Buying a home is a stressful event for most people, but it isn't that hard with some up-front planning. I like to give buyers a road map of the whole deal so they'll know exactly what to expect. Below are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
Before you start searching for a home, there are several things you need to consider. You'll want to put together an index of features you want to have, get a feel for what school districts and neighborhoods you'd like to live in, and begin planning your budget. Ensuring your mortgage payment is around a third of your monthly income is a good guideline to follow.
Step 2 – Communicate with a real estate agent in Stanchfield
This is where Rush Point Realty, LLC comes in. I'd like to plan a time to get together with you and talk about your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, schools in the Stanchfield area, the mortgage and housing industries, and any additional economic factors that may affect your buying decision today or in the future.
I'll also help you begin the loan process. I work with some of Stanchfield's best mortgage professionals, so you can rest assured that you're in great hands. They will help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a home
After our first meeting, I'll start looking for homes on the market that meet your needs. I'll preview many of the houses and remove the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
When we tour houses, I'll identify positive features, as well as bad ones. And I'll ask you to point out what things you like and dislike. Generally, buyers change their must-have list as we view houses and some features become far more necessary than others. If such is the case, I'll search the listings once again and trim it down to the house you've been wishing for.
Step 4 – Know the housing market
My knowledge of the Stanchfield market is a valuable asset in your search. I'm acquainted with all the schools and neighborhoods, and I will alert you to what districts are "hot" and call for immediate action and the others that are "cool" and allow for more examination.
As we tour houses, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell." Any real estate agent will claim to understand the housing market, but take note, and make sure you ask plenty of questions. If it appears they don't know everything, call me at 763-689-5343 or e-mail me at email@example.com, and I'd be happy to answer any questions you have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm certain we'll find the home of your dreams in Stanchfield. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When submitting your purchase offer, most likely you'll want 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 put towards the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer. It's widely common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Obtain your loan
After the contract is finalized, you'll start working with your lender to close the loan. This won't take long at all if you're already pre-approved, but you need to keep in close contact with your mortgage lender. And I'll care for all the property information your mortgage lender will need to close the loan.>
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your loan application. The estimate is based on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then it's time to close on your home. This should take place at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at 763-689-5343 or send me an e-mail.
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