Buying your home in ?
Purchasing a home intimidates many people, but with a bit of planning ahead of time, it isn't too complex. I like to provide buyers with an overview of the entire deal so they'll know exactly what they can expect. Below are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or send me e-mail. I'm happy to address questions you have about this information.
Step 1 – Prepare to buy a home
Before you start searching for a home, there are a lot of things you'll want to contemplate. When you begin your search, you'll probably want to create a list of features you want to have, get a feel for what neighborhoods and school districts you want to live in, and begin planning around your budget. Keeping your mortgage payment less than or around a third of your monthly income is a good principle to adhere to.
Step 2 – Contact a real estate agent in
This is where Morgan Real Estate & Financial, Inc. comes in. I'd be happy to schedule a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the area, the mortgage industry, and any other economic factors that could affect your purchase today or in the future.
I'll also help you facilitate the loan process. There are some great mortgage professionals in , and I partner with a lot of them, so you can rest assured that you're in great hands. They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our first meeting, I'll begin finding available houses on the market that are a good fit for you. I'll preview many of the homes and reject the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
When we tour homes, I'll show you the positive features, as well as bad ones. And I'll ask you to talk about things you like and don't like. Usually, buyers revise their must-have list as we tour homes and some features become more crucial than others. If that's the situation, I'll look through all the listings once more and narrow it down to the house of your dreams.
Step 4 – Understand the housing market
An agent's understanding of the market is a fundamental component in your home search. And I can assure you I'm informed of all the neighborhoods and schools, and I will alert you to certain districts are "hot" and warrant prompt action and the ones that are "cool" and allow for thoughtful examination.
When we view houses, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be careful and be sure to ask a lot of questions, as any real estate agent in will tell you they truly understand the market. If it seems like they don't know everything, contact me at 4089220202 or e-mail me at firstname.lastname@example.org, and I'd be glad to answer any questions you have. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find your dream house
I know we'll find your dream home in . When we do, I'll meticulously create your purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as getting financing, carrying out the inspection, and a clean title.
Upon turning in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property and is often put towards the closing costs. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer. It's very common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal. In addition, we'll work within your budget. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Obtain financing
After 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've been pre-approved, but you'll want to stay in close contact with your mortgage lender. And I'll sort out all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your application. This estimate is based on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if everything looks okay.
Then we'll close on your house. This should take place at a title company or escrow office and will likely be a smooth and relaxing event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at 4089220202 or send me an e-mail.