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.
The purchase of a home can be one of the most exciting events one will ever experience. While this process may seem unfamiliar, a bit of homework and preparation can transform a seemingly trying proceeding into one of the most memorable and rewarding. Here are a few steps you can expect to encounter on your road to home ownership in paradise.
Before you get too far ahead, you will need to know how you plan on financing this purchase. If you require a loan, Stacy can recommend some local lenders who can review current rates or other programs which may be available. After you have been pre-approved, it will be of vital importance you maintain the same financial position throughout escrow (more on this later.)
Once you have a set budget, you can meet with Stacy to discuss everything you want and need in your next home. In addition to providing invaluable knowledge and expertise, a licensed real estate professional can also guide you away from any unwanted problems which could arise. It costs a buyer nothing to enlist the professional help of an agent, and the assistance these hardworking individuals provide is worth more than gold.
With a budget in place and the right team on your side, it will now be time to officially get out there and begin house hunting! Stacy will work diligently to find homes on the market (or privately listed) that cover all your must-haves and avoid your deal-killers. Honolulu‘s real estate market can be competitive however – once you come across a home you are interested in, be ready to make your move and possibly submit an offer.
After you’ve found the tropical retreat of your dreams, Stacy will put together an offer to present to the sellers. From here, the sellers can either accept your offer, reject it, or issue a counter-offer. The latter of these is the most frequent response. A seasoned professional, Stacy will work closely with you to ensure every ‘T’ is crossed, every ‘I’ is dotted, and make certain you are happy with every part of the contract, down to the most minute details. Once both sides are in agreement and have signed off on all parts, you officially move into escrow.
Upon acceptance of your offer, you will be entitled to a home inspection, which Stacy can set up for you. Concurrently, the title company will do their homework to draw up all necessary closing documents. If you are obtaining a mortgage, your lender will make up the third side of the triangle, working on your loan to fund this purchase. During this period (usually 30-45 days) it is vital to maintain the same financial position. This means not making any other large purchases, maintaining employment, and not opening any new lines of credit.
Once your lender has issued final approval and the title company has completed its due diligence, it’s time to close! You will need to bring either a cashier's check or arrange to wire in your down payment, or the purchase price (for cash buyers). If wiring money, make sure to verbally confirm any wire instructions with the title company to prevent any possible mishaps. After you have signed and all checks or wires have cleared, you will have officially closed and can pick up the keys to your own slice of paradise.
A longtime resident of Honolulu and active participant in the island’s real estate market for several years, Stacy Lyn Dees offers a wealth of knowledge, experience, and invaluable skills to her clients. Her personal expertise has seen a myriad of buyers finding their dream homes in The Aloha State. Contact Stacy Lyn Dees today to start your journey to owning a slice of paradise.
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.
Stacy is dedicated to helping both buyers and sellers transform the look of their property with her keen eye for design and staging, negotiating the best terms, and helping her clients achieve a successful closing at top dollar.