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 your agent 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 I 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 an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.
This should be the most enjoyable step of the entire process (other than moving in!). I 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. I 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. I 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.
Full concierge service was exactly what we needed when we decided to hire Nima Tehrany as our listing agent. Nima brought in a great team of people who helped us with everything from designing, remodeling and staging to showing...
Nima's experience as a lawyer, investor, developer, and REALTOR make him an absolute asset to any real estate transaction. I wouldn't buy a house without him.
Nima is a very knowledgable very aggressive and down to earth agent you would love to work with him. Diversity of his knowledge and knowing the market is a big plus.
Nima is one of the best agents I have worked with. He is patient and aware of what I'm looking for in terms of livability, investment and location.
Nima is one of the best agents I have worked with. He is patient and aware of what I'm looking for in terms of livability, investment, and location. I was not sure of whether I wanted to rent to buy right now and his staff and ...
Nima Tehrany is a very knowledgeable very aggressive and down-to-earth agent you would love to work with him. Friendly staff and diversity of his knowledge and knowing the market and surrounding area is a big plus.
Nima is a great agent. He helped us buy our current home and rent out our previous one. He is very knowledgeable of the area and gives good advice regarding what to look out for and things that can affect the resale value. He's...
I've been working with Nima for a couple of years now and he's one of the smartest, most thoughtful, hardest working people I know. Nima's experience as a lawyer, investor, developer, and REALTOR makes him an absolute asset to ...
Nima worked hard with me to put everything in place for a successful sale. Bids came in immediately following the first and only, and the sales price was $76,000 above the asking price.
Nima and his team are the best. Super helpful, super knowledgeable, and just good people to work with. They make the process extraordinarily smooth, easy, and fun. I will recommend The Listing Group to anyone who is looking and...
We wanted to thank you for calmly guiding us through what became a very challenging condo purchase. We appreciate the professionalism, honesty, and patience you showed during our lengthy search process to find the right place a...
After several of my friends had used Nima as a REALTOR over the years and had a very positive experience, I asked Nima to list my home in Beverly Hills for rent. Nima was very quick to respond and ran comps and suggested a pric...
Our team's intimate knowledge of our local market, investor experience, combined with professional expertise ensures a robust client experience.