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.

WHAT MY CLIENTS SAY
I have known Marc for a very long time and he has helped my brother purchase and sell two homes so it was a no brainer hiring him when it was time to buy a home. My husband and I were first time homebuyers and we didn’t know where to start. Marc explained everything from start to finish. He even referred us to others who would be needed in the process. I had no worries at all working with him. He made th...

— Buyer

WHAT MY CLIENTS SAY
Marc is a diamond in the rough in the Real Estate market. There is no way my husband and I would survived, let alone ended up beyond happy with selling our condo and buying our new home at the same time if it weren’t for him. His expertise and dedication is unwavering. The knowledge he has of Westchester city and Southern CT is unmatched. He’s seen it all and has a calm approach to all the ups and downs ...

— Buyer & Seller

WHAT MY CLIENTS SAY
Marc helped me and my boyfriend find our perfect home! Even though we were dealing with COVID-19 and busy schedules, Marc was always available to show us home's we were interested in touring! When it came time to start the close, Marc was reliable through the entire process and made sure we received credits wherever needed! He backed us up 100% and referenced an amazing closing Attorney whom we have a gr...

— Lezly A.

WHAT MY CLIENTS SAY
Marc is hardworking, has a positive attitude and clearly knows the market. He makes our home buying process stress free. His professionalism and honesty make him a pleasure to work with. Marc is always available to answer all our questions and goes above and beyond our expectations to help us find a home. His knowledge of the Stamford market and home construction is something that sets him apart in the f...

— Buyer & Seller

WHAT MY CLIENTS SAY
Marc is a phenomenal agent to work with. He took the time to listen to really understand me and where I was at in the search process. Every home we saw was right in line with what I was looking for. Additionally, he goes above and beyond to make the home buying process as easy and seamless as it can possibly be. If you want to buy or sell your home, Marc is your person.

— Michael R.

WHAT MY CLIENTS SAY
From start to finish, Marc is with you the whole way. Over the past few years he has helped me evaluate and purchase multiple investment properties as well as finding great tenants. I have every intention of using him as my realtor going forward and would recommend him to everyone.

— Buyer

WHAT MY CLIENTS SAY
Our family cannot say enough good things about Marc Tessitore! He sold our home at a good price in record timing. He is courteous, professional and knowledgeable. He commits himself 150% to his clients. We highly recommend him!

— Seller

WHAT MY CLIENTS SAY
Marc was wonderful! He positioned our house in an excellent manner, was extremely proactive and responsive, and moved the process along extremely fast. I will definitely work with Marc again!

— Seller

WHAT MY CLIENTS SAY
Marc helped my girlfriend and I navigate through the real estate market and ultimately helping us purchase a terrific condo. Thanks again, Marc - we love it!

— Buyer

WHAT MY CLIENTS SAY
Marc is such a knowledgeable agent and it was such a great experience to work with him.

— Dylan H.

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About Marc

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Marc Tessitore can only go back to his profound and honest desire to make the hopes and dreams of others come true which has without question led to his personal success. He looks forward to working with you in finding your new home or selling your existing home for the absolute highest market price possible!

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Marc Tessitore

(917) 912-0717

[email protected]



66 Field Point Rd

Greenwich CT 06830