Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice we said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Our goal is to provide you with the most personalized service that is designed to help you buy your dream home.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). We will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

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William Z.

William Z.

Made us feel like family.
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Patrick R.

Patrick R.

Very friendly, extremely responsive!
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Siobhan L.

Siobhan L.

Super professional and dedicated to getting the best prices.
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G. Tomassian

Honest, efficient, reliable, professional, and very helpful at every step of the way.
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Buyer

Buyer

Alex is a great agent! She helped guide me through a complicated home-buying process that had many ups and downs. Alex is very responsive and knowledgeable. Would highly recommend!
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Lawrence W.

Lawrence W.

Nina helped me find my house and did a great job. She knows the market very well and works hard. Also did a good job of managing the overall process. Definitely recommend her, thank you, Nina!
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Yolanda D.

Yolanda D.

Phenomenal service. Excellent follow throughout the sale of our Georgetown home. James and Orlando made an extraordinary situation in this sale a breeze! We thank you from the bottom of our hearts.
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Daniel E.

Daniel E.

I think that John is a fun and enthusiastic person to work with. He is pretty knowledgeable about how to go about submitting an offer and would work with him again. He’s very responsive and always answers your calls any time of...
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James O.

James O.

We recently purchased a home and used Peter as our agent. We were very impressed with his service and professionalism. He is extremely knowledgeable about the housing market in Los Angeles and was very prompt in responding to o...
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Diane S.

Diane S.

The whole Suarez organization did a really good job getting our house sold fast. We lived in our house for 34 years and selling it was very difficult for us. I was impressed with the way Jenny and Harry helped us get through th...
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Francesca F.

Francesca F.

My husband and I contacted John in a desperate attempt to purchase our dream home. John, even though he did not know us, immediately offered to help us and quickly gave us the opportunity to make an offer at the very last minut...
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Sydney L.

Sydney L.

Alicia is amazing! She is extremely calm and supportive in the house-buying process. She openly showed us many many homes and guided us on areas we would like. She always made time for us even last minute and was eager to suppo...
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Julian N.

Julian N.

Alicia and her team recently helped me close a transaction in the Westchester area. She is professional, punctual, and worked quickly to get the deal over the line. I’d highly recommend Alicia as she has the strong market exper...
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Ryan E.

Ryan E.

Peter was a great Realtor® to work with. In our first meeting, he offered to sit down and explain the whole process to us in a detailed manner. As a first-time buyer, it was comforting and he made us feel like we were not just ...
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Eddie G.

Eddie G.

Thank you Monika for your assistance in helping us search for a Home for our daughter. You were always in contact with us and we could not be happier with our experience working with you. Do not hesitate to work with Monika. Ve...
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Steven L.

Steven L.

Rachel Rocconi is the best! Her knowledge, patience, and understanding of the market are amazing. We put her through the wringer in this crazy market, changing our minds, in and out of escrows, but she was there for us at every...
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Jameel S.

Jameel S.

What can I say? I’m sitting in my dream home as I type this because of Jenny and H.E. They went above and beyond to make sure I ended up in a place that I loved and they were absolute champions during the escrow period. I hones...
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Jade M.

Jade M.

I felt lucky to work with Nina. This was my first time entering the market as a buyer and Nina made sure I was well-informed, my interests were heard and represented, and that I was taken care of. If I needed help with loan off...
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Buyer

Buyer

One of the partners in my law firm recommended that we work with Peter when we recently relocated to Los Angeles. This was a great decision! Peter was very dedicated to us. We looked at many dozens of houses to find the right o...
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Henry Javaheri

Henry Javaheri

Working with Ron was an absolute pleasure. He is easy to communicate with, and most importantly honest! Ron was always on time and quick to provide sound advice. We were all happy to work with Ron!!! Thank you and I look forwar...
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