FIRST-TIME HOMEBUYERS GUIDE

Buying your first home is an exciting milestone, but it can feel overwhelming without the right guidance. To help you feel confident as you begin this new process, we’ve compiled a list of essential steps and resources for navigating the home-buying process. From connecting with a real estate agent to finishing your closing, this page will educate you on each stage. Whether you’re just starting to dream of home ownership or ready to make an offer, these tips and tools will empower you to make educated decisions. 

STEP ONE: CONNECT WITH A TRUSTED REAL ESTATE AGENT

Working with a trusted real estate agent offers a range of benefits to help you with the homebuying process.

• Your agent will guide you through the process step-by-step, helping you make well-informed decisions tailored to your unique preferences and goals.
• Real estate agents have invaluable resources and connections! They can connect you with reputable mortgage brokers and lenders (essential for Step 2).
• If you're not quite ready to start the transaction—whether you need more time to save or improve your credit—your agent will be there to support you and help you prepare.
• When you're ready to move forward, your agent will be your advocate, looking out for your best interests and guiding you through negotiations.

To learn more about what qualifies a trusted real estate agent, send us an email!

STEP TWO: GET PRE-APPROVED FOR A MORTGAGE

During this step, you’ll explore financing options for your new home. Here are points to consider: 

• You should determine what loan types you qualify for and which type is best for your situation.
• Obtaining financing comes with certain costs (called closing costs) that you should be aware of. These closing costs are typically 2% - 7% of the purchase price.
• If you don't qualify for a mortgage yet, don't worry! As mentioned in Step One, your agent can guide you through the process of improving your credit and saving for a down payment, helping you get on track for future approval.

STEP THREE: TOUR HOMES THAT YOU QUALIFY FOR

Note: Nationally, you must have a signed buyer’s agency agreement or touring agreement before stepping onto any property. However, this doesn’t apply to open houses or homes you tour with the listing agent.

Here’s what to keep in mind before you begin:

• Stay realistic about your desires: Narrow down your wish list to match what you qualify for.
• Set budget expectations: Know what’s most important to you and be flexible about what you can compromise on.
• Simplify the process: As you refine your preferences, rule out properties that no longer meet your needs or budget.
• Check the property’s eligibility: The home must qualify for your loan. Your agent will help guide you on how to determine this.

 As you begin touring, keep these tips in mind:

• Don’t rely solely on photos: Pictures can be misleading.
• Stay flexible and ready: Homes become available quickly, so be prepared to act.
• Trust your instincts: Don’t settle for a home that doesn’t feel right or that you're not fully comfortable purchasing.

Taking these steps will help you focus on homes that meet your needs and qualifications. Happy touring!

STEP FOUR: MAKE AN OFFER

Now that you’ve toured properties and found the one you’d like to purchase, it’s time to make an offer!

• Crafting and negotiating an offer involves different strategies, which vary depending on market conditions, the property's condition, and your personal circumstances. 
• When making your offer, you'll need to provide earnest money, which demonstrates your genuine intention to purchase the property. It shows the seller that you're serious and committed to moving forward.
• Remember, the first offer you make might not always be the final one. Be patient and prepared to adjust. If your offer isn’t accepted, don’t worry—you can always make another offer or move on to a different property!
• Try not to get too attached to one house just yet—it’s not a done deal until closing day! We know this journey can bring out all kinds of emotions, from excitement to anxiety about what’s next. But don’t worry, we’re here to help guide you through it all!

STEP FIVE: UNDER CONTRACT – THE NEXT STEPS

Once your offer is accepted, you're officially under contract! This is an exciting milestone, but there are still important steps to take to ensure everything moves toward closing.

Here’s what you’ll need to do during the under-contract period:

• Finalize your loan approval: You’ll need to complete the remaining steps in the loan process for final approval by providing necessary documentation. While your lender is the one working on this step, your agent will work directly with them to ensure everything is taken care of in a timely manner.
• Schedule and negotiate inspections: We highly recommend getting inspections to give you a better picture of the property's condition. It’s a great way to uncover any surprises or potential issues that could impact the value. Your agent will assist you in taking action steps based on the inspection results and guide you through negotiations if necessary.
• Complete the appraisal: This is arranged through your lender and ensures the property’s value aligns with your offer. The appraisal also identifies any deficiencies that are required by the loan type.
• Review Title Insurance: It’s important to review the title insurance details with your agent. This helps discover if there are any issues that may affect the transference or usability of the property.
• Transfer utilities and services: Be sure to arrange for the transfer of utilities and services to your name prior to closing. Your agent will assist in making sure you have the correct transfer dates and service providers’ contact information. 

With these steps in place, you’ll be well on your way to a successful closing!

STEP SIX: CLOSING

You're so close to officially owning your first home! Here’s what to expect on closing day and what you’ll need to bring:

• Closing day is when the transaction is finalized, and it usually takes place at the title company.
• Be sure to bring the following to the closing:

1. A government-issued ID for identification.

2. A cashier’s check made out to the title company for any monies being paid, unless you’ve arranged a wire transfer.

• Once everything is signed, settled, and recorded, you’ll typically receive the keys and take possession of your new home immediately following closing—unless your contract states otherwise

*Note: this process varies by state. The steps above are specific for Kansas.

 You're just one step away from making your first home a reality!

STEP SEVEN: MOVE IN

Congratulations on accomplishing the American Dream, and welcome to the joys and benefits of homeownership! This is an exciting new chapter, and now you can enjoy the freedom that comes with owning your own home.

As you settle in, don’t forget about the importance of regular maintenance and upkeep. Your real estate agent can provide a list of trusted local contractors to help with any home projects. It's a good idea to request this list before closing or shortly after and keep it handy for future reference.

Remember, your trusted agent is more than just a guide through the buying process—they’re a resource for life. Stay in touch, and feel free to reach out if you or your friends and family ever need assistance down the road!

__________________________

We’re glad you’re considering homeownership! By following these essential steps and tips, you’re well on your way to making informed decisions throughout the homebuying process. While it may seem overwhelming at times, remember that with the right guidance, patience, and preparation, you’ll find the right home for you. Enjoy the journey and know that you have the resources and support to succeed every step of the way.

If this article was helpful for you, please feel free to contact Hogelin Property Group, Liberty Real Estate. Our team has knowledgeable, five-star agents ready to help you in the homebuying process. 

If you're outside our service areas, no problem! We have connections across the country and can refer you to a trusted agent in your area. This will allow you to skip the hassle and remove the guesswork of finding a credible agent. We want you to find the support you need, no matter where you’re located!