Buy Real Estate in Maine

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 your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

Step 1: Consult with a Realtor

Selecting the right realtor is paramount to ensuring a smooth and informed home-buying process. The ideal agent will understand your property preferences, whether you're leaning towards a condo, single-family home, or a multi-family residence, and guide you through the intricacies of the market. If you're unsure about specific features you want, areas you'd prefer, or what the current market has to offer, a competent realtor can help bridge these gaps. Their expertise can also provide insights into shifts in listing prices, which can be invaluable. By understanding housing trends in specific neighborhoods, you're better equipped to make well-informed decisions and negotiate offers effectively. Furthermore, a seasoned realtor can connect you with trusted partners, such as mortgage brokers and title companies, ensuring every aspect of your home buying journey is handled with care and professionalism.

Step 2: Get Prequalified

While you may have a specific monthly payment in mind based on your financial comfort, it's essential to recognize that a mortgage company's assessment might differ. Factors such as tenure at your current job, creditworthiness, historical financial setbacks like bankruptcies, or other fiscal challenges can influence a lender's decision. They might approve a loan amount that's either higher or lower than anticipated, or in some cases, they might decline the mortgage request entirely. Before becoming emotionally invested in a property, it's advisable to consult with a mortgage professional to discern the loan amount you're eligible for. Securing prequalification not only provides clarity on your budget but also positions you more favorably in the eyes of sellers. Many sellers prioritize buyers who come with the assurance of prequalification, as it indicates serious intent and financial preparedness.

Step 3: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I 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, and how close it is to necessities like schools and grocery stores.

Step 4: 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. I 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.

Step 5: 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. I can connect you with inspectors and 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 the next step. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

Step 6: Secure Your Loan

the subsequent pivotal step is solidifying your loan. At this juncture, your mortgage company will typically initiate an appraisal to ascertain the property's market value. This assessment is crucial, as lenders want to ensure that the loan amount they're providing aligns with the property's worth. A significant discrepancy between the appraised value and the contract price can influence the loan terms or even the approval itself. Collaborating closely with your lender during this phase is essential, promptly providing any requisite documentation and addressing any potential valuation concerns. Remember, the appraisal is not only a lender requirement but also an added layer of protection for you as the buyer, ensuring you're making a sound investment.

Step 7: From Title Search to Closing

Navigating the complexities of the home buying process, a title company serves as an invaluable ally, often operating in the background. Their primary responsibility is to conduct a comprehensive title search, ensuring the property is free from any liens, disputes, or other potential encumbrances. This meticulous review safeguards you from potential future complications or claims on the property. Once this verification process is complete and the title is deemed clear, the company will receive a "clear to close" signal from the lender. At this point, they'll provide you with the HUD statement for your careful review, which clearly itemizes the financial intricacies of the transaction. As the final step, the title company takes the lead in facilitating the closing process, ensuring every document is correctly executed and that the property's ownership is smoothly and accurately transferred to you.

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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Barry T.

The best real estate agent I’ve ever met. Organized, personable, adaptable! Thanks for all you've done for me. 10/10.

Navann M.

I have worked with Lauren for many years now and would highly recommend her to anyone. She is extremely responsive, and knowledgeable, and gets the deal done.

Anthony T.

Lauren is great! Definitely, a top-notch agent that has the tool, resources, and knowledge to give you that edge in the real estate industry. Highly recommended!

Abby S.

Lauren helped us find our first home. She was very helpful and attentive, and great to work with. We would certainly work with Lauren again and would recommend her to anyone looking for a hardworking and knowledgeable agent.

Tim F.

Lauren did a great job selling our home. She was always available when we had questions and concerns during the process with wise advice. Her marketing skills were very effective and professional. She was also very kind, patien...

Marie B.

Lauren is the most proactive agent I've worked with. The inventory was low and she genuinely did not want us to settle for anything less than what we were looking for. After a couple of weeks of her directly contacting many hom...

Susan S.

Lauren offered to do a market analysis on two rental properties based on the small inventory for sale in those two communities. I felt that the time was right to sell. One property went under contract after one open house at $4...

Huy B.

One of the best decisions I made was to hire Lauren Jones to represent me on the sale of my property. My home was unique, and particular and required a deft hand in marketing, negotiating, and closing of the property. Selling w...

Buyer's Guide