First Steps to Buying a Home for First Time Home Buyers- Video 3 of 3 is an interview by John Buetergerds Realtor of the Sarasota Suncoast Team as he speaks with Academy Mortgage Loan Officer Michael Belsham about the First Steps to Buying a Home for First Time Home Buyers. This is the third of 3 videos discussing the basics of the home buying process.
JB: Hi this is John Buetergerds with the Sarasota Suncoast Team at Keller Williams Realty in Sarasota and Bradenton. Today I'm with Michael Belsham of Academy Mortgage and we are going to go through the steps of buying a home.
Often times folks call us and just want to get out and see homes. And that is really putting the cart before the horse. So Michael is going to explain it to us and go over a little bit of how we should proceed.
MB: Good morning John. First thing folks need to do is have us have a 10 minute telephone conversation. There I will take generic information and I'll pull a credit report to make sure that there is no errors, or that there is
anything that we need to correct on the credit report and we'll do that.
JB: So we really got to get pre-approved before we even get out.
MB: You've got to get pre-approved because most sellers, as you know, won't even accept an offer if they don't have a pre-approval letter. And then ideally then you are going to find exactly what they are looking for, we'll have a contract, and then the first thing typically is people will do their inspection, to make sure everything is correct with the house. And then we'll order the appraisal. We do that separately to not waste any money.
During that process I'll start collecting all the paperwork. So as soon as the appraisal or inspections come in, whichever is the last thing to do there, then we pretty much have everything together and I get it to the loan committee and then we hit the ground running. Then ideally in the first 2 weeks we been to the loan committee and we have the pre-approval with some stipulations.
JB: And then, hopefully all goes well and we can move to the real estate attorney and get it to closing. There are a few other steps in the process but this is where you've got to start. You have got to start by getting a mortgage and getting the pre-approval first. Thanks for joining us this morning.
MB: Thanks John.