How to Buy Your First Home

It is time to go house shopping! This is probably the most exciting part of buying a new home. Here is a preview of the tasks covered in this step: Drive by houses, Select houses to view, Bring your checkbook and POF, View inside of homes, Take notes, Can you take photos?, Number your favorites and Narrow your choices to 1 house.

Continued from STEP 3: Find House (part A)

Now it is time to write up your offer. You are going back to your REALTOR’S® office and together you will decide what purchase price to offer. You will go back to the office with your agent and: Discuss the price and terms of your offer, Call the listing agent, View neighborhood comps, Write an offer, Prepare for inspections and negotiate the home warranty, and Sign the purchase offer.

Continued from STEP 4: Write Offer (part A)

SUPPLEMENTARY MATERIAL included: Home Warranty Brochure Sample

Can you believe it? We are already at Step 5, the purchase contract! We are going to review some of the major items that will be included in the sales contract. Also, we are going to discuss the major closing costs that buyers may have to pay. Then we have a few tips that you can note for future. Remember that each state, county, and region has its own unique contracts and customary procedures, but the process is similar.

SUPPLEMENTARY MATERIALS included: Purchase Offer Sample

Continuation of Purchase Contract (part A)

Now we are at the phase called “negotiations”. This is where the buyer and the seller finalize the purchase price, agree on all the terms of the offer, and prepare the transaction for closing. If there is any part of the home buying process that causes anxiety, it is often the negotiating step. Negotiation of price and terms on the purchase contract are aspects of the sale. Here are the tasks involved in this step: Negotiations, Counter offer, Negotiating process, Continue shopping, Further negotiations, Document review, Pack for your move, Keep a backup plan.

Continued from STEP 6: Negotiations (part A)

Let’s discuss the escrow process and the steps involved. Escrow steps typically happen in this order: Open escrow, Home inspection and reports, Order appraisal, Sign disclosures, Review title report, Get home insurance, Final loan approval, Plan your moving date. Let's review each of these items one at a time.

SUPPLEMENTARY MATERIALS included: Escrow Flowchart, Statement of Identity, Home Inspection Sample, Pest Report Sample, Appraisal Sample

Continued from Escrow Process (part A)

SUPPLEMENTARY MATERIAL included: Title Report Sample

We are nearing the end of our home buying process. Once you know that your home purchase is going to close, there are things you will need to do and some things you should NOT do. We will discuss how to find services in your new neighborhood, and what NOT to buy before close of escrow. You have wrapped up the final details for the close of escrow, signed your loan documents, paid your final closing costs, and have received keys to your new home. Here is what we’re going to do next: Find neighborhood services and change your mailing address, Don’t buy new furniture, Inspect the house, Review closing documents, Review loan docs, Sign loan docs, Pay your closing costs, Wire loan funds, Get utilities connected, Pick up your keys.

SUPPLEMENTARY MATERIALS included: Title Vesting Sample, Closing Statement Sample, HUD-1 Sample

Continued from STEP 8: Closing Escrow (part A)

Now you have your new home and it is all yours. Congratulations! This is a very exciting day, but there are a few more things we need to take care of first. In this step we are going to talk about moving into your home, showing thanks to your vendors, how to take care of your new home, and, most importantly, financial management. This step has many little tips to help finish the process of home purchase and get you started on the right path of being a terrific homeowner.

Continued from STEP 9: Your New Home (part A)

Well, we are nearing the end of our course for first-time homebuyers. By now, I’m sure your head is spinning with great information. You learned about the 9 steps to follow to buy your first home and become a home owner. So what is next? Let’s keep the momentum going by taking action today.

Continued from Conclusion (part A)

Forms included as a bonus, just download for your convenience.

Besides the PDF forms you downloaded above, we have 3 Excel spreadsheets available for you. Budget Basics, Budget Sample, and Rent vs. Own Calculation are available FREE on our web site, www.HouseProAcademy.com - simply click the "Resources" tab. We could not include these 3 resources here because Udemy only allows PDF documents.