Learn about the home buying process in 9 easy to understand episodes. To further assist your home buying experience, we created a free workbook to go along with this podcast to help you prepare and track important details.
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In this episode we’ll discuss what comes next after you’ve received the keys to your new home.
Key Talking Points
Deciding your offer price
Waiving Home Inspection and Appraisal contingencies
Additional ways to make your offer appealing (rent back, accepting "as-is", etc)
Competing in multiple offer situations has become more common in the current market and we've seen how frustrating it can be for buyers who feel they are writing solid offers only to be eclipsed by other buyers. This episode is intended to prepare you for what it takes to write your "highest and best offer" while also shedding light on the fact that it can mean more than focusing solely on price.
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
Episode 9: Don't Forget to do These Things After Closing on Your Home
Season 1 · Episode 9
Saturday, March 6, 2021 • Duration 07:05
Episode 9: Don’t Forget to do These Things After Closing on Your Home
We don’t want to leave you hanging once you have the keys to your home, so we’ve put together a list of tasks to help you keep on adulting. Some of these you may have already done like changing your address, while others you may not have thought about like changing the locks on your new home.
If you’ve thought about doing any projects around your new home, whether that’s a fresh coat of paint or remodeling the entire interior, you will want to plan and budget for these projects. Work your way down in a room, put in new carpet AFTER you paint the ceiling.
Episode 8: Understanding your Home Inspection & Home Warranties
There’s more to a home inspection than just walking around and looking at walls. It’s an opportunity to have a licensed professional check for any concerns there may be with the home, as well as teach you how to “operate” the home.
Your Home Inspector should be looking for every little detail they can find, so if you get back an extensive home inspection report don’t panic. If there are major concerns you may be able to further negotiate with the seller. Discuss your options and strategy with your real estate agent.
A Home Warranty can help save you money in the event of things that will inevitably happen, like the air conditioning eventually needing to be repaired.
The details we discuss in this episode are common but some of these may not apply or vary with your purchase; these are details from your offer you’ve had accepted so please discuss exactly what you need to do and when with your agent.
Your Earnest Money Deposit is like a down-payment on your down-payment. If you offered to submit one, you will need to deposit this with the appropriate party by a specified deadline.
An offer includes more than just how much you will pay for the home. Contingencies are hurdles that can help protect you and need to be passed in order for the purchase to progress. Home Inspection, Appraisal, and Financing contingencies are the most common.
Note: Appraisal and Home Inspection are NOT the same thing. Appraisal provides a professional opinion of value to the mortgage lender. Home Inspection helps make you aware of any potential concerns with the home.
Your agent will review and discuss comparable homes that have sold with you. Comparing homes that have sold, and the details of those sales (such as days on market, closed price, and concessions) will allow you to make informed decisions about your offer.
IMPORTANT: Do not make offers on multiple homes at a time. If a seller counters your offer, declines your offer, accepts another offer, or if you retract your offer before any of those options occur – then you can make an offer on another home.
Episode 5: 7 Things to be Mindful of when Visiting Homes for Sale
It can be easy to ignore noises as you focus more on looking at the home. But don’t forget about noise, both inside and outside the house. Pay attention to your surroundings, like when there are train tracks 50 feet away from your front door!
Think about maintaining the home. Every home will always need to be cleaned and maintained.
You can do a lot of things once you buy a home, but you can’t move it (I know, technically you can, but realistically you probably won’t). You should love the area, not just the house itself.
Don’t let minor cosmetic changes deter you. It’s ok if you don’t like the wall colors, you can paint them whatever color you want.
Your Real Estate Agent is the most important part of your home buying team. A great agent can help you connect with the professionals you’ll need along the way, understands current market conditions to advise you, and negotiates on your behalf.
75% of home buyers (and sellers) only interview ONE(!!) real estate agent before deciding who to hire. Our free service will help you connect with an expert real estate agent anywhere in the U.S.
When you buy a home, you are buying more than just a number of bedrooms and bathrooms. This is where you live, think of it that way. Sit down and write a list of essential features/traits (Needs) and features that would be nice to have but are not required (Wants).
Here is a quick way to estimate how much cash you will need to purchase your home.
Down Payment % + 3%
So, if you are making a 10% down payment, you should plan to have about 13% (10% + 3%) of your home purchase price. If you are buying a home for $300,000, that would mean you should have about $39,000 for your home purchase.
Earnest Money Deposit (EMD) is basically a down payment on your down payment. This is an amount you pay into escrow to show the seller you are serious about purchasing their home.
Good news! There are mortgages that do not require you to make a 20% down payment. First-time homebuyers can qualify for as little as 3.5% down, while veterans and active military may be eligible for a VA loan that allows 0% down. This is part of the reason it is important to shop around for a mortgage.
Banks and credit unions offer a wide variety of products beyond mortgages. They are a popular option, but “local lenders” who specialize in mortgages can offer a wider variety of options. A mortgage broker is like a lender but serves as a middleman helping you shop for your loan.
Beginning the approval process for a mortgage is a great starting point because it allows you to know what price range you should be searching for homes. We recommend asking your real estate agent for recommendations on lenders they have successfully worked with. (more in Episode 2)
Searching for homes has become very easy to do online, but most resources get their information from a centralized source called the MLS. For the most accurate results and information, you will need your real estate agent to plug you directly into the MLS. (more in Episode 4)
Making an offer to purchase a home is not a small decision. Discuss all of your negotiation options, local market conditions, and comparable home sales with your real estate agent. Remember, they are there to help you make informed decisions and negotiate on your behalf.
TIP:
THANK YOU to Cindy Reynolds and Ariel Margolis for helping to put together this podcast and our Workbook.Cindy brings nearly 20 years of real estate experience and Ariel brings over 20 years of experience in education to our team.
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
REMEMBER: You can earn $1,000 towards your home purchase with our free service!
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
If you are getting a Home Inspection (more about these in episode 8) then we recommend you attend it. You will learn about the home as well as how to operate major systems like your air conditioning or hot water heater.
If you are buying a home in a HOA/Condo/Co-op they will have their own bylaws (rules) that everyone in the community must follow. Review these documents to make sure there aren’t rules that would be a dealbreaker for you (like if you have a dog but the HOA doesn’t allow your fur baby).
Appraisals are not the same as a Home Inspection. You won’t need to attend this, you’ll just be waiting for your lender to tell you if the property appraised – which means the appraiser said the home is worth an amount equal to or more than your purchase price. (If it appraises for more, you have instant equity!)
Remember back in episode 2 when we talked about the difference between Pre-Approved and Fully Approved? Once your offer has been accepted your lender will begin the process of giving you a Full Approval.
Don’t forget about setting up your utilities, changing your address, and getting homeowner’s insurance for your new home! You don’t want to move-in and realize you forgot to have the electricity turned on!
Lastly, when you’re moving, have the essentials easily accessible (looking at you soap and toilet paper!). Start packing for your move early by packing the least important things first, and consider donating clothes you haven’t worn rather than moving them to your new home.
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
Don’t get discouraged if you receive a counteroffer, it’s still a good sign! It opens up negotiations, which is far better than having your offer rejected. Counteroffers are not always about price, the seller could counter asking you to close sooner (or later), to change a contingency, or many other factors.
If you are buying a home that is in a HOA, Condo, or Co-op, they will have their own rules and regulations everyone must abide by. It’s boring, but it’s important you review the documents you’ll receive for the association so you can make sure the rules and community finances make sense to you.
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
If you don’t like a home, let you’re agent know and move on to the next one. It’s ok, it won’t hurt their feelings. If you see something that concerns you, ask your agent if they have any information.
Be aware of how competitive the local market is. Discuss this with your real estate agent, it will impact how long you have to make a decision on a property and how to write and negotiate your offer.
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
If you are open to different types of homes, such as a condo or townhouse, then think about what your life would be like in each one and make a Needs vs Wants list for each. It’s ok to revise your Needs and Wants list as you see more homes. Just remember to keep your agent updated, they’re on your team!
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
Settlement companies usually handle all the roles associated with title, deed, settlement, and escrow. Title states ownership, while the deed records when a title is transferred. Settlement is when you close on the home and finalize the purchase. Escrow is a neutral vault to ensure everything is distributed to the buyer and seller correctly.
Title insurance can be purchased from the title company and is different than homeowner’s insurance. Your lender will likely require you to obtain Lender’s Title Insurance. Owner’s Title Insurance is optional, but could help protect you from previous liens against the home and claims to ownership.
A home inspection will help you learn about any needed repairs as well as how to operate and maintain the home. If you do need to make repairs, you may be able to negotiate these with the seller. This is different than an appraisal, which is completed for the lender to provide them with an estimate of the home’s value.
A home warranty is also different from homeowner’s insurance. It can help lower the cost of repairing or replacing home systems and appliances such as A/C systems, hot water heaters, and refrigerators.
Don’t forget about moving! Pricing can vary widely depending on how far you are moving, the level of service the moving company is providing, how much you are moving, and how long you may need your belongings stored before being delivered to your new home.
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
Pre-Qualification gives you an estimate of how much you home you can afford but does not require as much verification as a Pre-Approval. Becoming fully approved usually occurs after your offer has been accepted.
Your lender will require a lot of documentation throughout the process. This includes your personal finances, investments, employment history, personal identification, and more. Take time to gather the documents you’ll need; we’ve included a checklist in the workbook to help you get started.
Ask your real estate agent who their preferred lender is, this can be a great way to find a lender. If you need a real estate agent, we can connect you with a local expert real estate agent anywhere in the U.S. plus you'll earn $1,000 towards your home purchase!
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
(more in episode 6)
It’s really exciting once your offer is accepted, don’t get in your head thinking about all the what-ifs and ruin the excitement. A Home Inspection can help you learn more about the condition of the home, and a home warranty can help save you money should something need repaired after you move in. (more in episode 8)
Do you have to pay your real estate agent for their services? Typically, your agent is paid a commission once the home sale is complete. We commonly see this commission paid from the sale of the home which means you do not have to pay your agent out of pocket. *Always confirm this with your agent*
Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com
