For a lot of people, buying a home is a stressful event. However, with some planning ahead of time, it isn't all that complex.
I like to give buyers a road map of the entire deal so they'll understand exactly what to expect.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
Before you begin searching for a home, there are plenty of things you need to contemplate.
You'll most likely want to make a checklist of must-haves, plan for what school districts you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent in Litchfield Park
That's where I can help.
I'd be happy to book a time to get together with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Litchfield Park area.
I can also help you facilitate the loan process.
There are some very good mortgage professionals in Litchfield Park, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After our initial meeting, I'll start searching for homes on the market that suit your needs.
I'll research most of the homes and exclude the duds, and then we'll set up appointments to tour the homes when it's most convenient for you.
When we tour homes, I'll show you the positive features, as well as negative ones. I'll also ask you to point out what things you like and don't like.
It's widely common for buyers to amend their must-have list as we view homes and some features become far more substantial than others.
If such is the case, I'll search the listings once again and trim it down to the home of your dreams.
Step 4 – Understand the housing market
My knowledge of the Litchfield Park market is a necessary asset in your home search. I'm informed of all the neighborhoods and schools, and I can alert you to what areas are "hot" and call for prompt action and some that are "cool" and allow for more consideration.
When we tour houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Every real estate agent will convince you they understand the home market.
If things don't add up, just call me at (623) 536-2229 or e-mail me at Info@HomeExecsRealty.com, and I'll be happy to answer your questions. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm confident we'll find the house of your dreams in the Litchfield Park area. When we do, I'll thoroughly create your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clean title.
Upon sending in your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property and is often applied to the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer, and it's very common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Obtain financing
After the deal is finished, you'll begin working with your lender to close the loan.
If you're already pre-approved, this won't take much time at all, but you should to stay in close contact with your lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a strict range of accuracy. I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your house. This should happen at a title company or escrow office and should be a smooth and relaxing affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, simply contact me at (623) 536-2229 or send me an e-mail.
