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Buyer's Guide

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.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home

Schedule A Consultation
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Step 5: 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, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: 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.

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Step 7: 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 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 step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

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. 

Success Stories

Buyer & Seller

Buyer & Seller

We have two small children, and the thought of moving them was stressful enough. Michelle sat with us before we listed the home, explained the range where we could list the home, and offered suggestions on the range our potenti...
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Buyer

Buyer

We moved from MD to MA, and Michelle was with us all the way. Through negotiating a rental when we first arrived at our eventual home purchase, we never felt pressured! We are now in a place that we can call our dream home, all...
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Buyer & Seller

Buyer & Seller

Michelle is top-notch in her business. She has years of experience, and it shows in how she takes the time to explain in detail the process of how she will sell and promote your home for you. She eased our concerns we had in se...
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Paul P.

Paul P.

Michelle sold out home and found us the next one. Spent over a year tirelessly going through the process with us. If you are looking to buy or sell on the Cape, she is the only person to use. A big smile and endless knowledge o...
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Scott S.

Scott S.

Michelle was a great help in selling my mother's house. Even though it needed work on the outside, Michelle was positive and highlighted the inside and its location. She was very patient while I had to go through the process of...
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Mikhail B.

Mikhail B.

Michelle helped me through the process of selling my first home and buying my townhouse. Michelle was patient, highly knowledgeable about Cape Cod real estate and the ins and outs of buying and selling homes, and was incredibly...
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Seller

Seller

Michelle was great to work with and went above and beyond to the end. She kept me informed through the whole process. On closing day, she helped with last-minute dump runs and loading the U-haul. I highly recommend her.
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Mamlock Family

Mamlock Family

Michelle has been an excellent realtor who will always go back to and recommend. Our family has used her to both buy and sell real estate. She is knowledgeable, experienced, and truly represents her clients. Michelle responds t...
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Mark K.

Mark K.

I had a tight timeline in a very competitive market, and Michelle pulled out all the stops to help me find the right place. Professional and timely. I've already recommended her to others.
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Caitlin S.

Caitlin S.

Michelle did an excellent job. We loved how proactive, organized, and responsive she was throughout the entire process. We appreciated the wise counsel (ah, the benefits of lots of experience) and on-the-ground support she prov...
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I pride myself on providing personalized solutions that bring my clients closer to their dream properties and enhance their long-term wealth. Contact me today to find out how I can be of assistance to you!

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