First Time Home-Buyer Guide (New Construction) First Time Home-Buyer Guide (Existing Homes)

First Time Home-Buyer Guide (New Construction) 8 step overview

1. Make a Home Buying Wish List Once you have an idea how much you can afford, start writing down the things you'd like in a house: style, size, features, location, price, etc. Prioritize each item as either a "must have" or "would like to have." 2. Search for a Home Now comes the fun part…the house-hunting process. If you follow the steps outlined here, you can shop confidently (knowing that you have a pre-approval letter, a price range, and an agent to represent you). 3. Schedule Showings & Tour Homes After you have compiled your list of home(s) that you would like to view, it’s time to take a look in person. Contact a HomeZill agent to schedule an appointment with the Builder. On your first visit to a particular community, you will need to print out and bring your HomeZill E-Card with you when registering. 4. Write the Offer When you have decided on the home that you would like to purchase, it’s time to write the offer. The price is typically already set by the builder but there could be room for negotiation. When you are ready to write the offer, simply contact your HomeZill agent to schedule an appointment with the builder. 5. Apply for the Loan Once you have written the offer, you will need to contact a lender to apply for a loan. To make it easier on you, the Builder already has lender(s) for you to choose from. You can also contact the Builder’s lender for pre-approval before writing an offer to know how much you qualify for. 6. Initial Walk-Through The Initial Walk-Through will involve your keen eye. A contractor will walk through the home with you to make sure everything is working and in perfect condition. At this point you will be able to point out any scratches, marks, or touch-ups you want the Builder to fix. You will have the chance to ensure your home is flawless before you move in. 7. Final Walk-Through The Final Walk-Through generally takes place a day or two before closing. It's your opportunity to walk through the house to make sure all discrepancies found during the Initial Walk-Through have been fixed. If something has not been fixed, the Builder will schedule a time to fix any issues. 8. Closing/Settlement Closing (or settlement) is the process that transfers ownership of the home from builder to buyer. This process usually takes anywhere from 30 minutes to an hour. It's the final step before you are handed the keys.

First Time Home-Buyer Guide (Existing Homes) 11 step overview

1. Make a Home Buying Wish List Once you have an idea how much you can afford, start writing down the things you'd like in a house: style, size, features, location, price, etc. Prioritize each item as either a "must have" or "would like to have." 2. Get Pre-Approved for a Loan Pre-approval is the process of applying for a loan and getting approved for a certain amount before having a purchase agreement (contract). Having a pre-approval letter also shows sellers you're serious about buying their house. 3. Begin House Hunting Now comes the fun part, the house-hunting process. By following the steps outlined here you can shop confidently (knowing that you have a pre-approval letter, a price range and a Remax agent you can rely on). 4. Schedule Showings & Tour Homes Once you decide on which home(s) you would like to see in person, contact your HomeZill agent to have them check showing availability and set up the appointments. 5. Make an Offer How much you offer will depend on the seller’s asking price, the market, comparable sales in the area and other factors. Your offer might be accepted, rejected or countered. You might be the only buyer, or you might have to compete with others. When you are ready to make an offer, simply fill out our interactive HomeZill Express Offer and afterwards a HomeZill agent will guide you through the process. 6. Apply for the Loan If the seller accepts your offer, you must then go back to your chosen mortgage lender and submit paperwork for loan approval. In most cases, it's easiest to return to the lender who gave you the pre-approval letter, but it's not mandatory. 7. Get a Home Appraisal Your lender will require a home appraisal to make sure the home is worth what you’ve agreed to pay. This costs roughly $200-$400 but may be reimbursed to you at settlement by the lender if you follow through with the purchase. 8. Get a Home Inspection On average, home inspections cost between $300 and $600. That's a small price to pay for the peace of mind it brings. Get a home inspection as soon as possible after the sellers accept your offer, and make the contract contingent upon the inspection. That way, if the inspector finds a problem you're unwilling to accept, you have a legal way out of the contract. 9. Optional Inspections There are a number of other inspections you might want to have. But most of these are optional, depending on what state you live in. Among other things, these include inspections for radon, mold and lead paint (homes built before 1978). If you choose to have them, schedule them as early as possible after your contract has been ratified. 10. Final Walk-Through The final walk-through generally takes place a day or two before closing. It's your opportunity to walk through the house to make sure all discrepancies found during the inspection have been fixed (if that was part of the agreement). In most cases, it's also your first opportunity to see the house without furniture. 11. Closing/Settlement Closing (or settlement) is the process that transfers ownership of the home from seller to buyer. Closing usually takes place at an attorney’s office or title/settlement company and typically lasts an hour. It is the final step of the home-buying process before you are handed the keys to your new home.