Complete Guide for Arkansas Home Buyers

Buyer's Purchasing Process

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 buyer’s guide created by our team 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 we 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 Advisor

Can you shop for, look at, and ultimately make an offer on a home without a real estate advisor? Technically yes, but why would you when it costs you nothing for advisors like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where our expertise and wealth of knowledge come into play. Let us show you around some homes that meet your dream home criteria so you can find the one that's right for you.

Our 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!). We 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 advisor 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. We 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. We 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.

Testimonials

Buyer & Seller

Will was fantastic to work with. Can’t recommend him enough for buying or selling. He helped my wife and me with both and had an expertise in the Little Rock market and the entire process.

Nathan D.

Will was wonderful to work with and provided us with a plethora of information about the neighborhoods for each home we viewed. In the end, he helped us secure the perfect home at an unbeatable price. 10/10 would recommend to a...

Victor J.

We can’t thank Will Smith enough for helping us find our dream home in Auburn. It’s exactly what we dreamed it would be – and we didn’t go over our budget! Will Smith's local market knowledge, expertise, and amazing dedication ...

Bryan C.

We never really believed in so-called real estate experts until we were introduced to Will Smith. Like magicians, they made all of our dreams come true. Aside from being professional and experienced, Will Smith proved to be ver...

Rachel K.

Angela was a wonderful advocate for us as we searched for a home. She listened to our wants and needs as we looked at homes. She was always available for questions and to look at potential homes. When we were ready to make offe...

Joe B.

Angela was fantastic. Super helpful, punctual, knowledgeable, and willing to work with our schedule. This is the 5th time I've purchased a house, and she's the best agent we've worked with. Great service from start to finish, a...

Liz M.

Can’t say enough good things about Angela! First time being homeowners, we were a little intimidated in the beginning. Luckily, a friend recommended her, and she was able to make the entire process easier than we anticipated. H...

Gary

Angela is a phenomenal agent! She is professional, patient, helpful, and knowledgeable. Angela helped us with the purchase of our new home as well as the sale of our old home. She guided us through each step, explaining all of ...

Lynda

Maradyth is a true professional! Her knowledge of the Little Rock real estate market was invaluable. She was always available to answer questions, and her friendly demeanor and honest advice made her a joy to work with! Thanks ...

Robin

Would work with Maradyth again in the future. Straightforward and pragmatic approach to the process. High-quality analysis of the market and consistent engagement.

R.R.

Maradyth is a true realtor gem. She is friendly, honest, and puts the client first. Her knowledge of the industry and willingness to go above and beyond make her a class act. I highly recommend Maradyth to those needing to buy ...

Darcy

We had such a wonderful experience with Maradyth! She is very knowledgeable and professional, and anticipated our needs at every turn!

M

When it was time to sell our cherished Heights home, Chris was with us at every step. From reviewing various data to knowing about off-market transactions, his market knowledge was exactly what we needed to get our house on the...

T

Chris Marsh was the most professional and competent representative I have dealt with in the 7 buying and selling experiences of my life. He kept me informed and always responded in the most timely manner to me and all other mat...

L

Chris is the best! He overcame the hurdles (short timeline, low inventory, out-of-state buyer) to help me find my dream home. I only visited Little Rock once during the home-buying process and was grateful to have Chris as my t...

B & M

Chris helped us with purchasing our wonderful home - we couldn’t have done it without him! His professionalism and enthusiasm definitely eased our minds through the process. Chris is simply the best we could have asked for!

C & K

What a pleasure it was to work with Chris Marsh! He was recommended to us through a realtor friend in CO, as we did not know any realtors in Hot Springs. Chris was a true delight. He was professional, great at communication, kn...

Paul S.

Great experience working with Will. He worked tirelessly for 6 months helping me find the perfect home. I highly recommend hiring Will for your real estate needs!

The Smiths

Will went above and beyond to help us deal with a frustrating bank situation and, in the end, helped us close on our new home.

Andrew K.

Will was great! Very fast to respond to all my questions and extremely professional throughout the whole process. He made buying my first home very easy. I recommend Will to anyone looking for someone to represent them when buy...

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At Capital Sotheby's International Realty, we are committed to understanding your individual needs when it comes to buying and selling real estate. We aim to provide you with the best tools and expertise to help guide you on your journey.

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Buyer's Guide