GUIDE TO BUYING YOUR HOME WITH BABB REAL ESTATE

STEP 1: Shop for a Mortgage:

Mortgage rates can vary from day-to-day and lender-to-lender, so it can pay (literally) to shop around. But don’t just compare rates, be sure to ask potential lenders about additional costs and fees beyond principal and interest payments.

Step 2: Get Pre-Qualified:

Before you start looking for a home, you need to know how much you can spend. The smartest way to do this is to get pre-qualified. Be prepared with bank statements, tax returns, pay stubs, and W-2s from the last two years. Getting pre-qualified not only shows you how much house you can afford, but also tells sellers that you are a serious buyer.

Step 2: Get Pre-Qualified:

Before you start looking for a home, you need to know how much you can spend. The smartest way to do this is to get pre-qualified. Be prepared with bank statements, tax returns, pay stubs, and W-2s from the last two years. Getting pre-qualified not only shows you how much house you can afford, but also tells sellers that you are a serious buyer.

Step 3: Find a Real Estate Agent:

Having an expert partner to guide you through the process is a no-brainer. Real estate agents can provide inside information on homes and neighborhoods, familiarity with the market, and negotiation skills to get you the best deal. Referrals and online reviews are a great place to narrow down your options but be sure to have a face-to-face meeting before making your final decision. The Babb Real Estate team invites you to check our online reviews, connect with clients we already serve, and meet with us face-to-face so you can see firsthand why most of our business comes from referrals and repeat clients.

Step 4: Know Your Needs and Wants:

Do you want to be able to walk to a grocery store? Do you need a minimum of 2 bathrooms? Is location more important than square footage? Make a list of what is important to you and divide it into must-haves and nice-to-haves. Understanding essential versus nonessential features can help narrow your search and prioritize potential properties.

Step 4: Know Your Needs and Wants:

Do you want to be able to walk to a grocery store? Do you need a minimum of 2 bathrooms? Is location more important than square footage? Make a list of what is important to you and divide it into must-haves and nice-to-haves. Understanding essential versus nonessential features can help narrow your search and prioritize potential properties.

Step 5: Browse Online Listings:

You don’t have to rely solely on your agent to find homes that are a good fit for you. Browsing online listings also allows you to see if your budget and expectations align. Use your list of needs and wants to scale down the options and see if you can’t find a handful of properties that meet your criteria. Share that list with your Babb Real Estate agents so he/she can get an even better idea of your ideal home.

Step 6: Go to Showings with your Agent

Take Notes At The Open Houses

Along with your agent, commit to visiting as many properties on your list as you can. You will learn more about the market and process each time, so don’t stop if you happen to fall in love with the first property you see. Taking notes during each visit can help keep your head space clear and make comparison shopping much easier. Don’t worry if you aren’t the best note taker! Babb Real Estate agents bring a checklist for each visit, so you can rate while you view!

Step 6: Go to Showings with your Agent

Take Notes At The Open Houses

Along with your agent, commit to visiting as many properties on your list as you can. You will learn more about the market and process each time, so don’t stop if you happen to fall in love with the first property you see. Taking notes during each visit can help keep your head space clear and make comparison shopping much easier. Don’t worry if you aren’t the best note taker! Babb Real Estate agents bring a checklist for each visit, so you can rate while you view!

Step 7: Make an Offer and Negotiate:

Your real estate agent can guide you on what offer to make based on several factors: asking price, market analysis, closing date, concessions, etc. While your agent wants to position you in the most competitive stance, sellers may still engage in negotiations. Having a real estate agent with sophisticated negotiation skills is a must. Knowing the subtle nuances of negotiating make it more of an art than a science, the Babb Real Estate team consistently paints big wins for their clients.

Step 8: Get your Loan Approved:

When your offer is accepted, it is time to go back to your lender and make it official. The lender will work with you on the loan that is right for you. Once your loan application is complete, it will be passed onto underwriters who, after determining the loan is an acceptable risk, will give the stamp of approval.

Step 8: Get your Loan Approved:

When your offer is accepted, it is time to go back to your lender and make it official. The lender will work with you on the loan that is right for you. Once your loan application is complete, it will be passed onto underwriters who, after determining the loan is an acceptable risk, will give the stamp of approval.

Step 9: Get a Home Inspection:

The offer may be contingent on any number of inspections, including a home inspection. Even with new construction, a home inspection is a good idea. A housing inspector can let you know what issues (e.g. safety, structural, pest problems) the house may currently have or even forecast future ones (e.g. aging roof, ailing furnace, inefficient windows). These findings may even influence negotiations or—in some cases—your decision to purchase the house.

Step 10: Have the Home Appraised:

While the loan process is underway, you will pay the bank to perform a home appraisal. Banks will simply not finance a home for more than its worth, so they hire third party appraisers to determine the property’s value. This appraisal will let all parties know if you are paying a fair price for the home.

Step 10: Have the Home Appraised:

While the loan process is underway, you will pay the bank to perform a home appraisal. Banks will simply not finance a home for more than its worth, so they hire third party appraisers to determine the property’s value. This appraisal will let all parties know if you are paying a fair price for the home.

Step 11: Close the Sale:

You are almost there! You have last-minute paperwork and, oh, closing costs. Closing costs are typically 2-5% of the home’s purchase price and include: appraisal fees, down payment, homeowner’s insurance, and property taxes. Depending on your agent’s negotiation skills (ahem, Babb Real Estate), you will pay a portion or all of these during your “closing” and walk away a homeowner.

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