Buyer's Guide

All about what you need to know with the process of buying a new home.

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Step 1: Determine

Determine how much you can afford. Take into account the following:

  • Income
  • Credit Score
  • Debt
  • Closing Costs
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Step 2: Get Pre-approved

Getting pre-approved means that a lender has reviewed your income, expenses, and credit report and has conditionally agreed to loan you a set amount of money for a mortgage. This enables you to look for a home at or below the price level with confidence.

5 things you’ll need for pre-approval:

  • Proof of Income
  • Proof of Assets
  • Good Credit
  • Employment
  • Verification
  • Documentation
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Step 3: Search for a Home

Most first-time buyers work with a real estate agent. An experienced agent who has represented numerous buyers in the past can be your advocate throughout the process. They will take you to open houses and to tour homes.

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Step 4: Submit an Offer

You found your new home and you’re ready to make an offer. Your agent can help you prepare your offer, which includes your offer price, establishing contingencies, obtaining disclosures, and establishing a closing timeline. Be prepared to negotiate the purchase price if the seller presents a counteroffer.

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Step 5: Inspection

A thorough home inspection will help you identify any issues with
the home, determine whether there are repairs that need to be addressed prior to close and what future projects, you may need to take on as the new homeowner.

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Step 6: Appraisal

An appraisal is an estimate of the value of your home from a professional appraiser. Lenders require an appraisal prior to issuing a mortgage.

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Step 7: Renegotiate

If problems arise during the inspection period, you may be able to renegotiate the home's purchase price to account for any repairs that need to be made. If changing the purchase price is not an option, consider asking the seller to pay for repairs.

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Step 8: Closing

On closing day, all parties will sign the papers - officially sealing deal, and ownership of the property will be transferred to you.

The most important documents you will sign on this day are:

The settlement statement, the deed, the promissory note, and the mortgage.

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I chose Salvatore to conduct the inspection on the house we are in process of purchasing off of a referral from the attorney working on my purchase contract. I could...
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This was my first time buying a home and Salvatore was exactly what I was hoping for in an inspector! He's very professional but communicative along the way, and mos...
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