Tips for Buying a Home | Lori Devore

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Testimonials

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Peter & Sharon D.

2

Steve L.

3

John & Anita S.

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Steve & Laura B.

5

Kate N. & Andrew C.

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Mark T. & Amy W.

Peter & Sharon D.

Simply stated, Lori DeVore is the best. After 45 years it was time to sell our beloved home and Lori was with us every step of the way. Her expertise, professional style, knowledge, communication skills, and work ethic were beyond anything we could have imagined. She not only knows the "Ins" and "Outs" of the market, but she brings with her a vast resource of experience, a sincere caring attitude, and a wonderful pleasant disposition. Lori exceeded our expectations and made our real estate sale a positive experience. Needless to say, if anyone asks us whom we would recommend, it would be only Lori DeVore.

Steve L.

Lori DeVore is a very professional and competent sales agent. She is a pleasure to work with and is very knowledgeable about the Puget Sound market. She also brings access to the capabilities of Sotheby's, a leader in marketing real estate. I recommend Lori without any reservation.

John & Anita S.

Lori just helped us buy a house! It's actually the second home that she has helped us buy. She is patient, responsive, and knowledgeable! This market is pretty difficult to navigate. Lori really knows her stuff! She helped us find the perfect property. We recommend all of my friends and family to her! She is an amazing realtor!

Steve & Laura B.

Lori helped our family through months of searching across multiple locations from Tacoma to Beacon Hill. She was always incredibly patient and incredibly prompt to reply to any questions or requests. In the end, she helped us find an amazing home in a location we loved but weren't sure we would be able to find a home in. We will absolutely use Lori for our next home purchase and I can not recommend her highly enough for yours. We left this experience feeling like we gained a friend in addition to a highly capable real estate agent.

Kate N. & Andrew C.

Lori was an absolute delight to work with. She just helped us buy our first home so we are rookie home buyers. She was straightforward and helpful, and patiently explained things along the way. If we had any questions she answered them promptly and clearly. We had a fairly limited budget to work with but she was able to find us some great properties to look at and guided us through the whole process. It truly felt like she had our best interests at heart, and ensured we were comfortable with decisions that we had to make. She was extremely responsive, especially at crucial times like when we made an offer on property, which helped to ease the general stress of buying a home. We definitely recommend Lori's Realtor expertise.

Mark T. & Amy W.

Lori helped us secure a home during a time where there was low inventory and high demand. Her speed was absolutely incredible. I am the type of person who needs an answer/response right away and she was always there. I can't recommend her enough. She was absolutely crucial to our experience as first time home buyers. I'm a little sad that the process is over, but excited to use her for all our real estate needs in the future.

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Buyer's Guide

A Step-by-Step First Time Buyer's Guide