Buying a home is an intimidating event for many people. However, with a little up-front planning, it isn't too difficult.
I like to provide buyers with an overview 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 buy
Before you start searching for a home, there are a lot of things you should take into account.
It's likely that you'll want to form a check list of items you want, plan for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good principle to adhere to.
Step 2 – Get with a real estate agent
This is where I come in.
I'd be happy to arrange a time to get together with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Inverness area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Inverness, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
After our initial meeting, I'll begin finding available houses on the market that meet your needs.
I'll preview most of the homes and reject the bad ones, and then we'll schedule appointments to view the homes at a time that's convenient for you.
When we view homes, I'll call attention to good features, as well as bad ones. I'll even ask you what things you like and dislike.
It's common for buyers to change their must-have list as we view homes and some things become more crucial than others.
If that's the case, I'll search all the listings once again and trim it down to the home of your dreams.
Step 4 – Understand the market
An agent's understanding of the Inverness housing market is a necessary factor in your house search. And I assure you I'm familiar with all the schools and neighborhoods, and I will let you know some neighborhoods are "hot" and demand immediate action and some that are "cool" and allow for careful consideration.
As we view houses, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions, as any real estate agent will claim to truly understand the market.
If things don't add up, call me at (352) 341-4663 or e-mail me at email@example.com, and I'd be glad to answer any questions you might have. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream home in the Inverness area. When we do, I'll precisely develop your purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as obtaining financing, completing the inspection, and a clear title.
When we turn in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property, and it's usually applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer, and it's really common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
We'll also work within your financing limits. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Obtain a loan
Upon completion of the contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it won't be a long process at all. However, you should to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy. I'll analyze the estimate and let you know if it all looks good.
Then it's time to close on your home. This will most often happen at a title company or escrow office and should be a smooth and pleasant affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, simply contact me at (352) 341-4663 or send me an e-mail.