Buying a home intimidates a lot of people. However, with some up-front planning, it isn't all that difficult. So you'll know exactly what to expect, I like to give my buyers a road map of the entire deal. Below are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
Prior to starting your home search, there are many things you need to contemplate. It's likely that you'll want to assemble a checklist of items you need to have, get a feeling for what school districts you'd like to live in, and begin working on your budget. Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good principle to adhere to.
Step 2 – Speak with a real estate agent in Fall River
This is where EZ Home Search Real Estate comes in. I'd like to plan a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll discuss neighborhoods, schools in the Fall River area, the mortgage and housing industries, and any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you begin the loan process. There are some great mortgage professionals in Fall River, and I work with a lot of them, so you can rest assured that you're in great hands. They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll begin searching for homes on the market that meet your needs. I'll preview many of the houses and exclude the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
When we tour homes, I'll point out good features and negative ones. I'll even ask you to talk about things you like and don't like. It's pretty common for buyers to change their must-have list as we tour homes and some features become far more essential than others. If that happens, I'll go back through all the listings once again and narrow it down to the home you've been wishing for.
Step 4 – Understand the market
Your agent's awareness of the Fall River market is a leading aspect in your home search. And I can assure you I'm informed of all the schools and neighborhoods, and I can let you know what districts are "hot" and require immediate action and some that are "cool" and allow for careful examination.
As we tour houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be mindful and be sure to ask lots of questions. Any real estate agent will claim to truly understand the home market. If things don't add up, just call me at (508) 646-4777 or e-mail me at chris@ezhomesearch.net, and I'd be glad to answer any questions you may have. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find your dream house
We'll find the home of your dreams in Fall River, and when we do, I'll carefully develop your purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we send in your offer, most likely you'll need to present "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property and is most often applied to the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer, and it's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances. In addition, we'll work within your financing limits. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Obtain financing
After we sign the final deal, you'll begin working with your lender to close the loan. If you've been pre-approved, this shouldn't be a long process at all. But you should to stay in close contact with your lender. And I'll manage 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 mortgage lender within three days of accepting your application. This estimate is formed from the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a strict range of accuracy. I'll analyze the estimate and let you know if it all looks good.
Then we'll close on your home. This will probably take place at a title company or escrow office and will most often be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at (508) 646-4777 or send me an e-mail.
