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 our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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 we said 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.

For all buyers—whether paying cash or financing—this means taking a good look at your household budget. Owning a home comes with costs beyond just the mortgage, like property taxes, insurance, HOA fees, and utilities. If you’re moving from an apartment or living with roommates, you might not have factored in things like trash collection, water bills, or landscaping—expenses that can add up quickly.

The goal is to set a budget that feels right for you, ensuring your new home is a smart financial move, whether you’re purchasing with cash or securing a mortgage.

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 might approve you for more than you want to spend, they could also approve you for less than expected or even deny your mortgage based on factors like job history, credit score, past bankruptcies, or outstanding debt.

Before you get too attached to a home, talk to a mortgage professional to find out what loan amount you can qualify for. If you’re a cash buyer, having a proof of funds (POF) letter is just as important. Most sellers want to see that buyers—whether financing or paying cash—are in a strong position before they accept an offer.

Taking this step early on makes your offer more competitive and credible, giving you an advantage when it’s time to make a move.

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 agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Passion & Expertise

Our goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. We are dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.

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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!). We 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. We 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. We 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.

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.

Testimonials

Mr. Larry and his team demonstrated to me that the seemingly impossible is indeed achievable. In March 2024, I sought counsel from a childhood friend regarding my apprehensions about purchasing a house. Mr. Larry provided valuable coaching and mentorship throughout the entire process. He addressed my concerns and requirements with utmost professionalism, presenting various options and recommendations. Larry, in collaboration with Ms. Crystal effectively alleviated all my worries, ensuring a seamless house-buying experience. I unequivocally affirm that these individuals are genuine and trustworthy professionals. At no point did I feel exploited or mi...
— James F.
Larry is an amazing realtor! He has helped me with 2 homes and we couldn't be happier! Caters to your wants and needs in a home! Works hard towards getting you in your home! He communicates effectively and keeps you up to date with the process. Big eye opener for my wife and I was the amount of effort he puts into showing you a variety of homes to help you narrow down what you really want and provides you effective feedback about what to look for in homes and what to watch out for. He’s 1 of 1!
— Juan J.
If you’re looking for a house, work with Larry Simms Realtor. I had a wonderful end to end experience and Larry was able to help me find exactly what I wanted. He goes above and beyond for his clients!
— Jeremy B.
Awesome realtor! Helped the spouse and I find a home during a period we thought would be impossible due to demand being so high. This was our second home purchase so we were familiar with the process but he was still available at all times to answer any questions. Definitely will recommend and use again.
— Tikeshia C.
Larry is an amazing realtor! He definitely goes above and beyond for his clients. Why I would recommend him would be the relationship doesn’t end when the papers are signed. I’ve definitely bugged him over the years after! He made our first home purchase smooth and easy.
— RaJeanea C.
When everyone else said no, Larry found a way to say yes. He was very professional and respectful of my situation while being relentless with builders n lenders to make sure I got what I deserved and knew all my options so that I can make the best decision for my family. He always kept me informed and was there every step of the way. Even after the deal was made 5 years ago, he frequently stayed in contact with me to make sure I was satisfied and knew all the little things of maintaining my 1st home. I recommend him to everyone, he will take care of what's most important, and that's You the client.
— Mitchell A.
We are so immensely grateful for Larry and his wonderful expertise when it comes Central Texas real estate. We purchased our first home with him as our realtor and looking forward to getting our next home with him as our broker. He is knowledgeable, trustworthy, thoughtful and willing to go the extra mile. Most importantly, he listened to us and led us to our wonderful house.
— Kimberly M.
Very knowledgeable and always readily available for any questions that may arise during the buying process. Larry will not just sell you a property but he will let you be apart every step of the way so that you know exactly what is going on. He provided the best home buying experience!
— Alicia C.
Being first time home buyers, we had no idea where to start, all we knew is we needed to get out of our apartment and give our children a nicer living space. Contacting Mr. Simms was the best thing we could have done. He not only walked us step by step with the process, but he also had our back and when one lender would drag their feet, he moved on to another lender quickly! He was our mediator and our advocate to make sure we were getting what we needed for our family. We could not have survived this process without him!
— Charisse J.
Larry Simms is the best realtor in Austin, TX we can't thank him enough for his support. If anybody looking for a realtor, I'm mention you sir. Thank You for your help.
— Roger W.

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