Purchasing a home can be stressful for many people, but with a bit of planning ahead of time, it isn't that hard.
So you'll know exactly what to expect, I like to supply my buyers with an outline of the whole deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or send me e-mail. I'm glad to address questions you have about this information.
Step 1 – Prepare to buy
Before you begin looking for a home, there are a lot of things you need to consider.
You'll want to put together an index of items you want, get a feel for what school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent
That's where I come in.
I'll set up a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the St. Joseph area, the mortgage and housing industries, and any other economic factors that may affect your buying decision today or in the future.
I can also help you get started on your loan.
I work with some of the best mortgage professionals in St. Joseph, so you're in great hands.
They'll assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a home
After our initial meeting, I'll begin looking for available homes on the market that are a great fit for you.
I'll get a sneak peek of many of the houses and remove the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
When we tour the houses, I'll call attention to good features, as well as bad ones. And I'll ask you to tell me about things you like and don't like.
Frequently, buyers amend their wish list as we view homes and some features become far more necessary than others.
If that's the situation, I'll search all the listings one more time and narrow it down to the home of your dreams.
Step 4 – Get a feel for the housing market
Your agent's understanding of the St. Joseph market is a leading agent in your home search. And I can assure you I'm mindful of all the neighborhoods and schools, and I'll let you know some districts are "hot" and demand immediate action and the ones that are "cool" and allow for careful analysis.
As we tour homes, I'll make sure to communicate when the list price has room for negotiation and when I know the home is "priced to sell."
Be careful and be sure to ask your agent plenty of questions, as any REALTOR® will tell you they truly know the home market.
If it doesn't seem like they know everything, contact me at 269.983.8000 or e-mail me at firstname.lastname@example.org, and I'd be happy to answer your questions. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream home in St. Joseph. When we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as acquiring financing, completing the inspection, and a clean title.
Upon submitting your offer, you'll likely need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property, and it's usually put towards the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer – it's widely common to receive a counter offer. Don't let it intimidate you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market will play a vital 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 deal that is best for you.
Step 7 – Obtain your loan
Upon signing the contract, you'll start working with your lender to close the loan.
If you've been pre-qualified, it shouldn't take much time at all. But you should to stay in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of accepting your application.
The estimate rests on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a tight range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your home. This should take place at a title company or escrow office and is often a smooth and stress-free affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at 269.983.8000 or send me an e-mail.