For a lot of people, buying a home is a stressful event. But with a bit of up-front planning, it's not very hard. I like to give buyers a road map of the entire deal so they'll know exactly what they can expect. Here are my nine steps to purchasing a home.
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If you have any questions about this information or if you're prepared to get started, simply contact me here or e-mail me at jeremy.realtor@yahoo.com. |
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Step 1 – Get ready to buy a home
There are a lot of things you should take into account before you start looking for a home. You'll want to form an index of items you need to have, get a plan of what neighborhoods and school districts you want to live in, and begin planning around your budget. Ensuring your mortgage payment is less than a third of your monthly income is a good principle to follow.
Step 2 – Get with a real estate agent in your search area
This is where I come in. We'll set up a time to meet so we can talk about your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, schools in the surrounding area, the mortgage industry, and any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll assist you in getting started on your loan. I partner with some of the areas finest mortgage professionals, so you'll be in great hands. They will assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Start your search
After our initial meeting, I'll begin finding homes on the market that best suit you. I'll research most of the houses and throw out the bad ones, and then we'll set up appointments to view the houses when it's convenient for you.
When we view homes, I'll identify good features and negative ones. I'll also ask you about things you like and don't like. As a rule, buyers amend their wish list as we view homes and some things become far more essential than others. If that happens, I'll look through the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Understand the market
An agent's awareness of the local market is an imperative aspect in your home search. And I can assure you I'm conscious of all the schools and neighborhoods, and I'll let you know certain areas are "hot" and warrant immediate action and some that are "cold" and allow for thoughtful examination.
When we tour houses, I'll let you know when the seller's asking price has room for negotiation and also when I think the house is "priced to sell." Every REALTOR® in the area will convince you they truly know the housing market, but trust your instincts, and make sure you ask your agent plenty of questions. If it appears they don't know everything, call me at 612-889-7162 or e-mail me at jeremy.realtor@yahoo.com, and I'll be happy to answer any questions you may have. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the home of your dreams, and when we do, I'll precisely develop your purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When submitting your offer, you'll probably need to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property, and it's often applied to the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer, and it's widely common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the deal. We'll also work within your financing limits. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Get a loan
Once we sign the final sales contract, you'll start working with your mortgage lender to close the loan. If you're already pre-approved, this shouldn't take much time at all, but you need to stay in close contact with your mortgage lender. And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your application. This estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and relaxing occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at 612-889-7162 or send me an e-mail.
