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 me, Elizabeth! We try to help reduce the stress of buying a home and help you enjoy the journey as much as possible.
We help interpret and explain the process. We want to guide you on what to expect, therefore limiting stress on your behalf.
We want to know what is most important to YOU and why you would like to buy NOW?
We then determine what you like, a single family home, townhouse, condo, and everything else. We discuss non negotiables, deal-breakers and have honest conversations about your likes and dislikes.
As a buyer, having a budget is important. Fiscal responsibility is a great start so you are aware of your potential monthly payments and the economic impact of your daily life. Together we discuss price points, financials, down payments and more. All of this becomes an intimate strategy once we plan to submit an offer.
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.
Working with an experienced agent is the key to eliminating stress and galiant preparation with every step.
We focus on you to find a home you will love with personal and professional attention. Working together we can arrange showings, private home tours, open house tours, virtual tours and customize a workable plan.
Determine the offer price, earnest money and the down payment terms, provide pre approval/funds info to the seller and package it with a high level of detail. We deliver a concise offer to the seller.
Next we recommend professionals such as inspectors, appraisers, contractors and other service professionals depending upon your home buying scenario. We lead and guide with you the entire process. It can be very daunting with a multitude of items happening at one time. Rest assured, we can alleviate and make it less scary.
This is the most enjoyable step of the entire process! We arrange showings of homes to coordinate with your schedule and always keep in mind your needs & your budget. We take care of the logistics before, during and closing up the home with great care.
We discuss the details of the home and then put an offer together. Now we get to determine the offer price, with earnest money and the down payment terms, we deliver a current pre approval letter or proof of funds, detail our creative and vast terms for a concise detailed offer and then submit a full comprehensive package to the seller. We engage with either a counter offer and communication begins with the agent or owners. If accepted, Congrats you are now in Escrow!
At this time, licensed professionals will review the overall homes integrity; taking a deeper dive into the structure; looking at the roof, electrical, hvac, framing integrity, pests, plumbing or any leaks or repair items within the home. It is up to our determination of the results on how we proceed.
Credits can be issued, requests to repair are also common. But every home is a totally different situation. We use a reasonable level-headed approach.
We take pride in setting you up with the best options. There are fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. There are so many asset type loans and QA loans that are favorable to the non traditional w2 employee. We focus heavily on providing different options for different types of buyers. It is not a one size fits all.
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.
You will continue to move through each stage with more paperwork and requirements from the bank. If it is a cash sale, often times an appraisal is not requested through a bank but can be from the owner. There are many types of cash sales and similarly host a very similar process.
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 become the new owner! 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 and funds have cleared you can walk into your new home! It is an accomplishing feeling whether it is your first or your 10th!
With extensive experience and expertise, Elizabeth is well-equipped to navigate this complex market, negotiating with her client's best interests in mind. She holds great reverence for the successful family business, which led to her joining William Raveis.
Get In Touch With Me To Learn More
Elizabeth Altobelli
2525 Post Road Southport, CT 06890
