STEP 1: Deciding you want to buy a home, condo, land or other type of property. Naturally, this is the starting point. Without a decision to buy, not much else can happen. We believe this is the time to think about location, number of bedrooms you need and other qualities you want in your new abode. We have a questionnaire that may help you as you explore your wants and needs. Just download it and share it with your family to get input and ideas.
STEP 2: Meet with a mortgage lender. This really is the next step. Your lender will help determine what kind of loan is best for you. Here you will look at your down payment options, types of loans and determine the price range that fits into your budget comfortably. If you would like a referral to a few lenders, check out our post on lenders.
The lender will provide your pre-approval letter or LSR as they are called in Arizona. They should also provide an estimate of the costs associated with your loan.
STEP 3: Choosing a Realtor. Naturally, we hope you will interview us for the job. That said, we do believe you are well served by talking to a few agents and finding one with whom you are comfortable and has strong experience and skills.
There is something we just have to say here. Real estate is actually rather complicated and there are good and bad agents out there. Just because someone has a real estate license doesn’t mean they know very much. The classes one takes to get a license do not teach much about doing the real job; Experience is the better teacher. Many people have been hurt because their real estate agent cared more about commissions than learning how to best protect and serve their clients. Make sure the people you put on your home-buying team have your best interests at heart, plus the skills and knowledge to do their job well and keep you safe.
STEP 4: Now we are ready for the fun part, searching and finding a great home. We’ve found most people like to be involved in the on-line search process verses just having your Realtor do the searching. We have an incredible search tool here on our site you can use. There are a couple pages dedicated to using this search tool. Just use the drop down menu near the top of the site for more info on the “best darn search tool period.”
In addition, we subscribe to another service called “Listing Book.” Listing Book is an interactive site where you can set up home searches, get daily email updates when new homes come on the market, identify favorite homes and contact the Urban Team when you want more information or would like to set up an appointment to see a home. If you would like us to set up your personal Listing Book account, just use this button:
STEP 5: Looking at homes. A lot of people think this is the first step, however, getting your ducks in row and doing the ground work it is really important if you want the rest of the process to go smoothly.
When some good places have been searched out and identified it is time for your agent to set up an appointment and go see the house or houses. It may take a while to find the right house, so don’t get disappointed if the first few homes are not what you really want. You will learn a lot as you look at various homes. Plus, your agent should learn much about your likes and dislikes and be able to better target the right home in future outings. We’ve found most people know when they have found the right place; something just feels great.
AN IMPORTANT NOTE: Many home buyers go out and look at homes on their own. Heck, your driving around and you see an open house or a new home project that looks inviting. Just so you know, when you go to a home without your agent, you may give up your right to use your agent if you want to buy that home. Make sure and tell the agent at the new home project or open house that you have your own agent and plan on using him or her if you move forward to buy a place. We advise you not to sign anything because doing so can put you in jeopardy of having to work with a stranger who may or may not have your best interests in mind.