Step 1:  Defining What You Want

Start by creating a prioritized list of features you want in your next home and the reasons why.  Use it as your search guide, but remember that depending on what you find, you may need to make some compromises.

Get help now!  Call (505) 885-9722 or e-mail realestate21@carlsbadnm.com, or click here to receive FREE online search assistance or be placed with an experienced real estate professional.

Step 2:  Figuring Out What You Can Afford

Start by using our calculator to crunch your numbers.  Then you can get pre-approved for a mortgage.  This helps in two ways:  first, it will let you know how much house you can afford and what your monthly payment would be.  Second, it will let the seller know you can afford to buy their home.

A pre-approved buyer has an approved mortgage subject to an appraisal of the property and a last minute check of available funds.  This sometimes can be used as leverage during the negotiation process.

Step 3:  Shopping For Homes

Once you know how much you can afford, it's time to begin the process of previewing homes that meet with your criteria.  We can help you.

Next you begin by visiting the homes in person.  Ask your personal real estate professional to arrange visits of selected properties and attend open houses in your selected area and price range.  You need to look at all aspects of the property.  Some items to consider:  have renovations completed?  Do you intend to grow your family, and will this property meet your needs as you grow?  Is the location good for work, schools, etc.?

Step 4:  Making An Offer

Once you find the home you want, you will make an offer to the seller.  Usually this is a difficult time, since both parties have totally different goals.  It is highly recommended to have a third party, such as a real estate professional, negotiate the offer.  If you have any personal interaction with the seller, don't give any information about your move, your current housing status, financial status, or your feelings about their property--positive or negative.  This could hurt you in future negotiations.

Step 5:  Inspections

In your offer, you will have made provisions for inspections of the house.  Once your offer is accepted, your real estate professional will set up and coordinate the inspections.  Any items requiring repair/replacement/etc. will be negotiated with the seller by your real estate professional.  You will have the opportunity to have a final "walk-through" prior to closing, to determine if the property is in the same condition as when you made the offer and that all items you agreed upon were completed to your satisfaction.

Step 6:  The Final Closing

Before you arrive at the closing, your realtor will have made sure all the necessary paperwork has been completed.  This includes mortgage, title work, insurance, and other items necessary under state and local laws.  If these are not ready, the closing may not happen on time.  Your realtor understands the requirements of a contract and the need for timely results.  Once you close, it's official--you now own your first home!