Buying a home can be stressful for many people. However, with a little planning ahead of time, it isn't that complicated. So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal. Here are my nine steps to buying a home.
|When you're ready to get started, simply contact me here or send email to firstname.lastname@example.org. I'm glad to answer questions you have regarding this information. |
Step 1 – Get ready to buy
Before you start your home search, there are several things you should consider. When you begin your search, you'll probably want to make an outline of items you need, get a feeling for what neighborhoods and school districts you want to live in, and begin planning your budget. A good rule of thumb to follow is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Get with a real estate agent
That's where I come in. We can plan a time to meet so we can talk about your real estate needs and get an idea of your plans for the future. We'll discuss neighborhoods, school districts in the area, the mortgage industry, and any additional economic factors that might affect your purchase today or in the future.
In addition, I'll help you get started on your loan. There are some excellent mortgage professionals such as MetLife, TD Bank, and some independent Brokers that we are in constant contact with that assist us in providing the latest news on the mortgage market and getting our clients preapproved. So when your ready to make an offer you can! They will assist you in choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After we meet, I'll begin searching for houses on the market that are great for you. I'll research most of the homes and reject the bad ones, and then we'll set up appointments to view the houses whenever it's convenient for you.
When we view the homes, I'll show you the positive features and negative ones. I'll also ask you to point out what things you like and dislike. Frequently, buyers amend their list of must-haves as we tour homes and some things become more substantial than others. If that happens, I'll search the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Know the market
An agent's knowledge of their local market is a necessary aspect in your house search. And I assure you I'm familiar with all the schools and neighborhoods, and I can let you know which neighborhoods are "hot" and warrant prompt action and others that are "cold" and allow for thoughtful consideration.
As we tour houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell." Trust your instincts and make sure you ask your agent plenty of questions, as any real estate agent will tell you they truly understand the home market. If it appears they don't know everything, call me at 908-393-9111 or e-mail me at email@example.com, and I'll be happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
I'm confident we'll find your dream home in Somerset or Hunterdon County. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as getting financing, finishing the home inspection, and a clear title.
When we turn in your offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property. The amount is often put towards the closing costs. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer – it's pretty common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Get a loan
Once we sign the final sales contract, you'll start working with your lender to close the loan. This shouldn't take long at all if you're already preapproved, but you'll want to keep in close contact with your mortgage 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) outlining your closing costs from your mortgage lender within three days of getting your application. The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your home. This will probably take place at a title company or escrow office and is often a smooth and comfortable affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at 908-393-9111 or send me an e-mail.
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