Purchasing a home is a stressful event for most people, but with a little planning ahead of time, it isn't that hard.I like to furnish buyers with an overview of the whole deal so they'll know exactly what they can expect.Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase
Before you start your home search, there are several things you should take into account. When you start your search, you'll want to form a checklist of items you want, get an idea of what school districts and neighborhoods you want to live in, and start planning around your budget. A good guideline to go by is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent
That's where I come in. I can schedule a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll discuss everything from neighborhoods, schools in the area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
I can also help you get started on your loan.There are some very good mortgage professionals in our area, and I partner with a lot of them, so you can rest assured that you're in great hands.They'll help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After we meet for the first time, I'll start searching for available homes on the market that are great for you. I'll preview most of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
When we view the homes, I'll call attention to good features, as well as negative ones. I'll even ask you to tell me about things you like and don't like. It's pretty common for buyers to change their wish list as we tour houses and some items become more important than others.If that happens, I'll search the listings once again and trim it down to the house you've been waiting for.
Step 4 – Understand the housing market
An agent's awareness of their areas market is a fundamental aspect in your home search. I assure you I'm acquainted with all the school districts and neighborhoods, and I'll communicate some districts are "hot" and warrant immediate action and the ones that are "cold" and allow for thoughtful consideration.
When we view homes, I'll be sure to tell you if the asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be mindful and be sure to ask lots of questions. Any REALTOR® will convince you they know the market.If things don't add up, call me at 207-998-4516 or e-mail me at firstname.lastname@example.org, and I'd be happy to answer any questions you have. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream house in the area you desire. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are acquiring financing, completing the home inspection, and a clear title.
When turning in your offer, you'll probably need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property, and it's often applied to the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer – it's widely common to receive a counter offer. But don't let this alarm you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.We'll also work within your financing budget. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Get financing
After the contract is complete, you'll start working with your lender to close the loan.If you've been pre-approved, this shouldn't take long at all. But you'll want to stay in close contact with your mortgage lender.And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your loan application.This estimate depends on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a strict range of accuracy, and I'll go over the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will probably be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 207-998-4516 or send me an e-mail.