Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. 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 help you when the time comes to make an offer.
Notice we 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 and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think 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 be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
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 agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.
This should be the most enjoyable step of the entire process (other than moving in!). We 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.
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 environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We 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.
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. We 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.
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, including 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.
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.
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 title company and, when you’re finished, you’ll know you are the legal owner of your new home.
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.
Joining The Edrington Team has truly catapulted my real estate career to new heights. The support, training, and culture of collaboration have given me the tools and confidence to thrive in this industry. From leadership to fel...
Working with the Edrington Team has been an incredible experience. The support, collaboration, and resources available make it the perfect place to grow as an agent. I love being part of a team that values professionalism, inte...
I am so grateful to be a part of this wonderful team. It’s not every day that you find 30+ people who all value accountability, growth, and excellence. Having leaders in your life who push you to be your best and provide the be...
Becoming a realtor can be rewarding and challenging, yet having the tools and the foundation to gain those due rewards and successfully face challenges is key! With a great team environment and a drive to succeed, I was able to...
After 23 years in the restaurant industry—17 of those as an Executive Chef—I learned the value of hard work, discipline, and delivering exceptional service. Transitioning into real estate was a big leap, but I quickly realized ...
Malinda Cardel has been amazing with answering questions regarding residential real estate!! My family and I moved to Hamilton County in April 2023, and although we haven’t bought a home yet, Malinda has been an amazing resourc...
Liz is incredibly patient and thorough when helping us choose a house and get our house ready to sell. She listened to each of the people in our family to make sure she understood what each of us wanted, and made time to show u...
Malinda was great to work with. Always available even when out of town for training she responded to my text quickly. She was able to get a team member to meet my urgent need while she was away. Will definitely get her help wit...
Courtney is amazing! She helped me research some property which helped me with my decision. She is professional, conscience, and timely (and she seems very caring). Highly recommend her.
Malinda is a really nice and friendly person.
Liz went above and beyond helping us find our forever home!
Tony is a tremendous communicator and very trustworthy. I highly recommend him for your next real estate transaction. This is our 2nd transaction with Tony, and we are very pleased.
Dennis was great!
Tony Britton was absolutely amazing in helping us find our first home! As first-time buyers, the whole process felt overwhelming at times, but Tony was incredibly patient with us from the very beginning. He took the time to ans...
We can't thank Tony enough for putting up with us! We came into town last minute on a mission to find a house, and he graciously let us drag him all over the county. Tony's knowledge of the area, schools, and neighborhoods was ...
My husband and I purchased a home from out of state and our agent, Paris Davis, was 10/10 outstanding! We’re so grateful to have found an agent who went above and beyond in every way, which made the process not only seamless bu...
Dennis Tate is extremely knowledgeable of the city. He and the Edrington team are instrumental in getting me to my goals of purchasing property. I appreciate his forward thinking, extensive research, and flexibility. He is a jo...
Dennis Tate and the Edrington Team were extremely helpful in helping a valued referral find a home. The referral spoke highly of Dennis's patience, knowledge, and ability to answer her questions. She advised he was easy to talk...
Chelsea at the Edrington team is one of the most devoted and hardworking people I know! As well as just a great person all around.
Chelsea Cagle with The Edrington Team is hands down the best Real Estate agent I have ever worked with, and I can't say enough good things about her. She's incredibly hardworking, always polite, and goes above and beyond to mak...
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