Jess Riley's

BUYING GUIDE

Thinking about buying? Have you gone through the process before or is this your first time? Buying a home is a huge financial decision, but it's also an emotional one. There are steps to determine whether you're financially set, but the emotional side of buying a home is often overlooked. To gauge whether you're ready to stop renting and buy, think about these below-the-surface questions:

IS THERE A "WANT" TO BUY A HOME?

You should never buy a home because others are doing it or because you think it's what you're supposed to do next. You've gotta have your own "want" and desire.

ARE YOU READY TO PUT DOWN ROOTS?

Buying is a more long-term decision than renting, so you want to be sure you're ready to plant roots for at least a couple of years before signing on the dotted line.

SELLING YOUR HOME

DO YOU DESIRE MORE PRIVACY AT HOME?

If you're exhausted by noisy neighbors and no place to stretch your legs, it may be time to buy.

ARE YOU CONTENT IN YOUR CURRENT JOB?

Lenders want to see job stability, so if you're thinking of buying, evaluate your long-term employment plans.

IS YOUR DEBT-TO-INCOME RATIO HEALTHY?

Your DTI ratio is an important factor when applying for a mortgage. Getting debt under control before purchasing is always a wise decision. Let's determine your DTI with the formula below:

DETERMINE YOUR DEBT-TO-INCOME RATIO (DTI)

Gettin Prepared

THE HOME BUYING PROCESS

1. FINANCIAL PREPARATION

Gain Pre-Approval

Most Pre-Approvals are Valid for 30-90 days
Work with a Local Lender

Ask Questions if You Need Clarification. Examples Below:

What Type of Loan do You Recommend?
Will my Down Payment Vary Based on the Loan Type?
What is the Interest Rate and APR?
Can I Lock-in an Interest Rate? If so, For How Long?
What Will My Closing Costs Be?
Can You Estimate My Expected Monthly Payment?

Locate Down Payment Funds

Prepare for Additional Costs

2. OUTLINE NEEDS/WANTS

Make 2 Lists

MUST HAVES (Beds, Baths, Location, First Floor Primary Bedroom, etc.)
WANTS (Pool, Fenced-in Backyard, Den, etc.)

As a first-time home buyer it may be difficult to locate a home with all of your "wants" but it is important to keep track. "Wants" are always something that you can add or change to a property down the road.

3. SEARCHING STRATEGICALLY

Representation by a Professional

Hiring a Licensed Real Estate Agent to Represent our interests (the buyer) and not the interests of the seller

Evaluate the Market

Are most homes selling for Above, At or Below List Price?
Does that Change your Budget/Search Criteria?

Online Searches

Popular sites include Zillow, Realtor.com, Redfin, Trulia, etc.
Use Search Filters, but not too many
Good filters include min. beds, baths, as well as location and other criteria on your 'must haves' list (Pay attention to the number of homes each 'filter' removes from your search)
Utilize Google Street View
Don't Eliminate a Home because it's 'Pending'
Pending contracts do fall through and many sellers will accept backup offers.
Pictures may not tell the Full Story

Finding A Neighborhood

When possible, Drive through a Community you're interested in (Mornings, Rush Hour, and Evenings)
A few things to consider:
- Average Home Value in Neighborhood
- Year-over-Year(s) Home Value Appreciation
- School Districts
- Proximity to Work
- Access to Highways
- Proximity to Parks/Walking Paths/Dog Parks
- Safety
- Dining/Nightlife
- Relocating? Ask a friend, family member, co-worker, or your realtor for Neighborhood Recommendations

COMMUNITY GUIDES

4. SHOWINGS

Review Your Must Haves vs. Wants List

Take Pictures to keep on your phone
IF you Love some Aspects of the home, be willing to sacrifice wants

Make Sure You Love the Lot & Location

Remember, you can't change these, and you probably don't want to be the priciest home on the block

Visualize Your Furniture/LIFE in the Home

Don't get distracted by paint, staging and decor
Take Pictures/Videos
Take Measurements
Be Creative - what easy improvements can you make to the home?

TAKE YOUR TIME

This is a very Important Decision - spend time looking around
It's OK to go back and see a home a 2nd time!

Make a Pros vs. Cons List

Talk about what you liked / didn't like
Share feedback to your realtor
If you're serious about the home, write the list down

What to expect

5. HOW TO KNOW IF IT'S "THE ONE"

If you're you doing any of the following things, this may be the one :

You look at other houses, but are still thinking about this one
You are Comparing every other house to this one
You've told all of your friends and family about this one
You keep looking at the photos
You want to go back inside the house again
You feel defensive about the house
You've started thinking about furniture arrangements
It checks everything off of the 'Must Haves" List

6. OFFER & NEGOTIATION

Learn About the Contract to Buy and Sell Real Estate

Discuss Multiple Offer Strategies (As needed)
Discuss Contingencies/Deadlines
Negotiate to Optimize Price and Terms
Acceptance of Offer / Counter Offer

7. GOING INTO ESCROW

Escrow Deposit

Wire initial deposit to Title Company
Notify Lender to begin loan process

Sign and Return Opening Title Instructions

Contact Insurance Agent for Homeowners Coverage

Inspections & Disclosures

Schedule all desired home inspections (Sewer Scope, Radon, etc.)
Approve/Negotiate Repairs

Schedule Appraisal

Review/Approve Preliminary Title Report

Meet Deadlines/Remove Contractual Contingencies

Schedule Final Walkthrough Prior to Closing

8. Closing

Review Closing Statement from Title

Arrange to Wire Down Payment and Closing Costs
Transfer Utilities
Closing, Key Delivery, and Celebration
Move into Property

Working Together Again

Staying in touch and keeping you informed
Investment Properties and Mountain Homes
Providing Resources and Instructions
Referrals, Testimonials, and Reviews

CONTACT JESS

SEARCH ALL HOMES

ABOUT JESS

THE RILEY CONCIERGE TEAM

HOW CAN
WE HELP?

BUYING GUIDE

IS IT TIME TO BUY?

You should never buy a home because others are doing it or because you think it's what you're supposed to do next. You've gotta have your own "want" and desire.

ARE YOU READY TO PUT DOWN ROOTS?

Buying is a more long-term decision than renting, so you want to be sure you're ready to plant roots for at least a couple of years before signing on the dotted line.

​

​

​

​

DO YOU DESIRE MORE PRIVACY AT HOME?

If you're exhausted by noisy neighbors and no place to stretch your legs, it may be time to buy.

ARE YOU CONTENT IN YOUR CURRENT JOB?

Lenders want to see job stability, so if you're thinking of buying, evaluate your long-term employment plans.

IS YOUR DEBT-TO-INCOME RATIO HEALTHY?

Your DTI ratio is an important factor when applying for a mortgage. Getting debt under control before purchasing is always a wise decision. Let's determine your DTI with the formula below:

DETERMINE YOUR DEBT-TO-INCOME RATIO (DTI)

THE HOME BUYING PROCESS

1. FINANCIAL PREPARATION

Gain Pre-Approval

Most Pre-Approvals are Valid for 30-90 days

Work with a Local Lender

​​​

Ask Questions if You Need Clarification. Examples Below:​

What Type of Loan do You Recommend?​

Will my Down Payment Vary Based on the Loan Type?

What is the Interest Rate and APR?

Can I Lock-in an Interest Rate? If so, For How Long?

What Will My Closing Costs Be?

Can You Estimate My Expected Monthly Payment?

​​​​​

Locate Down Payment Funds​

Prepare for Additional Costs

2. OUTLINE NEEDS/WANTS

Make 2 Lists​​

MUST HAVES​ (Beds, Baths, Location, First Floor Primary Bedroom, etc.)​

WANTS​ (Pool, Fenced-in Backyard, Den, etc.)​

​​​

As a first-time home buyer it may be difficult to locate a home with all of your "wants" but it is important to keep track. "Wants" are always something that you can add or change to a property down the road.

3. SEARCHING STRATEGICALLY

Representation by a Professional​​

Hiring a Licensed Real Estate Agent to Represent our interests (the buyer) and not the interests of the seller

​​​

Evaluate the Market​

Are most homes selling for Above, At or Below List Price?​

Does that Change your Budget/Search Criteria?​

​​​​​

Online Searches​

Popular sites include Zillow, Realtor.com, Redfin, Trulia, etc.​

Use Search Filters, but not too many

Good filters include min. beds, baths, as well as location and other criteria on your 'must haves' list​ (Pay attention to the number of homes each 'filter' removes from your search)

Utilize Google Street View​​

Don't Eliminate a Home because it's 'Pending'

Pending contracts do fall through and many sellers will accept backup offers.

Pictures may not tell the Full Story​​​​​​

​Finding A Neighborhood

When possible, Drive through a Community you're interested in (Mornings, Rush Hour, and Evenings)​​​

A few things to consider:

Average Home Value​ in Neighborhood

Year-over-Year(s) Home Value Appreciation

School Districts

Proximity to Work

Access to Highways

Proximity to Parks/Walking Paths/Dog Parks

Safety

Dining/Nightlife

Relocating? Ask a friend, family member, co-worker, or your realtor for Neighborhood Recommendations​​​​

4. SHOWINGS

Review Your Must Haves vs. Wants List

Take Pictures to keep on your phone​

IF you Love some Aspects of the home, be willing to sacrifice wants

Make Sure You Love the Lot & Location​

Remember, you can't change these, and you probably don't want to be the priciest home on the block​

Visualize Your Furniture/LIFE in the Home​

Don't get distracted by paint, staging and decor​

Take Pictures/Videos

Take Measurements

Be Creative - what easy improvements can you make to the home?

TAKE YOUR TIME​

This is a very Important Decision - spend time looking around​

It's OK to go back and see a home a 2nd time!

Ask Questions if You Need Clarification. Examples Below:

What Type of Loan do You Recommend?

Locate Down Payment Funds

Make 2 Lists

MUST HAVES (Beds, Baths, Location, First Floor Primary Bedroom, etc.)

WANTS (Pool, Fenced-in Backyard, Den, etc.)

Representation by a Professional

Evaluate the Market

Are most homes selling for Above, At or Below List Price?

Does that Change your Budget/Search Criteria?

Online Searches

Popular sites include Zillow, Realtor.com, Redfin, Trulia, etc.

Good filters include min. beds, baths, as well as location and other criteria on your 'must haves' list (Pay attention to the number of homes each 'filter' removes from your search)

Utilize Google Street View

Pictures may not tell the Full Story

Finding A Neighborhood

When possible, Drive through a Community you're interested in (Mornings, Rush Hour, and Evenings)

Average Home Value in Neighborhood

Relocating? Ask a friend, family member, co-worker, or your realtor for Neighborhood Recommendations

Take Pictures to keep on your phone

Make Sure You Love the Lot & Location

Remember, you can't change these, and you probably don't want to be the priciest home on the block

Visualize Your Furniture/LIFE in the Home

Don't get distracted by paint, staging and decor

TAKE YOUR TIME

This is a very Important Decision - spend time looking around

Make a Pros vs. Cons List

Talk about what you liked / didn't like

Share feedback to your realtor

It checks everything off of the 'Must Haves" List

Learn About the Contract to Buy and Sell Real Estate

Acceptance of Offer / Counter Offer

Escrow Deposit

Sign and Return Opening Title Instructions

Inspections & Disclosures

Schedule all desired home inspections (Sewer Scope, Radon, etc.)

Review Closing Statement from Title

Transfer Utilities

Move into Property

HOW CAN
WE HELP?