Buying your first home is a milestone, but it can also be a complex process filled with hidden pitfalls. In this episode, we sit down with Attorney Shivani, a highly diligent and thorough real estate attorney, to break down the step-by-step journey of becoming a homeowner. From the importance of understanding your true monthly payment during pre-approval to the legal risks of waiving contingencies, we provide a strategic roadmap to help you navigate the market with clarity and confidence. What You’ll Learn: The Pre-Approval Phase: Why your monthly payment is more important than the total loan amount you are approved for. The Search & Offer: How to familiarize yourself with price points and why your first offer might not be your last. The Inspection Advantage: Why we recommend inspections even for "pristine" homes and how they create a level playing field for negotiations. Legal Protections: The critical role of a real estate attorney and why you must be careful when choosing your lender/attorney pair. Contingencies & Risks: Why waiving a mortgage contingency is a major risk, especially when buying a condominium. Timestamps: 00:00 – Introduction to Attorney Shivani 01:05 – Step 1: The Pre-approval process 01:40 – Factoring in monthly payments and rising insurance rates 02:30 – Navigating the search phase and open houses 03:10 – Putting in an offer in a competitive market 04:05 – The importance of the home inspection 05:10 – Negotiating price reductions post-inspection 07:05 – Hiring an attorney and the Purchase & Sale agreement 07:55 – Choosing the right lender and meeting strict deadlines 09:37 – The risks of waiving mortgage contingencies 11:18 – Managing the "risk period" between commitment and closing 12:25 – Special considerations for buying a condominium 13:40 – Final summary of the home buying steps