Mitch Jenkins’ Post

Transcript

OK. So the process of buying a home is just that it's a process. So it's not something you typically do every day. So what I want to do is give you a quick run through, help you understand some of the steps involved so you can better prepare yourself. If you're looking to become a homeowner. Now, the first thing you want to do is to set a budget. Now you know better than anybody else what you're comfortable with paying on a monthly basis. Now once you kind of know where that's at, next step is to talk to a loan officer and get pre approved, make sure that you can in fact qualify for that payment because there's other things than. Just the payment. You need a certain credit score. You need a certain amount to put down to pay your closing costs. So all great conversations they have upfront before you start looking for a home. And the next step is to hire a buyers agent, which is essentially a realtor to represent you. And when it comes to picking a buyers agent, just know that they represent you. There's a listing agent which is on the selling side that represents the seller O you want to have somebody that represents you and that has your best interest at heart. Now from there, find your dream home. Look for that house that checks all the boxes or at least as many of them as possible, because it's not always, not always going to find a home that checks every box. You got to separate your needs and your wants. But again, your realtor will help you through that. Once you find that home, next step is to make an offer. So what that means is there's always going to be a amount or price at that. Home is listed for now. Unfortunately, right now it's a bit of a sellers market and that means there's more buyers than sellers. So sellers kind of have the upper hand and a lot of times. The price gets driven up, especially when it's a really nice house in a desirable neighborhood. So making an offer is very important in your agent is going to help you through that because if you come in too low, your offer is just going to get kicked to the side. If you come in too high, you might overpay. So you want to make sure you got the right offer for that home and having a having the right real estate agents going to make sure that you're successful with that step. So once you've made the offer, then the next step is hopefully get that offer accepted. And what that means is that the seller agrees to your terms. Now there could be some negotiating a little bit back and forth. Sports officially accepted, but once it's accepted, now everything's alive. Now you have dates and deadlines, things need to be done by a certain time, and ultimately you have a a process to get you to the closing. So once things are live, now it's time to secure that financing. Now in most cases you're pre-approved already with your lender, or at least you should be, but you still need to provide all the documentation. Depending on the specific property as well, there could be some different things that the underwriters need. The underwriters are the ones behind the scenes that ultimately approve. Deny your loan. Now they're going to need what they need. They give you that list. You submit everything, and that's going on behind the scenes. Now also, you have a couple other steps. So one is the appraisal. In most cases you're going to need an appraisal. So it's important to know the appraisers hired by the bank there or the lender. And they are there to make sure that the homes are worth what you're paying for. That's the main thing. They also want to make sure you know it meets the safety guidelines and and basic standards of living. But at the end of the day, they are not working for you, They're working for the lender to ensure you're not overpaying. And also in most cases, you're going to want to get an inspection. So what? An inspection is that somebody hired by you to tell you exactly what the condition of the home is. Now don't be alarmed because a lot of inspections are multiple pages long and it makes it seem like the home needs a million and one things. But that's not necessarily what it's for. It's just to make sure that you understand there's going to be some maintenance. No home is perfect, but if there's anything glaring, anything that maybe when you were doing the initial walk through and made that offer you did not expect or maybe there's some big expense lurking right around the corner as soon as you move in. Hopefully they'll identify it, let you know, and then from there you might be able to negotiate or go back to the seller and work some things out. But if it's just too much to overcome at that point, you can part ways, find your next home. So once we have that appraisal, once you have your inspection, underwriting, reviews, everything, they could come up with some additional documents or reports that they require. So just to work with your loan officer to make sure that they have everything timely so that your approval is not jeopardized and you're on track for your closing date, another thing you're going to get is homeowners. Insurance, so very important to have. If you're getting a mortgage, it is mandatory. The lender is going to require it, and that's just to protect you in case anything catastrophic happens to that home. Now everything's going moving along. Right before the closing, you're going to do what's called a final walkthrough and that's actually just a quick walk through to make sure that the home is still in the condition that you expect. When you made that offer, you want to make sure no damage was done. You know things were ripped out that you didn't expect to be taken out. So at the end of the day, it's just to make sure that the home you're getting or ending up with. Is it the home that you started and made that offer with? Now all that's left at that point is the closing. So get that wrist stretched out. It's going to be a lot of signing a ton of paperwork, a lot of legal stuff. But at the end of the day it's to make sure that you understand the terms of what you're borrowing, make sure that you know that you can pay it back and that it's exactly what was promised up front from that lender. So once you sign everything, that's it. Now the next step from there is that notary that sits down with you and does assigning has to go record that with the county and once that's done, you are. Homeowner So One of the most memorable days in a lot of people's lives is the day they get their keys from the real estate agent. And that dream of becoming a homeowner is a reality. So if you want somebody to help guide you through this process, communicate with you every step of the way. Love the opportunity to work with you. If you have any questions let me know. Thanks for watching.