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Buyer's Guide

Guide To Buying a Home

Buying your new home can be an exciting adventure! Our home buying guide will help you understand the process – from steps you should take at the beginning through closing on your new home. While there are a lot of details involved, taking the right steps and making informed decisions will make your purchase go smoothly as possible.

Define Your Goals

Before beginning your home search, make sure to have clearly set goals: desired neighborhoods, type of home, must-have amenities, etc. As you get into the market, you may need to be flexible on some of these requirements, but starting with a best-case list will be helpful.

Examine Your Finances

Before purchasing a home, it’s important to make sure you have your finances under control – make a detailed budget and ensure that you have savings and reserves in place to support your home purchasing goals.

Get Pre-Approved

Call several mortgage lenders – you’ll find differences in rates, fees, and customer service. Finding the right mortgage lender is important. Check reviews as well to make sure you’re choosing someone with a track record of satisfied borrowers.

Pre-approval is a good idea at this stage – you’ll have more power as you submit offers and negotiate with sellers if you are already approved for a mortgage. Use estimated closing costs to validate you have enough money set aside for this process.

Hire a Real Estate Professional

Take some time to do some research here!

By this point, you have a good grasp of the type of property you’re looking for and the purchase price you can afford. Interview several agents to find someone who regularly sells similar homes. Again, look for social proof and check out reviews. If you’re shopping with a spouse, make sure both of you agree on the agent. Home-buying can be a storm and you want a good captain that you’ll both trust!

Search for Homes

Work with your agent to search homes that meet your goals and criteria. You’ll also want to make sure you view homes in person – pictures are awesome, but can sometimes be misleading! Don’t get frustrated if you don’t find a home immediately – each showing gives you a chance to learn more about what you can get in your area at your price point. You’ll find a place to call home.

Make an Offer and Negotiate

Once you’ve found the home you’d like to buy, it’s time to make an offer. Here’s where a good agent earns their money – showing you the home is the easy part. Shepherding you through offer and closing is where great agents shine!

Sellers can counter your offer, inspections can reveal possible repairs, and you can suddenly find your budget at risk and maybe even question if this is the right home for you. Above all, stay calm and continue to communicate with everyone involved. Check your budget, your emotions, and your buying partner to make the next right steps.

Secure Your Financing

You’re almost there – remember, your lender wants to ensure that this is a good move for everyone, so they may ask for more information about income, the condition of the house, or your credit history. Providing accurate and timely responses keeps the process moving and gets you to your desired outcome the fastest.

Close the Deal

The timing for closing can vary, but the average is 45 days. Typically, within 48 hours prior to closing, you’ll do a final walk-through to check that all agreed-to repairs are completed and that the home is in the expected condition.

You can expect to meet with your lender and agent to finalize the paperwork. There may also be attorneys present, the seller’s agent, a representative from the title company, and the designated closing agent. During the closing all paperwork will be finalized, including: the deed, title, financial/funding, closing statements, insurance, contract, etc.

At this point, you’re done with everything and you will be ready to move into your new home!!

What to Look for in a Realtor

Whether you’ve made the decision to buy a home in Iowa or you’re looking for a realtor because you’d like to sell your home, the truth is that deciding who to work with can be a huge challenge. Thankfully, at The Rob Ellerman Team, we’d love to give you a few pointers to ensure that you make the best decision for your specific situation.

That’s why below we’ve put together a helpful guide that highlights the most important things you should look for in a realtor. Although the process can feel overwhelming and intimidating, the good news is that if you know what to look for, you can set yourself up for success. Keep reading to learn more, or feel free to schedule a call with our team of Iowa real estate experts today.

When it’s time to start the journey of house hunting, the best thing you can do is to have a trusted realtor by your side. Whether you already have a neighborhood in mind or you’re just starting the process, a realtor can help walk you through exactly what you need to do. That’s why it’s so crucial to choose a realtor that puts your needs first.

Of course, it’s also helpful if you have a budget in mind. Speaking with a mortgage lender at the beginning of your house hunt can make everything easier down the line. For example, working with a lender means you’ll know exactly how much you can spend which makes it simpler to filter out houses that won’t work for you.

So how do you find a good realtor? If you have friends or family members who have recently purchased a home in your area, it’s never a bad idea to ask them for recommendations. At the end of the day, if someone you trust had a good experience with their realtor, chances are that you will too.

You may also want to consider taking advantage of the information that exists on the internet. Thanks to review sites and social media, it’s easier than ever to see what kind of reputation a real estate agent has. Browse Facebook or Google, check out reviews, and dig deep to read about the experiences other people have had.

Once you find a realtor that seems like a good fit, start the process of reaching out. The next steps will look different for everyone, and that’s okay! Some realtors may schedule a meeting for you to come in and discuss what you’re searching for, what your goals are, and what you can expect from them. Others will put together a list of homes that they think would work well for you. Either way, you’re now in the beginning stages of your property search, and that’s always an exciting place to be!

Figuring out how to buy a house on your own isn’t something anyone should have to do. As we mentioned above, your realtor will be there to walk you through the entire process, helping you to find homes, put in an offer, and keep things on track until you close. That’s why your realtor should be…

 

Friendly

Needless to say, you’ll be working with your real estate agent on a regular basis. That’s why it’s important to choose someone who is friendly and easy to talk to. After all, because you’ll be in such close contact, being on the same page is incredibly important and helpful.

 

Communicative

Perhaps most importantly, your realtor should be a good communicator. In other words, because this is the person you’ve chosen to facilitate your entire real estate experience, you want to be certain that the person you’re working with knows how to get ahold of you. Buying a home is incredibly exciting, but there are a number of things that need to happen between the time you put in an offer and the time you close. Your realtor will need to keep you in the loop on everything from counteroffers to inspections to closing paperwork.

 

Knowledgeable

Last, but certainly not least, you should seek to find a realtor that’s passionate about their community. Trust us when we say that the people who love where they live are the ones who go the extra mile because you’re more to them than just a customer — you’re also a neighbor.

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