A Step-by-Step First Time Buyer's Guide

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 our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

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.

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Step 2: Decide on Your Budget

Notice we 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.

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Step 3: Get Prequalified

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.

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Step 4: Choose a Real Estate Agent

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 agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Our goal is to provide you with the most personalized service that is designed to help you buy your dream home

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). We 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.

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Step 6: Make an Offer

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. We 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.

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Step 7: Have the Home Inspected

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. We 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.

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Step 8: Select Your Loan

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.

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Step 9: Get a Home Appraisal

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.

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Step 10: Finish Paperwork

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.

Congratulations!

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.

WHAT OUR CLIENTS SAY

I truly cannot recommend a realtor more! Lisa was just top-notch! She worked so hard to find us the right buyers for our home and got us top dollar! She was kind, responsive, and had a wonderful sense of humor that got us through some challenging moments. But the most endearing thing was that she left our kitties treats and toys when they had just about had enough of “going for a ride” during showings. M...

— Kris E.

WHAT OUR CLIENTS SAY

Alana exceeded expectations throughout the entire buying process and was incredible through every step of the buying process. She was an ally, friend, and advisor and helped me navigate the difficult process of buying a home in today's market! I felt like I was constantly “ahead of the curve” at every step of the process, which was entirely due to Alana's thoroughness and dedication. I cannot imagine a b...

— Luis C.

WHAT OUR CLIENTS SAY

Lisa was a pleasure to work with. She listened to our requirements and needs and found the right buyers for our home. Lisa kept us informed at every step in the process. She was always quick to give us feedback from potential buyers. Lisa knew the market very well and helped us sell our home quickly with a great financial result. You need to work with Lisa when selling your home. You won't be disappointed.

— Matt C.

WHAT OUR CLIENTS SAY

Lisa is a true professional. She is extremely detailed, always on time and, if she doesn't have the answer right away, she will get back to you ASAP. She is the ONLY one who my partners and I would work within the Scottsdale, AZ marketplace. If you are looking to buy or sell, make sure you talk with her - you'll be glad you did! Tom, Charleston, SC.

— Tom C.

WHAT OUR CLIENTS SAY

I have had the opportunity to work with Lisa on many transactions and can attest to her level of knowledge, detail, professionalism, and care. If you are looking for representation that truly has your best interests and your back all throughout the escrow process, I would highly recommend Lisa!

— Christine C.

WHAT OUR CLIENTS SAY

Excellent broker! We sold our home within four days of being on the market and purchased a new one in record time with the help of Lisa. Very knowledgeable and responsive. Highly recommended! You won't be disappointed.

— Buyer

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Welcome to our real estate hub! Explore buying or selling in Scottsdale, Phoenix, and neighboring areas. We are here to make your real estate dreams a reality. Let's work together to navigate the market and find your ideal property or sell your current one. Contact us today to get started on your real estate journey!