First-Time Home Buyer Guide

First off...congrats on taking your time to research one of the biggest purchases you will ever make - Home Ownership!

Becoming a first-time home owner is a big deal so we've put together this easy to follow first-time home buyer guide for you.

#1: Get Pre-Approved!

Before scheduling any home showings, it is very important to meet with your lender, determine the right mortgage, and ultimately receive your pre-approval letter. The pre-approval letter will let you know how much home you qualify for. 

#2: Meet with your Realtor to come up with a needs and wants list.

Your Realtor will launch a home search based on the criteria you have provided. 

#3: Look through the listings and pick the ones you'd like to see! 

Let the fun begin! It's house hunting time with your Realtor. 

#4: Find your dream home and make an offer. 

 You'll know when you find it and with the help of your Realtor, you'll be ready to make an offer.

#5: Discuss the following offer terms with your Realtor before submitting your offer:

- purchase price

- down payment

- closing date

- earnest money and option period

- closing costs

- who will pay for the Title and survey

- will you want a home warranty

Important Notes:

a. Make sure you have an option period in your offer. An option period allows you the right to get out of the contract without loosing your earnest money.

b. Once your offer has been accepted, you are under contract. Please do NOT use a credit card, buy a car, or do anything that will effect your debt to income ratio. This might cause your loan to fall through.

c. A home inspection is an up front cost that must be paid at the time the service is provided. The cost can range anywhere from $200 to $500 depending on the size of the property.

#6: Schedule the home inspection as soon as your offer is accepted and signed by all parties.

Once you get the inspection report back, review it with your Realtor and negotiate any potential repairs. All this must be done within your option period or you lose your leverage and the seller does not have to agree to any repairs.

#7: Prior to closing, you should do a final walk through with your Realtor to ensure everything is in the same condition as when you made the offer. After this, you go to the title company to sign the closing documents! Once your lender funds your loan, your Realtor will give you the keys to YOUR NEW HOME!

Questions? I'll be happy to schedule a call with you at your convenience to answer any additional questions you may have.

Carmen Buenrostro

Real Estate Broker | Co-Founder

Silverback Realty, LLC

San Antonio & Surrounding

C: 210-712-9068

carmen@silverbackrealtysa.com