Lonnemann Team | Will and Joan Lonnemann | Find a Realtor in Indianapolis, IN | Real Estate Agents | Selling a House | Buy a House | Realtors near me | What is my home worth? | How much house can I afford?

First Time Home Buyers

We believe that real estate is local and personal.

Our goal is to become a trusted partner and advisor for you as you make one of your largest financial investments. As experts in the Indy area, we provide professional insight, as well as invaluable market data which will allow you to make the best first-time home-buying decisions. With over 60 years of experience on our team, we pride ourselves on making your first time home buyer experience informative and exciting.

Why Buy with the Lonnemann Team?

Trust, Transparency, and Communication.

We believe that communication is the key to satisfactory results. It is important to us that you feel comfortable expressing your fears and concerns when it comes to buying your first home. Each day we prepare, we listen, and we pay attention. Our mission is to provide an experience that exceeds your expectations in today’s competitive real estate market.

Lonnemann Team | Will Lonnemann | Find a Realtor in Indianapolis, IN | Real Estate Agents | Selling a House | Buy a House | Realtors near me

“So helpful, efficient, and knowledgeable… we wouldn’t trust anyone other than them!”

– Daryl & Kim

Quotation Mark

“You listen, have excellent knowledge in your field, and your problem solving is remarkable!”

– Pam

Lonnemann Team | Will Lonnemann | Find a Realtor in Indianapolis, IN | Real Estate Agents | Selling a House | Buy a House | Realtors near me

Buying your first home

Your first steps toward homeownership.

When buying a home for the first time, we will set up a personal meeting so we can connect with your real estate goals. We recommend that you begin the Loan Preapproval Process in a timely manner, so you will be prepared to look at homes within your timeline. This will give you a number of immediate advantages as well as the assurance that you’re looking at homes you can confidently afford to finance. Our efforts will be focused on properties that match both your unique specifications and your financing abilities.

We are eager to help you get preapproved today through our own Tucker Mortgage services or another lending company.

First Time Home Buyers

Frequently Asked Questions

Home shoppers pay ​little or no fees​ to an agent to buy a home.

Here’s why:

For most home sales, there are two real estate agents involved in the deal: one that represents the seller and another who represents the buyer.

Listing brokers represent sellers and charge a fee to represent them and market the property.

A portion of the marketing strategy is to engage agents representing buyers. The property will also be placed in the local multiple listing service (MLS), where other agents in the area (and nationally) will be able to search and find the home for sale.

Agents who represent buyers (a.k.a. buyer’s agent) are compensated by the listing broker for bringing home buyers to the table. When the home is sold, the listing broker splits the listing fee with the buyer’s agent. Thus, buyers don’t pay their agents.

The Cost of Renting vs. Buying

Percentage of Income Needed to Afford Median Rent:

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Percentage of Income Needed to Afford a Median Home:

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If you are renting & think you can’t afford a home… THINK AGAIN! Buying costs SIGNIFICANTLY LESS than Renting! Either way you’re paying a mortgage, why not have it be YOURS?

Getting pre-approved for a mortgage is the first step of the ​home buying process. Getting a pre-approval letter from a lender gets the ball rolling in the right direction.

Here’s why:

First, you need to know how much you can borrow. Knowing how much home you can afford narrows down online home searching to suitable properties.

Second, the loan estimate from your lender will show how much money is required for the down payment and closing costs.

Finally, being pre-approved for a mortgage demonstrates that you are a serious buyer to both your real estate agent and the person selling their home. Most real estate agents will require a pre-approval before showing homes.

When you connect with a lender, they are required to provide an estimate of costs. Refer to our Understanding Closing Costs article to see a description of those costs.

From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected and the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions).

That’s up to you! For sure, home shopping today is easier than ever before. The ability to search for homes online and see pictures, even before setting a foot outside the comfort of your living room, has completely changed the home buying game.

Convenience is at an all-time high. But, nothing beats visiting a home to see how it looks and ‘feels’ in person.

Sellers Market: increasing demand for homes drives up prices. Such as – Economic factors, favorable interest rates & low inventory.

Buyer’s Market: characterized by declining home prices and reduced demand and causing higher inventory. Meaning more choices for buyers. Several factors may affect long-term and short-term buyer demand, like: Economic disruption – a big employer shuts down operations, laying off their workforce, or interest rates trending higher.

As you are doing your research you have found there are multiple ways a real estate agent works to protect your best interest. We will provide data through a buyer market analysis to show the estimated value compared to homes sold over the past 12 months, This will allow you to make an educated decision as you are putting together a reasonable offer to submit.

When you make an offer on a home, your agent will ask for a check to accompany it (checks are the same as cash, and the deposit is typically 1% to 2% of the purchase price). Earnest money is made in good faith to demonstrate – to the seller – that the buyer’s offer is genuine. Earnest money essentially takes the home off the market to anyone else and reserves it for you.

The check (or sometimes cash) is deposited in a trust or escrow account for safekeeping. If a deal is struck, the earnest money is applied to the down payment and closing costs. If the deal falls through, the money is returned to the buyer.

Important: if the terms of a deal are agreed upon by both parties, but then the buyer backs out, the earnest money may not be returned to the buyer. Ask your agent about the ways to protect your earnest money deposit.

Yes! Home inspections are required if you plan on financing your home with an FHA or VA loan. For other mortgage programs, inspections are not required. However, home inspections are highly recommended because they can reveal defects in the home that are not easily detected. Home inspections bring peace of mind to one of the biggest investments of a lifetime.

Yes! Final walk-throughs give buyers a chance to make sure nothing has changed since their first visit. If repairs were requested, as part of the offer, a follow-up visit ensures that everything is squared-away, as expected, per the terms of the contract.

Resources for Buyers

Knowledge is Power. Know the Market.

Tips, Tools and Resources to Empower Your Real Estate Experience.

Lonnemann Team | Will and Joan Lonnemann | Find a Realtor in Indianapolis, IN | Real Estate Agents | Selling a House | Buy a House | Realtors near me | What is my home worth? | How much house can I afford?

A Realtor that goes the extra mile

Let’s seamlessly navigate the home buying process together.