Buying a home should be 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 homebuyer’s guide created by our team will reduce the stress of buying a home and help you enjoy the journey.
Buying a home should be 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 homebuyer’s guide created by our team will reduce the stress of buying a home and help you enjoy the journey.
Examine your current expenses and determine how they might change if you purchase a home. Create a comprehensive household budget so you can factor in any new ongoing expenses that might come with a home purchase, such as garbage and recycling, water, or homeowner’s association fees. Once you decide how these expenses will change, you’ll be better equipped to leverage the information you get in step three.
Prequalification is a great start for understanding your purchasing power, but it’s not the only factor. A lender may pre-approve you for more than you’re comfortable spending, which is why the budget you compiled in step two is so important. The opposite can also happen, where you believe you can afford a certain payment every month, but the bank doesn’t agree. This often happens when you’re new to your job, have insufficient credit, or have bankruptcies or other financial issues in your history.
You’re not required to stick with this lender when you ultimately finance your purchase, but this process is a great way to vet mortgage providers. Also, a prequalification letter can make you a more competitive candidate in multiple-offer situations.
Now it’s time to find your dedicated real estate representative! Regulations enacted in 2024 require real estate agents to obtain a signed buyer’s agreement before showing consumers homes. Of course, we do a great deal more than opening up listings; we can help you understand your local market, identify areas and properties that fit your specific criteria, help you create competitive offers that match your financial and logistical needs, and much more.
Finding the perfect home and navigating the purchase process can be daunting. Leverage our knowledge and expertise and enjoy your personalized real estate journey.
Your agent will arrange showings of properties that meet your specific criteria and price range, taking note of your likes and dislikes to further refine their search parameters. They’ll help you explore the details — from storage to light switches to the flow of a home — and understand the pros and cons of the options in front of you. They’ll also help you make time to explore the neighborhood and examine elements like local traffic at different times of the day, parking options, and proximity to neighborhood amenities like schools and grocery stores.
Once you’ve narrowed down your home search, it’s time to go back to the mortgage provider who prequalified you in step three and obtain preapproval. With a property and purchase price in mind, your lender can get much more specific about your interest rate, monthly payments, the term of the loan, and special programs such as first-time homebuyer grants and loans through the VA and FHA. While you will primarily work with your bank to select the right options for you, we’re here to offer support and recommend mortgage providers we’ve worked with in the past if you get stuck.
Once you have selected the perfect home and have your finances in order, your agent will help you craft a fair offer price based on the value of comparable homes on the market. You’ll also work through details such as timing, contingencies, and fees. After your agent submits the offer on your behalf, they will help you negotiate counteroffers and reach an agreement with the seller. At this point, the house will go into escrow.
In most cases, your offer will be contingent on the home passing inspection. This protects you from purchasing a property that has serious structural issues or requires major repairs. We have a list of trusted local providers, but you can hire any licensed home inspector you like. If the inspection uncovers major issues, you can withdraw from the sale or renegotiate your offer based on what needs to be fixed.
The appraisal ensures that you are paying a fair price for the house. Your mortgage provider will hire an appraiser to inspect the property and offer an independent opinion of its value. Sometimes, appraisals may come in too low, which can impact the amount of money the bank is willing to lend. In this case, your agent can help you determine next steps and navigate the appeal process.
No one looks forward to all the paperwork stacked up on the closing table, 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 be the legal owner of your new home.
Yes. Under rules that took effect in 2024, real estate agents need a signed written agreement with a buyer before showing homes. The agreement explains the services we provide and how we are paid. We will walk you through it before your first showing.
Prequalification is an early estimate of what a lender may let you borrow, based on information you share. Preapproval comes later, after the lender reviews your finances in detail. A preapproval letter shows sellers you are a serious, ready buyer, which helps when there are competing offers.
Yes, in most cases. An inspection contingency lets you learn about structural problems or major repairs before you commit. We can share a list of trusted local inspectors, but you are free to hire any licensed inspector you choose. Inspections are recommended for new construction too.
If the appraisal is lower than your offer, your lender may lend less than you planned. You can ask the seller to lower the price, cover the gap yourself, renegotiate, or in some cases walk away depending on your contract. We help you weigh those options quickly.
You are now the proud owner of your new home. We are honored to have helped you find it and are always here if you need anything after the move, from local recommendations to questions about your home.
331 Village Pointe Plz Ste 102 Omaha, NE 68118 Monday - Sunday 8:00am - 8:00pm
331 Village Pointe Plz Ste 102 Omaha, NE 68118 Monday - Sunday 8:00am - 8:00pm
