How to Handle the Emotions of Buying a Home


By: Michael Cirelli

There is nothing quite like that feeling, you’re sitting at home waiting for what seems like days for your agent to call you and say one of the greatest phrases you will ever hear: “Your offer has been accepted!” Take a moment and let it sink in; you just took a huge step in the journey of home ownership. Feelings of excitement fill your heart as you think about the fact that you are under contract. This good news is followed by about 45 days of a roller coaster of emotions until you close on your new home.

What are your next Steps? There are 3 major next steps.

  1. You will have your future home inspected. You will want to be there, meet the inspector and let him educate you about the working components of your home. The next day, thoroughly read through this lengthy report. Minor to major matters will be addressed on your inspection report. Don’t fret – every home has issues. Every issue has a solution. Talk with your agent about how to address issues on the report. It’s customary for a seller to fix and repair matters addressed on the report. So relax. By all means, use the inspection visit to your home as an opportunity to remind yourself that this place is about to be yours!  Walk through the home, place your furniture in your mind’s eye. Have fun!
  2. Cooperate with your lender.  In order for you to be fully approved for a loan you will need to provide your lender with documents he/she requests. Do so in a timely manner because you don’t wish to delay your closing at all. Tax returns, W-2’s etc. are the type of documents you will be asked for. This process is called “going through Underwriting”. Helpful hint – Never quit your job while you are going through underwriting! Never buy a new car, recreational vehicle or spend a lot of money on a new purchase while going through underwriting as this most certainly will jeopardize your loan approval.
  3. Your lender will order an Appraisal. This process is the bank’s way of determining that your future home is worth the price you are paying for it. This expert assessment of the worth of your future home is also a built in safe guard for you, the home buyer, to rest assured you are getting value for value when you purchase your home.

This isn’t everything you need to know – but it’s the broad strokes. Your Glad Heart Realty agent will answer all your questions, keep you on target, and on your timeline to a successful close.

This is a great day! Relax, have fun and embrace the journey to home ownership.

What are the steps to buying a house?


By: Wendy Manaco

This is a great question to ask a Glad Heart Real estate agent.  We are here to help and especially like helping first time home buyers.  This is a big purchase, probably the biggest financial investment you will make for a while.

The first thing we will ask you is if you have talked to a lender.  Financing the house is pretty important, there are many trusted lenders and you can apply online with most of them.  There is no fee to see if you can qualify for a loan, and it generally doesn’t take a long time to find out how much you can spend and what your monthly mortgage will be.

Now the fun starts!  Once you have that preapproval in hand it’s time to go house shopping.  Most  people  will be perusing the internet and looking at tons of houses already.  It’s fun!  We will set you up on an automatic email with houses that meet your criteria, such as location, bedrooms, garage etc.  Your professional Glad Heart Agent will make appointments and take you to view the homes.  In my experience the most you can see on one day is 6-8 houses and that can be exhausting.  It is all fun and games looking at the first 2 or 3, but then they all start running together and you are “which one was that now, I can’t remember that one at all”.  For this reason  4-6 would be a good start on the first day.  This gives everyone a chance to get an idea of what is really important to you and what you can live without.

Once you find that special first home, your agent will walk you through the contract.  The important questions being Price, Seller Paid closing costs, Earnest deposit, Closing date, Home warranty, type of financing and expiration date of your offer.   The offer will be submitted to the sellers agent and then onto the seller.  The seller may accept your offer as written or counter offer some of the terms or price.  Once all terms have been agreed upon, you are officially in contract!

There is a 10 day inspection window.  This gives you a chance to have any inspections done on the home, whole house, termite, and radon is what is typical.  It is always best to get to these right away, don’t wait 8 or 9 days.  At this stage you basically have another time of negotiation to ask for repairs or you can back out of the contract due to inspections.  You would be able to get your earnest deposit back in this case.

The appraisal is the next hurdle, but you are almost home free.  The appraisal is ordered by your lender to make sure the home is worth what you are paying for it.  If there is some repairs needed or the appraised value is less than your purchase price your agent will be going to bat for you to get this resolved.  If the appraisal is higher, which we all hope it is, you have instant equity in your home!

You should be in contact with your lender during this process.  They will be needing a lot of documentation, w2’s, paystubs, bank statements, blood type, and so on.  Just kidding on the blood type, but sometimes you will feel like, GEE!  What else can I possibly give you?  Be prepared to get a little frustrated with this part.  You will get homeowners insurance in place, get utilities turned on in your name, go to closing and break your hand signing 50 million papers, get your keys!

Then the fun really starts … MOVING.