8 Steps to Buy
Dreams Delivered - How to Buy a Home in 8 Steps
Our Dreams Delivered program offers an education guide to help you in your journey of purchasing your first home. We will be with you every step of the way. We also identify who you will be working with during each step. Our 8 step program is possible because of a team dedicated to making it a great first time home buying experience for you.
Step 1: Lender Purchasing Power Review
The first step is to talk with a loan officer to determine your purchasing power. This includes getting you pre-approved for a loan and determine the type of loan you want to use. The lender can help you with any questions you have about your finances.
Some questions to think about:
Our Dreams Delivered program offers an education guide to help you in your journey of purchasing your first home. We will be with you every step of the way. We also identify who you will be working with during each step. Our 8 step program is possible because of a team dedicated to making it a great first time home buying experience for you.
Step 1: Lender Purchasing Power Review
The first step is to talk with a loan officer to determine your purchasing power. This includes getting you pre-approved for a loan and determine the type of loan you want to use. The lender can help you with any questions you have about your finances.
Some questions to think about:
1. What's my debt to income ratio?
2. What's my FICO score?
3. How long have I been in the same job?
4. Can I use down payment assistance?
5. Do I need help on my credit?
Q: Who would I be working with?
A: Lender
Q: How long does this step last?
A: Hours to a few days - it will depend how on fast you can compile the appropriate documents needed for the lender to determine your pre-approved loan amount.
Step 2: Getting Ready to Buy
In our Getting Ready to Buy step, most first time homebuyers are not ready to buy immediately, and may need help. A lender can provide credit services, which helps you take steps to improve your credit. For some people, this step may be a few weeks and for other this could be up to a year. Everyone is different and we work with you whenever you are ready. We've created a great email education program for those who may not be ready quite yet. The emails are sent out every week or so and have snippets of information on each step of the buying process.
Am I Ready to Buy?
1. Am I ready to commit to staying in one place?
2. Do I have control over my debt?
3. Is my income reliable?
4. Do I have a decent credit score?
5. Have I saved for a down payment?
6. Am I ready to be landlord-less?
Q: Who would I be working with?
A: You will work with the Lender most of Step 2 and then you'll start working with one of our agents, Shawn or Kyle, as you transition to Step 3.
Q: How long does this step last?
A: The length will vary, each situation is different. Some people are ready to buy within a few weeks and others may be anywhere from 6 months to a year or more.
Step 3: Home Buyer Consultation
The next step will be meeting with one of our agents, Shawn or Kyle, in the office for a Home Buyer Consultation. They will get to know you and find out what you are looking for in a home. This allows them to conduct a smarter home search. They will use the MLS (Multiple Listing Service) with you to narrow down the home search to ideally 5-7 homes to view in person.
Some questions to think about:
1. Which area do I want to live in?
2. What are my priority features in a home? (ie a large backyard is a must)
3. Do I want to consider resale and/or new homes?
Q: Who would I be working with?
A: Agent
Q: How long does this step last?
A: You will meet with one of our agents, Shawn or Kyle, in the office to narrow your search criteria to a handful of homes to look at and then move on to the next step. You might loop between Step 3 and 4 until you find your dream home. Our goal is to keep these two steps to a minimum, but we will continue until your home is found.
Step 4: Finding a Home
The fourth step, Finding a Home, is going out into the field and looking at the 5-7 homes you selected in Step 3. Ideally, one of the homes will be exactly what you want, but if not, we will go back to Step 3 and adjust the search criteria. You can also be set up on a search so any new properties that meet your criteria are sent to you to view.
Some questions to think about:
1. Do I need to change my search criteria?
2. Are the homes we are looking at similar to what I had in mind?
Q: Who would I be working with?
A: Agent (Agent will communicate with other Agents to view the properties)
Q: How long does this step last?
A: Similar to Step 3, this step may vary depending on the criteria and looking at the homes.
Step 5: Negotiating the Purchase
The next step is negotiating the purchase. This step is where you will make an offer on a house, which is a very exciting part of the process. If the house has been on the market for awhile, the agent may be able to negotiate a better price or have the seller cover part of your closing costs. All of those details are discussed when the time comes to submit an offer.
Some questions to think about:
1. How clean can I make my offer?
2. What's the seller's situation?
Q: Who would I be working with?
A: Agent (Agent will communicate on your behalf with the Seller's Agent)
Q: How long does this step last?
A: Can vary depending a couple factors including counter-offers.
Step 6: Due Diligence
The next step is the due diligence period, which is a very important part of the home buying process. At this point, your offer has been accepted by the Seller and you have secured the property. The agent will help you get the information you need about the house so you know what you're getting into. The agent will hire a Home Inspector to do a visual inspection of the property and prepare a report of the property. If they find any issues, then a tech (ie HVAC, roofer, etc) can be sent out to look at the property further. You will also get the disclosures from the Seller, which will tell you about what they know about the property. You will also get HOA documents (if applicable) so you know the rules and regulations of the community. Once that is completed, the lender will order the appraisal to determine the value of the home and ensure it meets the loan criteria.
Some questions to think about:
1. Do I understand the difference between an inspection and appraisal?
2. Am I concerned about anything?
Q: Who would I be working with?
A: Agent (Agent will communicate on your behalf with the Seller's Agent, Lender, Home Inspector, Home Appraiser)
Q: How long does this step last?
A: Will depend on the home inspection and appraisal.
Step 7: Signing Closing Paperwork
The seventh step is to Sign the Closing Paperwork. This will probably be one of the most expensive purchases you have made. When you sign the paperwork, you are able to see the note and confirm the loan amount. Nevada is different than some other states because you won't get your keys until 2-3 days after you've signed the paperwork. So take this time to enjoy it and go celebrate!
Some questions to think about:
1. How am I going to celebrate?
Q: Who would I be working with?
A: Agent (Agent will communicate on your behalf with the Seller's Agent, Lender, and Title Officer)
Q: How long does this step last?
A: Usually a few hours
Step 8: Final Closing & Moving Day
The final step in the home buying process is to get your keys and start moving. The agent will meet you at the property with the keys 2-3 days after signing your closing paperwork. Then you will officially be a home owner!
Some questions to think about:
1. When do I plan to be completely moved?
2. What is my method of moving?
3. How do I plan to pack everything?
4. If I am going to use boxes, where will I get them from?
5. Have I turned on the utilities yet?
Q: Who would I be working with?
A: Agent
Q: How long does this step last?
A: You will receive your keys and you can begin to move in!