s worth speaking to two or three lenders to get a feel for how they communicate. Ask a lot of questions and see how they respond and if they will patiently answer. Loans can be complex and it helps if your lender can thoroughly explain each step of financing in a way that makes sense to you.
-
Once you’ve chosen your lender, you’ll ask them to help you get pre-approved for a loan.
Pre-approval is a process whereby the lender will review your finances, including but not limited to your income, credit score, savings, and debt, to determine how much money they can loan without too much risk.
In other words, they want to be sure that lending money to you is a good investment where the loan will be repaid without issue.
-
Go to Start Your Search
-
After pre-approval, your lender will provide a price range for your search that you can confidently expect to receive financing for as long as your financial situation doesn’t change significantly before you buy.
Share this price range and your pre-approval letter with your realtor.
-
In some situations, you may not be pre-approved for a loan.
More than likely, it means you need to improve the state of your finances before you can receive a loan.Ask your lender why you were not pre-approved. Next, ask them for their recommendations that you can take to work towards becoming qualified.
Some examples of this may includek paying down debt or increasing your credit score.
-
Your process will be similar but the loan products available to you may be different.
Make sure you’re working with an investor friendly lender. Let them know the investment strategy you’ll be using for the best guidance or a referral to another lender.
Can’t find an investor friendly lender? I can help.
Congratulations, you’re under contract!
How to navigate a transaction from here
Once under contract, it’s time to do your due diligence on the home to make sure you want to purchase it.
This time period often takes 30 days but it’s completely dependent on the contract. You and the seller may have agreed upon on a shorter or longer time period as well as a number of different items to work through.
Want personalized guidance? Reach out today to talk strategy!
Get in Contact
-
Congrats! You’re under contract!
This time period from offer accepted until the date that the deal closes is called ‘due diligence’. Within your offer, you’ve already decided on the items that will be a part of your due diligence checklist and also the dates by which the items need to be completed. -
This is your opportunity to get 100% certain that you want to buy this home.
Based on the contract, you’ll work through a checklist of items during a set period of time leading up to your closing date. These items may include having the home inspected, having the home appraised, negotiating any repairs that you’d like the seller to make and making sure your financing is in order.
Some of these items you’ll get to choose (like having an inspection or waiving and inspection) and some of the items will be determined by your lender or the seller (like having an appraisal).
Your realtor will help keep you on track to make sure you complete items on time and will also work with the seller’s agent to make sure the seller completes their items on time. All parties involved want the transaction to move along smoothly and to close on time.
If or when unexpected situations arise, for example, a plumbing issue is identified during the inspection, you can count on your realtor to help you navigate next steps towards a solution.
-
An inspection is a professional review of a property looking for any issues that may not be visible to a buyer. An inspector will share their observations, surfacing anything they may have found, so that you can request reasonable repairs before you buy a home.
They’ll check appliances, plumbing, electrical, the roof, and a wide variety of other things. Inspections often last multiple hours and you’ll receive a full report afterward.
I always recommend having an inspection to protect your investment.