Two expert real estate investors, David Greene and Rob Abasolo, share their step-by-step guide on how to buy a house in 2024. They discuss the homebuying process, pre-approvals, getting your offer accepted, signs of a bad agent, home inspection red flags, and more. This podcast provides valuable tips and insights for anyone looking to buy their first property.
Building a team of trusted professionals, including a real estate agent, lender, contractor, and property manager, is crucial for a successful home buying process.
When selecting a real estate agent or lender, thoroughly vetting them based on their experience, problem-solving abilities, communication, and efficiency is essential.
Getting pre-approved for a mortgage early in the home buying process not only clarifies financial capabilities but also increases the chances of having an offer accepted.
Deep dives
The Importance of the Core Four
Before buying a house, it is essential to identify and connect with the core four individuals: a real estate agent, a lender, a contractor, and a property manager. These professionals play a crucial role in the home buying process, providing guidance, resources, and expertise to ensure a successful transaction. Although not all properties necessitate a property manager or contractor, having a reliable real estate agent and lender is vital. Finding the right agent is the first step, as they will have the necessary resources and connections to recommend a trustworthy lender and other key professionals.
Vetting Real Estate Agents and Lenders
When selecting a real estate agent or lender, it is crucial to thoroughly vet them to ensure they have the experience and knowledge necessary to assist with the home buying process. Asking questions about their approach to scenarios such as multiple offers or properties needing extensive work can reveal their expertise and problem-solving abilities. It is important to find agents who have faced similar situations and can provide valuable advice rather than simply following instructions. Additionally, communication and efficiency are key factors to consider when assessing the quality of an agent or lender.
The Benefits of Pre-Approval
Getting pre-approved for a mortgage is a crucial step in the home buying process. Unlike pre-qualification, a pre-approval involves a thorough analysis of an individual's financial situation, including credit history and income verification. It provides clarity on the maximum loan amount and interest rate that one can secure. By obtaining pre-approval early, buyers have the opportunity to resolve any financial issues or improve their credit score before purchasing a home. It also demonstrates to sellers that the buyer is a serious and qualified candidate, increasing the chances of having an offer accepted.
Strategies to Strengthen Offer Acceptance
To increase the likelihood of offer acceptance, buyers can employ various strategies. Rather than solely relying on offering the highest price, it is important to demonstrate commitment and a strong desire for the property. Regular communication with the seller's agent and asking for their advice on the offer can show genuine interest. Additionally, having the loan officer contact the listing agent can provide reassurance regarding the buyer's financial stability and willingness to close the deal swiftly. Writing a clean offer and including specific contingencies related to potential issues discovered during inspections can also enhance the appeal of the offer.
The Escrow Period: Navigating Inspections and Contingencies
Once an offer is accepted, buyers enter the escrow period, where various tasks need to be completed simultaneously. One essential aspect is scheduling home inspections to assess the condition of the property. The inspection process focuses on key elements such as the foundation, roof, plumbing, electrical systems, dry rot, and pests. Buyers should carefully review the inspection reports to identify any significant problems that could impact the purchase decision. If issues are discovered, buyers have the opportunity to negotiate with the seller for repairs, credits, or a reduction in the purchase price. It is crucial to be mindful of the timelines for contingencies, as exceeding them can complicate the process and potentially lead to forfeiting earnest money deposits.
You asked, and we answered. Here’s our step-by-step guide on how to buy a house in 2024. Whether you’re looking for a first primary residence, rental property, house hack, or short-term rental, these are the EXACT steps you’ll have to follow to buy a house. But before you can even think about buying, you’ll need to ensure you CAN buy in today’s housing market. Ready to start? Let’s hop in!
Here to show you how to buy a house are David Greene and Rob Abasolo, two expert real estate investors who have bought dozens of homes each. Now a real estate agent and mortgage broker, David knows the ins and outs of the industry and can give you insider knowledge on what most buyers, sellers, and agents don’t know (but wish they did). Rob has bought throughout the nation and has turned multiple primary residences into rentals, so he knows both processes like the back of his hand.
Let’s make 2024 the year YOU buy your first property. Stick around because we’re going to walk through the six beginner steps to buying a house, the HUGE home inspection red flags you MUST watch out for, and how to get your money back if a deal turns into a dud!
