Contemplating purchasing your home in Fall River?
With some up-front planning, purchasing a home isn't very complex, but the event can be stressful for many people.
So they'll know exactly what they can expect, I will furnish buyers with an overview of the whole deal.
Here are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to address questions you have regarding this information.
Step 1 – Prepare to purchase
Before you start looking for a home, there are several things you need to do.
You'll most likely want to assemble a check list of items you want to have, get a feel for what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Communicate with a real estate agent
This is where I can help.
We'll book a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, school districts in the Fall River area, the mortgage industry, and any other economic factors that may affect your buying decision today or in the future.
I'll also help you begin the loan process.
There are some very good mortgage professionals in Fall River, and I work with a lot of them, so you'll be in great hands.
They can assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
After our first meeting, I'll start looking for available houses on the market that are a good fit for you.
I'll research most of the houses and reject the bad ones, and then we'll set up appointments to tour the homes whenever it's most 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.
Most often, buyers update their wish list as we view homes and some items become more substantial than others.
If such is the case, I'll go back through all the listings again and narrow it down to the home of your dreams.
Step 4 – Understand the market
My awareness of the Fall River home market is a fundamental aspect in your house search. I'm informed of all the school districts and neighborhoods, and I'll let you know certain districts are "hot" and require immediate action and others that are "cold" and allow for careful examination.
When we view houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
Every real estate agent in Fall River will tell you they truly understand the housing market, but be on guard, and be sure to ask your agent a lot of questions.
If it appears they don't know everything, call me at (508) 646-4777 or e-mail me at , and I'll be glad to answer any questions you may have. My understanding of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
I'm confident we'll find the house of your dreams in the Fall River area. When we do, I'll carefully develop your purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies, such as obtaining financing, finishing the inspection, and a clean title.
Upon presenting your offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property, and it's most often applied to the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer, and it's very common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market conditions will play a vital role in how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Get your loan
Upon signing the deal, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't take much time at all. But you should to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your loan application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most likely occur at a title company or escrow office and is often a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (508) 646-4777 or e-mail me at .