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 your agent 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 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. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.

Contact us today to discover how we can help you find your place.

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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!). 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.

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.

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Testimonials

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Alexis

Shannon made the process of buying my first home simple and painless. She always was accessible and had recommendations for everything that I needed. I could not be more satisfied and have already recommended her to others.

John

Shannon assisted me in selling two properties (my primary residence and a rental unit). They sold very quickly and the process was very easy. I also worked with Shannon to acquire my new primary residence. An overall excellent ...

Chris L.

Shannon is one of the best Realtors® out there, her knowledge of the industry proved to be a valuable asset to have. She worked harder than anyone else for me and never took no for an answer. Her motivation and drive were ultim...

John & Yue

Shannon is a great agent. She is very patient and not pushy at all. She listens and understands our expectations and was able to return with great properties within a very short time. She is also very knowledgeable about pricin...

Kevin & Joanna

We have worked with Shannon since 2009. She has listed and sold several condos for us and has also helped us with rental units. She has a firm grasp of the real estate market and our selling prices have exceeded our expectation...

Alan M.

Shannon was a delight to work with. She was very responsive to the questions I had about the home we were looking to purchase and she worked well with the owner’s representatives and my attorney’s. I have made over a dozen real...

Margaret

Shannon was very professional and pleasant. I would always get an immediate response when I reached out to her, which is very important to me. I purchased a condo in the North End that Shannon listed which already had an accept...

Kayla

I worked with Shannon in 2011 when I moved back to Boston and then again in 2014 in my search for an amazing apartment at Harbor Towers. I most recently worked with Shannon in the search and purchase of my first home. She liste...

Susan & Michael

Shannon Lavin made us feel very comfortable throughout the entire experience of buying a home and never made us feel any pressure. She was extremely helpful with answering all of our questions and concerns that we faced through...

Luke

Shannon has helped me with several real estate transactions - both helping to rent an investment property as well as acting as my listing agent as a seller. I cannot say enough positive things about Shannon. Her professionalism...

Misha

Shannon represented us for the sale of our Harbor Towers luxury condo. Suffice it to say that she is worthy of all the superlative adjectives that others have expressed. She was a true partner in our real estate endeavor, a rea...

Joe & Emily

Shannon was an absolute joy to work with to purchase our Boston condo. She is extremely knowledgeable and professional, and we are thrilled to have had such a fabulous broker. She has excellent negotiation skills and successful...

Nate & Kate

My wife and I purchased a 1 bedroom in the North End. Shannon was an invaluable resource: extremely responsive, highly knowledgeable of the North End market, and very aggressive (in a very good way!) re: offers and counter-offe...

Niki

Have you ever come across a real estate agent who refuses to overbid for a property, even when their client is demanding to overpay? Over the year and a half that I worked with Shannon, she repeatedly amazed me with her commitm...

Cathy

I met Shannon approximately 5 years ago when she began renting my two apartments for me. Since meeting her, I continue to utilize her services for renting me. Her expertise has exceeded all my expectations. For example, when I ...

Siobhan & Alan

Shannon was involved with the sale of our condo and the purchase of a new condo both of which were in the Seaport district. She was the epitome of customer service. We were constantly impressed with the amount of time and effor...

Ashley & Andrew

We've worked with Shannon twice to purchase condos in South Boston, in addition, she sold our south Boston condo last year. Shannon is truly professional and a delight to work with. We were very precise in what we were looking ...

Brian & Stephanie

Shannon Lavin was the best part of buying our new home. As a professional, she was always quick to respond to our questions with accurate and informed answers. She made it her mission to get us in to see every house on our exte...

Alison

Shannon was amazing. When I started looking for a condo, I was with another gentleman who had just shown up and showed us the condo. But then I started working with Shannon and she was so helpful. As this was my first time buyi...

Tim & Maggie

We could not recommend Shannon enough. We were connected through a friend who raved about her market knowledge and personal touch- and she was right. Shannon held our hand through the entire process, was incredibly responsive, ...

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Shannon represents Sellers, Buyers, Investors and Developer clients throughout Greater Boston and Boston’s South Shore. She is notoriously known for her unwavering professionalism, market expertise, and resolute work ethic.