Buying a home is stressful for many people. However, with a little planning ahead of time, it's not all that confusing. So you know exactly what to expect, I like to provide my buyers with an outline of the whole deal. Here are my nine steps to buying a home.
||Should you have questions regarding any of this information or if you're prepared to get started, simply contact me here or send e-mail to email@example.com.
Step 1 – Prepare to purchase
There are several things you'll want to take into account before beginning your home search. When you start your search, you'll want to assemble an outline of must-haves, get a plan of what neighborhoods you want to live in, and begin planning your budget. Ensuring your mortgage payment is less than or around 1/3 of your net monthly income is a good principle to follow.
Step 2 – Speak with a real estate agent in Fall River
That's where I can help. I can set up a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss neighborhoods, schools in the Fall River area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
I can also help you get started on your loan. There are some very good mortgage professionals in Fall River, and I partner with a lot of them, so you can rest assured that you're in great hands. They can assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a house
After our first meeting, I'll begin looking for homes on the market that are a great fit for you. I'll research most of the homes and reject the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
When we view houses, I'll call attention to positive features and bad ones. I'll even ask you what things you like and dislike. As a rule, buyers amend their list of must-haves as we view homes and some features become more necessary than others. If such is the case, I'll look through all the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the Fall River home market is a crucial benefit in your house search. I'm familiar with all the neighborhoods and school districts, and I will alert you to certain areas are "hot" and demand immediate action and the rest that are "cool" and allow for more consideration.
When we tour houses, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be mindful and be sure to ask a lot of questions. Any REALTOR® in Fall River will convince you they truly know the home market. If things don't add up, contact me at (508) 646-4777 or e-mail me at firstname.lastname@example.org, and I'll be glad to answer your questions. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm positive we'll find the house of your dreams in the Fall River area. When we do, I'll thoroughly 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, completing the inspection, and a clean title.
Upon turning in your offer, you'll want to submit "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property and is usually applied to the closing costs. If your offer is accepted, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer, and it's extremely common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market. In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Get a loan
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan. If you're pre-approved, it shouldn't take much time at all. But you'll want to stay in close contact with your lender. And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) of closing costs within three days of receiving your loan application. The estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will likely occur at a title company or escrow office and will likely be a smooth and calm occasion.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, simply call me at (508) 646-4777 or send me an e-mail.