Buying a home involves many steps.

This home buying class covered the following topics:

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Determining your budget: Evaluate your financial situation, including your income, savings, and expenses. Consider how much you can afford for a down payment and monthly mortgage payments. 

Getting pre-approved for a mortgage: Talk with several lenders to get pre-approved for a mortgage. This process involves providing your financial information, such as income, credit history, and debt. Pre-approval gives you an idea of how much you can borrow and helps you determine your price range. Note: 

Researching and finding a suitable property: The home search begins with your requirements and budget. Factors like location, size, amenities, and proximity to schools, workplaces, are all considered. As exclusive buyer agents, we work with buyers to create a list of potential properties.

Visiting and inspecting the property: Once you find a property of interest, we schedule a visit to see it in person. We are not home inspectors but we do go into a property with a critical eye. We look for what is wrong and then what’s right with the property. We recommend hiring a professional home inspector to conduct a thorough inspection, identifying any structural, mechanical, or other problems.

Making an offer: If you're satisfied with the property, you can make an offer to the seller. Your offer will include the purchase price, contingencies (such as a home inspection), and any other terms or conditions. Negotiations may occur, and your offer may be modified several times before you and the seller agree on all the terms. 

Securing financing: Once your offer is accepted, you'll need to finalize your mortgage financing. Your chosen lender will ask you to finish necessary paperwork and provide any additional information they require. The lender will order an appraisal. The appraiser will assess the property's value.

Completing your due diligence: During this phase, you'll typically have a specific timeframe for inspections and the review period for condo or HOA documents. This is an opportunity to learn about the property and make sure it meets your expectations. 

Finalizing the purchase: Once you're satisfied with the property and all contingencies are met, you can proceed to the closing process and settlement. This involves signing the necessary legal documents, paying the closing costs, and transferring ownership of the property. Your lender or a title company will typically handle the closing process.

Moving in and handling post-purchase tasks:  This includes details of packing, hiring movers, and updating your address. Your utilities should be in your name as of the settlement date. 

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This online class was taught on May 13, 2023, by Ramez Fahmy with Caliber Home Loans (NMLS#476394), Owner & Broker Victoria Ray Henderson with HomeBuyer Brokerage, and exclusive buyers agent Lisa Velenovsky Hayashi with HomeBuyer Brokerage.

Lisa and Victoria are licensed Realtors in Virginia, Maryland & Washington DC. Lisa@homebuyerbrokerage.com & Victoria@homebuyerbrokerage.com Ramez.Fahmy@caliberhomeloans.com

How can we help?

The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.