As you all know, my husband and I just bought a house and for us it was a real headache. When you are buying a house there are all kinds for emotions that go along with it.
You are happy, excited, scared, impatient, nervous, and any other emotion you can possibly think of… 99% of the time you have no idea what the next step is, especially when you are buying your first home.
Chad and I have been dreaming of a house like this one since we first started dating. A log cabin was what my husband wanted. I liked the look of the drywall with the log cabin feel. We found this house…
Now there were a couple problems, it was off grid, as I discussed in a previous post Living off grid, another was the heating systems were not up to code.
We had one more thing that made this whole thing look like an impossible suit… we had no money saved up. You see if we had a 20% down payment we would not have had an issue buying this house. It would have been easy. We would have had to come up with $30,000, and not knowing how much longer this house would be available we started our what felt like an eternity on buying this house.
From the day we saw this house just in photos we knew we knew this would be our house. We took a trip to the house to look at the house on the outside before we wanted to move forward. We had been looking but we weren’t really in any hurry to purchase something because we were not really ready to buy.
We didn’t even have a realtor.
And we didn’t know where to start.
I had met a realtor a few weeks back and had gotten to know him a little bit… so I called him up.
Find a realtor that you like, and can trust. They will usually recommend a financial institution that they work with if you don’t have anyone you are working with. Which brings me to the step.
Find a bank or broker. They will usually point you in the right direction.
With this it is very important to find someone who knows what they are doing and gets back to you relatively quickly… Just remember they have other clients they are working with so sometimes a response within an hour is not going to happen.
We made the mistake of going with the first bank we talked too. They never called us back, and they never gave us updates on what was going on. At one point my agent had to call my bank and talk to a supervisor is was so bad.
After you find the bank you want there are several things that you need to have.
The bank is going to ask for your entire life. Bank statements for the last few months, you will fill out a credit application. They will ask for proof of employment and all kinds of other things.
You will need to make sure you have enough money to close on your house and the down payment, if the loan you are going through makes you put any money down.
Find the house you love. This is pretty self explanatory, find your dream house the house you can’t stop thinking about once you step inside it.
Make an offer. Get with your agent and make that offer. You will have some negotiation at this point as well usually.
Your offer either got accepted or declined… if it got declined go back to step 5. If it got accepted continue on.
Inspection, it is not necessary but always recommended, this is where you can renegotiate and get a little more taken off it there is something that needs to be replaced. Or back out of the contract… if you decide to back out go back to step 5. If not continue on.
Waiting… Waiting… Waiting. While you are waiting you can be packing and getting ready to move into your new home.
You will also be asked by your bank for more paperwork as they come upon it.
Making sure you have enough in your account for closing and your down payment. This is where your money comes into play. The bank will tell you everything you need to have in order to close on the house. You will get this about a week in advance of closing.
You did it!!! Closing day!
Now you get to go sign your life away. This is the day you’ve been waiting for! All the waiting has finally paid off. There is one thing before you sign those papers and that is the final inspection. The very last chance you have to walk in and walk away if you have any doubts.
But, it is also the last time you walk into that house and it be someone else’s house.
You go to the closing and sign all your papers. The house is now yours!
The last thing you need to do in order to enjoy your new house is…..
This is where you can start to see this house become your home!
I get to look at this view every day!! And all the headaches and sleepless nights were well worth it. Because I love my house and I wouldn’t change it for the world! I hope this post helps with some questions you might have. Post pictures of your first home I would love to see them!