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A Step-by-Step Guide to Buying a Home

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.

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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.

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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.

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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.

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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. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home.

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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.

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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.

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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.

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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.

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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.

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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.

Client Success Stories

Incredibly helpful throughout the entire process! Quick to respond to questions and concerns. Would highly recommend to friends, family, and anyone looking to buy a home!

— Moser S.

Client Success Stories

Shawn was excellent. We’ve been looking for 2+ years, and in 1 weekend, he found us a home. He has a great deal of knowledge and experience regarding real estate. Friendly, personable, and compassionate. Always there when we needed. Would highly recommend him to others!

— Buyer

Client Success Stories

Prompt response time. Very knowledgeable and helpful throughout the whole process. Worked with our schedule to get out there to look at potential homes. I can't emphasize enough how great of an asset he was to us once negotiations started, and throughout the entire paperwork process as well. Highly recommended!

— Buyer

Client Success Stories

Shawn was very helpful in helping us buy our new house. He was very responsive to our questions, was always prompt when meeting with us, and was just great to work with during the whole process. Would highly recommend him to anyone.

— Buyer

Client Success Stories

I am very enthusiastic about recommending Shawn Losier as a real estate agent. I haven't sold a house in decades, and Shawn helped me through the process with skill, tact, and assurance. I'm amazed at how much the internet streamlines the process, and Shawn is totally tuned in to all kinds of communication. We worked together on the price and on the presentation of the property. Shawn gave advice on what should be fixed before showing and what language to put in the listing. We got competing bids and sold very close to the target. I would not hesitate to hire Shawn again.

— Dennis R.

Client Success Stories

Shawn was very helpful and knowledgeable. He walked me through the whole buying and selling process. Shawn works out of Portland, but was still willing to help me even though I was looking for a place out in Waterboro. There was never any pressure to go out of the price range that we had set. He responded quickly to any call or emails I sent him, and it did not matter what time of day it was. I will use him when we are ready to buy a new home. A+!

— Anthony B.

Client Success Stories

I would highly recommend Shawn Losier. He was professional, returned all phone calls, texts, and emails promptly, and answered all questions and concerns we had. He is a very charming and the best thing since chocolate chip cookies!

— Seller

Client Success Stories

Through the experience my husband and I had with Shawn, selling our first home as well as buying our second, we learned the importance of researching before choosing a realtor. We had originally chosen a different realtor and found they were not as motivated as we were hoping, and there was not a lot of activity with the home we were selling. After choosing to go through Green Tree Realty with Shawn Losier, we quickly saw a difference! Shawn was extremely experienced and prompt in getting results. For example, when we found a house we were interested in putting an offer in, he was on the phone before we left the driveway. Shawn was very personable, and I would recommend him a hundred times over!

— Rebecca B.

Client Success Stories

Shawn is an amazing guy who will do everything in his power to help you buy a home. He is constantly making calls and setting up appointments for anything and everything you may need done. He always listens and helps you reach your goal. will definitely be using Shawn again in the future!

— Buyer

Client Success Stories

Shawn gave us great advice when we were prepping our home to sell, and gave us another perspective on what potential buyers would be looking for. Shawn is very responsive and a great agent to work with! He has earned our lifetime business.

— Jennifer L.

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Meet Shawn

Work With Shawn

With more than 27 years in Maine real estate, Shawn Losier offers the experience, insight, and local knowledge clients need to navigate today’s market with confidence. As the Designated Broker of Freeman Group and a respected industry leader, he provides personalized guidance and strategic expertise to help buyers and sellers achieve exceptional results.

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Contact Details

Shawn Losier

[email protected]

(207) 838-4663

75 Tide Mill Rd, Portland, ME 04102