Buying your home in Fall River?
Buying a home is intimidating for many people. However, with a bit of up-front planning, it isn't all that hard.
So they understand exactly what to expect, I'll provide buyers with an outline of the entire deal.
These are my nine steps to buying a home.
If you have any questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to purchase
Before you start looking for a home, there are several things you need to consider.
When you start your search, you'll want to put together a check list of features you need, plan for what school districts you want to live in, and start planning your budget.
Keeping your mortgage payment less than 1/3 of your monthly income is a good guideline to adhere to.
Step 2 – Get in touch with a real estate agent
This is where I can help.
I'd be happy to set up a time to meet with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Fall River area.
In addition, I'll assist you in getting started on your loan.
I partner with some of the finest mortgage professionals in Fall River, so you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll begin looking for available houses on the market that are a good fit for you.
I'll preview many of the houses and eliminate the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we tour the houses, I'll call attention to good features, as well as bad ones. And I'll ask you to tell us about things you like and don't like.
It's widely common for buyers to update their wish list as we tour homes and some things become far more necessary than others.
If that happens, I'll go back through the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Understand the housing market
My awareness of the Fall River housing market is a crucial element in your home search. I am acquainted with all the neighborhoods and school districts, and I will communicate some neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for careful examination.
As we view homes, I'll make sure to communicate when the asking price has room for bargaining and also when I trust the home is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions, as every real estate agent in Fall River will claim to truly know the home market.
If things don't add up, call me at (508) 646-4777 or e-mail me at , and I'll be more than happy to answer your questions. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream home in Fall River, and when we do, I'll meticulously create your purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies. A few examples are getting financing, carrying out the home inspection, and a clear title.
When submitting your offer, most likely you'll need to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property, and it's often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer – it's very common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing constraints. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Secure your loan
Upon finishing the deal, you'll begin working with your lender to close the loan.
This won't take much time at all if you've been pre-approved, but you need to keep in close contact with your lender.
And I'll handle 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 your closing costs from your mortgage lender within three days of taking your loan application.
This estimate is formed from the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if it all looks all right.
Then we'll close on your house. This will probably occur at a title company or escrow office and should be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, simply call me at (508) 646-4777 or e-mail me at .