As a first time home buyer, I was extremely nervous when starting my journey. I’ve heard from friends, family, and relatives to “make sure to look for this” or “don’t buy that!” before looking, so needless to say I was overwhelmed! I specifically reached out to Sandi because I knew I could trust her opinion and expertise.
She made sure that we would feel comfortable and that all of our needs in a house were met. We sent her A LOT of potential homes that we were interested in(We felt bad, but we wanted to make sure our options!), and was really impressed that she was able to set up to go see them really quickly! She even printed each listing and created a map of all the places we would visit for our “tour” of homes. It was really helpful. (She also gave us muffins/donuts because house hunting takes some time…she wanted to make sure we were having fun!) Once we found our house that we really wanted, we wrote up an offer and it was accepted the same day…wow! That’s the magic of Sandi’s expertise and her certain way! I would highly recommend her and Legendary Real Estate to anyone and everyone, hands down.
How does it work to be a first time buyer?
The first thing you’ll do is talk to a lender and explain your income, and expenses.
The lender will find out everything they need to know to get you a pre-approved amount, so we know how much you can spend on a house. Other loans such as car title loans, other mortgage properties and any other collateral or debt will be taken into consideration.
The lender will go over the down payment with you (if any) some loans are zero down. They can explain the monthly mortgage payment, taxes and insurance, so you would know what to budget per month for your payments. They can also offer you resources to get the money together, something like Purple Payday Loan for example, although with a mortgage it is always better to have a larger down payment to up your chances of being accepted.
The lender will also let me know if you need to ask for any closing costs in writing the offer (where the loan is a little higher than the price of the house) so you can finance those costs in as well.
Once we have an amount, we look for houses that meet your criteria. Typically we’d find 3-6 that you might want to see, and schedule a day (a couple of hours) to go on a home tour and look at them.
When you find one that you like, we can write an offer – taking into consideration all the financing details we’ve gone over above.
A deal can be negotiated and accepted in a little as a few hours, or at most several days to weeks (depending on who owns it currently, how easily they are to get a hold of, and how strong the offer is.
Once the offer is accepted, the buyer (you) would write my company (Legendary Real Estate) an Earnest Money Deposit check. (Varies per deal. It could be $1,000 or so). This is your money showing you are serious about proceeding with your loan application, and you are serious about purchasing this house. You get this money back toward your expenses at the closing – so you don’t get the check back in most cases but it would be applied to your buyer side of the costs in buying the home.
Then you would hire a home inspector to check the home over so you know everything about the condition (cost to you – several hundred dollars).
Once that is all set, the mortgage company takes over to process the loan. Once that is done, the paperwork is prepared by a title company and we schedule a closing date.
Start to finish you’re usually looking at 30-60 days from finding a house you like to the closing.
If the house is vacant, you typically get the keys (occupancy) at closing. If the house is occupied, we would negotiate that in the offer, and you could take possession in several days to weeks after closing to give someone time to move out.
Note: It doesn’t cost you anything to work with me. When we find a home you like, I will be your buyers agent, and the seller will pay me a commission for helping to make the deal happen.
#ourcertainway Brought to you by Sandi Maki of Legendary Real Estate