The Home Buying Process in 9 Simple Steps

Since June is National Homeownership Month, we figured it’s the perfect opportunity to talk about the homebuying process. Deciding how you'll navigate your journey to homeownership is equally critical to the agent you work with. As someone who's been in your spot before, we’re familiar with what's cycling through your mind, and as real estate agents, we’ve mastered the ins and outs of the buying process. When you work with a Lucido agent, you'll benefit from our team’s experience and resources. Together we'll work toward making sound, smart decisions for your future. Our role as real estate agents is to guide you through the entire process - from first planning out your timeline to getting your new keys (and even after that, too!). THE HOMEBUYING PROCESS When you work with a Lucido agent, we’ll start with a buyer consultation to get to know you and what you’re looking for. We take a personalized approach, so the process will be tailored to you based on your unique situation, timeline, and needs.  1. SELECT A REAL ESTATE AGENTDiscuss the type of home you are looking for, including style, price, and location.THE BUYER’S ADVANTAGE: As the home buyer, your agent’s commission is paid by the seller of the homes in almost all circumstances. This means your agent representation costs you nothing!   2 - GET PRE-APPROVED You will need pay stubs, W2’s, and bank statements. Knowing what you can afford is critical to a successful home shopping experience. 3 - SEARCH FOR HOMES This is the fun part! You will analyze your needs in a buyer consultation, select, and view properties with your agent. ADVANCED SEARCH: Not all real estate websites are the same. Your Lucido Agent hastools and systems to ensure you see every available home that meets your criteria.   4 - WRITE AN OFFER TO PURCHASE Your agent will prepare the offer based on the price and terms you choose. THE CONTRACT: In most cases the contract provides you with a timeline to obtain financing, as well as time to inspect the physical condition of the home. Your agent will inform you of all your rights and responsibilities related to the contract.5 - NEGOTIATE  TERMS AND CONTRACT It may take a few tries to get it just right, but hang in there. You’re on your way! 6 - RATIFY CONTRACT You and the seller have agreed to the price and terms. The home is effectively held until closing.   7 - FINAL DETAILS Perform due diligence, order the appraisal, conduct an inspection, and review terms with the lender. PREPARING FOR CLOSING: You will be finalizing your loan, reviewing documents, and discussing the findings from the inspection. Your agent will be managing this entire process for you.   8 - CLOSING This is the transfer of funds and ownership. A title company or an attorney typically acts as an independent third party to facilitate closing.   9 - CELEBRATE! You are now a homeowner!   If you have questions or want to learn more, contact us or call 410.465.6900 to connect with an agent. We’re here to help anytime!

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Tips for Buying Your First Home

There’s no better time than National Homeownership Month to buy your first home, so let’s make sure you’re ready!  Buying a home can be challenging for a first-timer, especially in this market. There are so many tasks and requirements that might make you anxious to take the first step. So, we’ve compiled a list of everything you need to know to make that first big purchase easier. Here is a rundown of what you need to consider before buying.   Things to Consider Before Buying Your Financial Health - You need to be prepared for both the purchase and the ongoing expenses of a home. The outcome of this audit will tell you whether you're ready to take this big step, or if you need to do more to prepare. How Much You Have Saved - You’ll want at least three to six months of living expenses after your down-payment still in your savings account. There will be considerable upfront costs including the down payment and closing costs. You need money put away not only for those costs but also for your emergency fund. Lenders will require it. Your Spending Habits - You need to know exactly how much you're spending every month—and where it's going. This calculation will tell you how much you can allocate to a mortgage payment. Your Credit - Generally, to qualify for a home loan, you'll need good credit, a history of paying your bills on time, and a maximum debt-to-income ratio of 43%. What Type of Home You Need/Want - You have a number of options when purchasing a residential property: a traditional single-family home, a duplex, a townhouse, a condo, a co-operative, or a multi-family building with two to four units. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals. How Much Mortgage You Qualify for - Before you start shopping, it's important to get an idea of how much a lender will give you to purchase your first home. Lenders will look at factors like how much other debt you have, your monthly income, and how long you've been at your current job. What Realtor You’re Going to Work With - Who you work with is super important when buying a home which is why we, Bob Lucido Team, Lucido Global, and Lucido Agency, make it our mission to deliver the Ultimate Real Estate Experience™ by providing incredible value and exceptional service. You need a team you can trust. When you buy or sell with us you don’t get just one agent, you get an entire team of real estate professionals working to serve and guide you through every step of the process.  

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