Steps to Buying a Home
Thinking of buying a Warren County area home? We’d be happy to help, but there are a few things we need to discuss first!
- 1Forget everything you learned about shopping for homes on HGTV! The “real” world of real estate is nothing like those shows!
- 2We’re going to ask you to speak to a mortgage professional if you haven’t already! There’s nothing worse we can do than let you fall in love with a home, and THEN for you to find out you can’t get the financing to make it yours!
- 3We’ll give you the best advice we can possibly provide, but YOU make the final decisions!
Our job is multi-faceted. We’re here to help you find a home, provide input on the pros and cons of each home, subdivision and town. Once we’ve found the right home, we’re going to negotiate the best deal for you, then guide you through the rest of the process all the way to getting the keys! Because we work with BOTH home buyers and home sellers, we’re positioned to understand what makes each side tick!
And if you’re thinking about building a new home, our strongest recommendation is let us help you! The builder’s rep unfortunately will NOT have your best interest at heart, but that of the builder. “Sure you don’t need a home inspector of your own, we take care of everything!”. We’re sorry, but we know too many buyers who have learned the hard way that even the best home builders can make mistakes!
And if you’re worrying about how to pay us for our services, you’ve got no worries! Our fees are covered by the sellers, so no out of pocket expenses from you to us!
So if you’re ready to discuss your home buying needs, please contact us and we’ll get started!
STEP 1: DETERMINE HOW MUCH YOU CAN AFFORD
Before the house hunting process begins, it is important to know how much you can afford. Expenses to consider include the down payment, monthly expenses, property taxes, and any home insurance costs. These will all have to be considered before the home buying process begins as they are typically included in your new monthly payment. Since a person’s credit score determines their interest rate, knowing your score ahead of time can help you decide if now is a good time to buy or not. An individual’s debt-to-income ratio must also fall within acceptable limits of the home’s cost. Once you have determined these things, and if you feel that your budget has enough room to afford a new home, then it’s time to look for the right loan.
STEP 2: GET PRE-APPROVED
Different banks and companies will offer different loan origination fees and by shopping around you can oftentimes save yourself a lot of money. Get multiple quotes so you can make sure you get the best rate and terms. Be sure to also check your loan officer’s website for testimonials and information. A good loan officer will offer you many online resources and tools. Before you lock in your rate, be sure to check the daily rate with the rate your loan officer gives you to ensure you are getting the lowest rate possible. Interest rates will determine how much a mortgage will cost each month and come in fixed or adjustable terms. Mortgage lengths can range from 15 years to 30 years. The longer the repayment term, the lower the payments will be. However, the interest accrued will also be higher on a longer loan. Don’t forget to ask for a pre-approval letter so you can include this with any offers you make.
STEP 3: FIND A REALTOR®
Before you start your home search, it is important to find a buyer’s agent that will be looking out for your best interests so you don’t fall into a money pit or end up paying too much for your new home. A good buyer’s agent will help guide you through the home buying process and can also save you TONS of time and money on the road to your new home. Buyer’s agents are legally bound to help buyers, whereas listing agents—the real estate agent representing the home listing—have a fiduciary duty to the home seller. Your buyer’s agent will also set up home tours, give you insight on any homes you like that you may not be aware of, have knowledge of upcoming listings not yet on the market, help you negotiate the best terms, protect your part in the deal, and give you invaluable advice throughout the process.
STEP 4: START SEARCHING
Start your home search by using your agent’s website (like this one!) to search the MLS for homes. Agents have a direct line to the MLS, so their websites often update with the newest properties faster than the ‘big name’ sites out there. It also has a My Listing Manager tool that keeps you both in the loop. You can start your search and begin saving your favorite properties to your account and even set up alerts to get new homes and price changes emailed to you. Your agent can then see the properties you have liked and can send potential new properties directly into your listing manager that they think you may be interested in. It’s a WIN-WIN!
STEP 5: MAKE AN OFFER & NEGOTIATE
There is an art to making an offer on a home. Your buyer’s agent will help you choose the right terms for your offer and will be watching for signs of problems in the home. Listen closely and be sure to ask questions. Be sure to ask for an inspection contingency so if there are major problems, you can back out of the deal without losing your earnest money. A home warranty is also a valuable part of your contract and is a sign of good faith on the seller’s part. You want to make sure all of your bases are covered. That’s where having a buyer’s agent is most valuable: so your rights and interests are protected. With their experience on your side, they will be able to help you negotiate a lower price that sometimes includes concessions or closing costs. Their job is to protect YOU in the contract.
STEP 6: HOME INSPECTIONS & APPRAISAL
Once your offer has been accepted, you will need a home appraisal. Banks require this so they can make sure the home is worth as much money as they are lending you. You may also need some inspections depending on your loan type. FHA and VA loans have more requirements than conventional loans. This is also the time to have a full home inspection, even if it is not required. A home inspector will go through the home and specifically look for problems and provide you with a full report on everything they find. This will give you the opportunity to avoid major problems and back out of the sale or negotiate repairs without losing your earnest money.
STEP 7: ASK FOR REPAIRS OR DISCOUNTS
Once the inspections are done, you will more than likely ask the seller to fix some of the issues you found. Keep in mind that they are only required to fix something if the loan terms require it. Be reasonable but firm in your requests. If your seller rejects your request, then it is up to you to decide how to proceed.
STEP 8: FINAL WALK-THROUGH
The final walk-through is an important last step, even if you are positive you are going to go through with the sale. Walk through and check the agreed upon repairs, make sure everything is in working order and new issues have not popped up. This is your last opportunity to back out. If everything looks good, then it’s time to go to closing!
STEP 9: CLOSING & ESCROW
Before the home is legally transferred to you, the closing process must occur. During this phase, you will sign all of the mortgage documents, pay closing costs, and sign various other legal documents. Your buyer’s agent will be at the closing with you to help you through it all. Once all of the papers are signed and monies are transferred, the keys to your new home are yours! The only thing left to do is move into your humble abode. This may occur immediately after the closing or at the date set in the closing documents.
STEP 10: MOVE IN
Depending on how far you’re moving or how much stuff you have, you may require a moving company or a moving truck. Professional movers may seem pricey at first, but when you look at the time and money to get similar results, you may re-consider. Call and set your moving date and start packing! Many places like U-HAUL sell moving boxes that are made to make your move easier. Label everything with what is inside it and what room it goes in. Recruit friends and family if needed.
Bonus Buyer Tips
See What Our Clients are Saying:
If we could, we would give him 10 stars. Highly recommend the team!
We recently moved to OH from NV to be near our daughter and family. With no idea what we would do for housing, we discovered patio homes, which led us to Bill. To date, we have had two failed deals…one on a new build and one a condo for sale by owner (pricing and structural issues). Bill has always been the most patient, guiding, understanding man through both processes. Response time is always quick, thoughtful answers to questions or issues, great recommendations for inspectors, etc. If we could, we would give him 10 stars. Highly recommend the team!
Beacon Hill Townhome Purchase Review
I had an excellent experience with Bill. He knew I was looking for a property in a particular neighborhood and made me aware of a brand new listing which I ultimately bought. He was always available and kept me informed during the entire sales process. I would not hesitate to use Bill as my agent or refer him in the future.
My wife and I, without reservation highly recommend The Liz Spear Team
We found the Liz Spear Team while searching the internet for a real estate agent who were experts within Patio Home market, as we were listing ours for sale. There’s a long story here but I will condense it to this…the sale of our existing home was an unusual circumstance, which Bill Spear expertly (and calmly) navigated us through. The purchase of our next home went something like this, (and I’ll quote Drees here) “this has never happened in the history of our company.” That “this” was NOT a good thing for us…the buyers. Yet again, Bill Spear was the voice of reason, direction and experience. We know own the home that we’ve waited 30 years for and couldn’t be happier. A big reason we got to this point is due to Bill.
Bill is a stand-up guy, who while he knows his way around the real estate world, is firmly on the side of his client. He gives straight answers, and not always the answer you want to hear from him. But it’s the right answer. My wife and I, without reservation highly recommend The Liz Spear Team, not only to you (the reader) but to our own family members.
Bill has been a great real estate partner over the last several years
Bill has been a great real estate partner over the last several years. He’s patiently helped us find property and homes and even helped us navigate a “for sale by owner” purchase. I’m certain our ability to make it to close was due to Bill’s experience and style.
Additionally, he sold our previous home in a very short time period.
Overall great person and great real estate agent and I’m positive we will work together again in the future.
Thanks!
Bill & Liz may be the sharpest agents in Warren County
Bill & Liz may be the sharpest agents in Warren County, give them a call when you are ready to buy or sell.
Give him a call; you’ll be glad you did.
Absolutely outstanding. Bill helped us find our home when we relocated to this area. Bill is hands down the best agent I’ve ever worked with and I’ve worked with many. He was always available, provided outstanding insight and advice, researched candidate properties and supplied valuable “behind the scenes” information on property status, was infinitely patient and always was pleasant, professional and supportive. During the time we were seeking a home here, we were selling one in our previous location. Bill became the standard by which we judged other realtors in making our selection of selling agent. He’s that good. If you are seeking a buyer’s agent…don’t give it a second thought. Give him a call; you’ll be glad you did. Five stars aren’t enough but that’s all the website permits.
I highly recommend him!!!
Wow. I don’t know where to start. We are a military family. So, we had military orders to move. We’ve never bought a house, and had no idea about the process that goes along with it. Luckily, we did our research and chose to find a realtor to use along side with our builder company. We did everything long distance, so Bill was our eyes and ears and he is AWESOME!!!! We were so thankful for finding Bill and having him be apart of our journey. It was an amazing first time buying experience, because he was so wonderful, keeping us updated on everything, doing the walk throughs, Skyping us, letting us know all the details. There is no doubt that William (Bill) Spears is a very motivated individual who absolutely loves his job. He is very easy to communicate with and always willing to talk on the phone, email, Facebook and or text! Along with his desire of what he does, there comes a ton of experience and knowledge. My husband and I learned so much about real estate and the do’s and don’ts, and what to keep an eye out for. It is obvious that Bill is not just concerned with selling you a house or making commission; he has a passion for finding people a home and spreading valuable knowledge. Without a doubt I would not hesitate to use him again if we ever sold our home, which I doubt will ever happen as it’s our dream home!! I do want to mention that we found him by looking towards Mason Ohio area, but we decided to move to Northern Kentucky and we were afraid that we weren’t going to be able to use Bill. But it all worked out and he went and got his license down here so we just think the world of him. I highly recommend him!!!
Your advise, guidance and support played a large role in helping us
It is a joy (and, admittedly, something of a relief) to have finally arrived at the point where we can put legalities behind us and move on to more creative pursuits, such as decorating and furnishing. Your advise, guidance and support played a large role in helping us obtain this beautiful home, for which we are most grateful.