FAQs
The first step in the buying process is to schedule an appointment with your realtor. During this initial consultation, you will discuss the needs and wants for your new home in order for your realtor to conduct a proper and successful property search. You will also discuss your timing and current obligations, including the sale of your current home or lease terms so that your purchase and move can be coordinated for a stress-free transition. At this time you will also discuss your financial information including employment, savings, and comfort level.
The amount of money needed for a down payment will vary depending on the type of financing you are obtaining. There are programs such as a VA or USDA loan with $0 down if you qualify; although most conventional loans will require a minimum of 3% down and FHA loans will require a minimum of 3.5% down. An experienced realtor will help to determine which programs will work best for you.
There are several programs that can help with down payment and/or closing costs, some have area limits and/or income limits. For a list of some of these products and programs click here. Your realtor and mortgage representative will discuss your needs and can also talk to you about seller concessions to assist with closing costs, gift funds if available, and lender credits, in addition to any grants available.
An experienced and knowledgeable realtor will help you to prepare your home to get the best possible price. You may need to pack some items and store them until your move in order to highlight the size of rooms and show off its best features. You will want to address any deferred maintenance items and touch up any areas that need paint. Give the house a thorough cleaning (including carpets) and dress up the exterior by weeding the landscaping and creating an inviting atmosphere. Your realtor will do a walk-through with you prior to the listing to address any additional and specific items.
There are automated sites that will give you a general idea of value based on recently recorded home sales in your area. Here is a link that can give you such information. But, if you want a more specific and accurate amount, your best option is to have an in-person market analysis done with your realtor. In this case, your realtor will come to your house, look at all the features and updates of your home and give you an accurate list price for the current market conditions.
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