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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, and 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.

Passion & Expertise

My goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. I am dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.

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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. 

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Testimonials

"Tracy was amazing to work with on the selling of our existing home. She went above and beyond to help us. She was available whenever we needed assistance. She kept us updated during the entire time. Truly thankful to work with her during this process."
"Tracy was amazing to work with on the selling of our existing home. She went above and beyond to help us. She was available whenever we needed assistance. She kept us updated during the entire time. Truly thankful to work with her during this process."
Vickie & Tom S.
"I had the pleasure of working with Tracy to sell land in Wisconsin while residing in another state. Despite the distance, the service was nothing short of exceptional. I cannot recommend Tracy highly enough. From start to finish her professionalism, expertise, and dedication were evident, making the entire process smooth and stress-free!"
"I had the pleasure of working with Tracy to sell land in Wisconsin while residing in another state. Despite the distance, the service was nothing short of exceptional. I cannot recommend Tracy highly enough. From start to finish her professionalism, expertise, and dedication were evident, making the entire process smooth and stress-free!"
Lisa C.
"I’ve moved at least 2 dozen times for college, graduate school, the Air Force, and jobs, and I promise you Tracey is the best agent I’ve ever had. She listens very carefully to your needs and selects the perfect properties based on your preferences. From the first showing all the way through to the one I purchased. Each show was exactly what I was looking for. Her outstanding customer service and ability to streamline the complex process of buying made my search a breeze. Her experience and knowledge, coupled with her skill working with people make her an agent you can fully trust. The lender and the title company both acknowledged that I had “the best” agent working for me. Her suggestions during the negotiation phase saved me money and caught every detail during the inspection. She consistently went above and beyond to make sure I found the perfect home not just a house. If there was a ten-star rating out of five she earned it!"
"I’ve moved at least 2 dozen times for college, graduate school, the Air Force, and jobs, and I promise you Tracey is the best agent I’ve ever had. She listens very carefully to your needs and selects the perfect properties based on your preferences. From the first showing all the way through to the one I purchased. Each show was exactly what I was looking for. Her outstanding customer service and ability to streamline the complex process of buying made my search a breeze. Her experience and knowledge, coupled with her skill working with people make her an agent you can fully trust. The lender and the title company both acknowledged that I had “the best” agent working for me. Her suggestions during the negotiation phase saved me money and caught every detail during the inspection. She consistently went above and beyond to make sure I found the perfect home not just a house. If there was a ten-star rating out of five she earned it!"
David K.
"I moved out of town clear across the country and tried renting out my home in Minnesota. It turned out to be a disaster, and I was stuck with some squatters in my home. They didn't pay rent. Tracy was excellent in helping guide me along the way to get the help I needed to not only get them out but sell the home quickly. I am so grateful that she was able to help me out while I was far away."
"I moved out of town clear across the country and tried renting out my home in Minnesota. It turned out to be a disaster, and I was stuck with some squatters in my home. They didn't pay rent. Tracy was excellent in helping guide me along the way to get the help I needed to not only get them out but sell the home quickly. I am so grateful that she was able to help me out while I was far away."
Moe J.
"Tracy was super attentive and supportive during our search! We are so appreciative of her dedicated thorough assistance!"
"Tracy was super attentive and supportive during our search! We are so appreciative of her dedicated thorough assistance!"
Whitney & Kris C.
"I am certain that you will be pleased by your trust in Tracy’s abilities 5 Stars, would recommend it! Tracy Uttley helped us buy our dream home in Mahtomedi, MN! She educated us on the local housing market as out-of-state buyers, with insight into a wide spread of neighborhoods and knowledge of amenities tailored to families."
"I am certain that you will be pleased by your trust in Tracy’s abilities 5 Stars, would recommend it! Tracy Uttley helped us buy our dream home in Mahtomedi, MN! She educated us on the local housing market as out-of-state buyers, with insight into a wide spread of neighborhoods and knowledge of amenities tailored to families."
Brittany B.
"Tracy is a confident, professional realtor. She is patient and listens carefully to the needs of her clients. Her patience is exemplified by the fact that we only recently ended a five-year journey looking for a house for myself. She never grew weary of that journey."
"Tracy is a confident, professional realtor. She is patient and listens carefully to the needs of her clients. Her patience is exemplified by the fact that we only recently ended a five-year journey looking for a house for myself. She never grew weary of that journey."
Jon R.
"Tracy is top-notch. She is responsive in a timely manner, listens to your needs, and delivers. Our experience with Tracy was smooth and we connected very well. Without reservation, we highly recommend Tracy."
"Tracy is top-notch. She is responsive in a timely manner, listens to your needs, and delivers. Our experience with Tracy was smooth and we connected very well. Without reservation, we highly recommend Tracy."
Sue O.
"Tracy worked tirelessly for me and kept my spirits up in a highly competitive market. She walked me through the entire process, connecting me with the right people, pointing out things I should look for during our home searches, and coaching me on how to submit a winning offer in South Minneapolis. I trusted her. She demonstrated a lot of integrity, and I knew she had my back. If you are looking for a home or are ready to sell, I highly recommend you give Tracy a call. She is client-focused and a really good person."
"Tracy worked tirelessly for me and kept my spirits up in a highly competitive market. She walked me through the entire process, connecting me with the right people, pointing out things I should look for during our home searches, and coaching me on how to submit a winning offer in South Minneapolis. I trusted her. She demonstrated a lot of integrity, and I knew she had my back. If you are looking for a home or are ready to sell, I highly recommend you give Tracy a call. She is client-focused and a really good person."
Spencer U.
"She recommended excellent professionals that are necessary along the home-buying journey, from financing to inspections, making the process seamless!"
"She recommended excellent professionals that are necessary along the home-buying journey, from financing to inspections, making the process seamless!"
Marcus & Jessica S.
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