Find a Home After Match Day

Match Day is here and you have finally found out where you will begin residency this summer.  If you are a resident and are planning to buy a home in the city where you matched, then this will be a very busy few months for you.  It is possible, though, so long as you know all the steps in the process and work quickly with your agent to find a home and get settled before your first day on the job.  This article, along with the other resources at DMD Realty, will help make sure you find the home you want, find a way to finance it, and get settled quickly and without complications.  A very helpful resource will be the Match Day Timeline that shows what has to be done and when to buy a house before residency.

Finding financing may be the trickiest part of buying your new home if you are like most residents – high student debt and little money for a down payment.  Luckily, there are a few mortgage options designed with young doctors just like you in mind.  Some lenders offer a “Doctor Loan” that provides 100% financing with 0% down payment, no requirement for private mortgage insurance and flexible debt-to-loan ratios that are lenient towards deferred student loan debt.  Realtors specializing in Real Estate for Doctors should be able to refer you to lenders with the best financing options for residents where you are looking to buy.

The first step is to contact a Realtor and start the home browsing process with them.  Most real estate offices use the latest MLS search software that will allow you to easily find homes you are looking for, catalogue your notes and keep track of the properties that interest you all online.  This is a great resource, especially for people who are looking for homes out of state.

After surveying the homes on the market that interest you, set a time to visit the homes with your Realtor.  Often this will take several short appointments, but you may want to condense them all into one weekend if you are coming from out of town.  Actually seeing the homes for yourself is the only way to really get a feel of the neighborhood and whether the home is truly right for you and your family.  The home browsing process can take as little as a few weeks to several months, it is all up to you and your agent.

Once you have seen all the homes that interest you, it is time to pick one and make an offer.  Your agent will discuss the price with you, and together you will decide on an appropriate offer to send to the seller’s agent.  In most cases, you will get a response within 24 hours.  If the offer is not immediately accepted, then there may be a day or two of negotiations.

Once an offer is accepted, you will need to send your deposit to the seller.  This amount is negotiable, ask your agent what is reasonable in your scenario.  There is a five day period that follows for you to have a home inspection and have your attorney review the contract.  If everything is in order, then you will work with your agent, your lender and your attorney to prepare all the documents for closing.  You will usually take possession of the property the day of closing.

After that, all that is left to do is move in and get settled.  Leave yourself about 2-3 weeks for the move and to make your new house feel like home.  One thing is certain, after residency begins you won’t have much time for unpacking and organizing all your belongings.  And be sure to throw yourself a housewarming party before your first day on the job.