09/28/2019
First time home buyer checklist:
Once you've made the decision to buy a home, it's time to start thinking about what comes next. Every buyer needs a checklist that will guide them through the process of searching for the perfect home in Hawai'i, evaluating their choices and making the right purchase.
Learn The Lingo
When you set out to buy a new home, you will need to familiarize yourself with various real estate terms, conduct research on the market value of homes in the area in which you intend to shop and learn the art of negotiation. This information will help as you browse homes, talk with me and get further into the buying process. I should be able to assist you in understanding the unfamiliar lingo you may not understand.
Get A Free Credit Report
Every 12 months, you are entitled to request a free copy of your credit report from each of the three major credit reporting agencies - Equifax, TransUnion and Experian. You should make this request before you begin looking at homes in order to allow yourself enough time to identify and dispute any inaccuracies in your credit file(s). When you approach a lender, you will need to make sure that everything is correct and up-to-date.
Get Pre-qualified
Pre-qualification is different than pre-approval in that it gives you a possible price range that you can afford, but does not guarantee you the loan. Pre-qualification is important because it will help you narrow your search to include only homes that you can afford and not give you unrealistic expectations. Knowing what you can pay beforehand will save you both time and disappointment in looking at homes that do not fit your budget. It's best to know this upfront, clearing all emotional attachment and hurt feelings that will lead to a home way out of your price range.
Speak With Me
Nobody knows the real estate business like a realtor myself, so let me help you to find your new home taking all the extra stress of this process up off of your shoulders. Based on your specific requirements, a realtor can locate a home that will suit you at a price that's within your budget. When I find one or more possible candidates, I will invited your family/you to tour the home. At this point, you should take a camera for the purpose of later reviewing each house with visuals instead of relying solely on memory. It's also best to work with an agent because they may know things that are off the market or if a new listing may be coming up in your desired location being able to offer you this information before it reaches the market.
Make An Offer
Once you find the perfect home it's best to come up with a strategic plan and to play with the numbers to see what you should make your offer at depending on the market during this time and location. It's important to familiarize yourself with the art of negotiation so that can learn how to get the best deal without insulting the seller and putting in a low offer. If you have not yet been pre-approved, make sure that your offer is contingent upon your being able to obtain the necessary financing. Another thing to take into consideration is day's on the market, if things are moving fast and the market is hot there may be no time to play around with counter offers and time to keep going back and forth between the seller and buyer. It would be best to put your highest offer in, this will make you have less regret in the end and not feeling like you missed out on a good property and losing it to someone else who offered 3K more than you. At least you know you tried and theres something else out there for you!
Obtaining A Loan
Once you and the seller agree on a purchase price, you may be required to provide an earnest money deposit that will secure the home as you obtain a loan (if applicable). A lender will require a home inspection and appraisal for the property in connection with your loan application. In most cases, you will know within 24 hours whether or not your application is approved, but the actual closing will not occur until the inspection and appraisal are complete.
Get Moving
Now that the papers are signed and you have the keys to your new home, it's time to get moving - literally. Remember to decorate your new home and add all of those special touches that reflect your personality. After all, a house is only a house until you make it a home.
