With a little planning ahead of time, purchasing a home isn't that complicated, but the event is stressful for a lot of people.
I like to furnish buyers with an outline of the whole deal so they know exactly what to expect.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
There are a lot of things you'll want to contemplate before commencing your home search.
It's likely that you'll want to make a list of items you need to have, get a feeling for what school districts and neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent in Washburn
That's where I can help.
I'd like to book a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Washburn area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
I can also assist you in getting started on your loan.
There are some excellent mortgage professionals in Washburn, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking
After our first meeting, I'll start finding houses on the market that suit your needs.
I'll research many of the homes and eliminate the duds, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we tour houses, I'll point out good features and negative ones. I'll also ask you to talk about things you like and dislike.
It's widely common for buyers to change their must-have list as we view homes and some items become more essential than others.
If that's the case, I'll go back through the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Understand the housing market
Your agent's awareness of the Washburn market is an imperative aspect in your house search. And I can assure you I'm familiar with all the neighborhoods and school districts, and I will communicate which neighborhoods are "hot" and require prompt action and some that are "cold" and allow for careful examination.
As we tour homes, I'll let you know when the asking price has room for bargaining and when I think the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions. Any REALTOR® will tell you they know the housing market.
If it seems like they don't know everything, call me at 715-292-0590 or e-mail me at fish4me@ncis.net, and I'll be more than happy to answer any questions you might have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I know we'll find the house of your dreams in Washburn, and when we do, I'll carefully create your real estate purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When turning in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property, and it's usually applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer. It's widely common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Get a loan
After the contract is finalized, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it won't take much time at all, but you'll need to keep in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your loan application.
This estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will probably be a smooth and stress-free affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at 715-292-0590 or send me an e-mail.
